Does simply owning cyber currency put you at increased risk of audit and tax penalty?

Posted Leave a commentPosted in Cryptocurrency, Taxes

Many cyber currency owners believe that if they didn’t receive any cash then there is no tax due now. IRS disagrees and will let them know! Even a “fork” in your cyser currency now triggers immediate tax under current IRS rules. Owing tax without receiving any real benefit strikes many as unfair and the Virtual […]

Security enhancements during tax season

Posted Leave a commentPosted in Accounting, Scam, Security, Taxes, technology

Avoiding the usual scams: Tax-related scams this year have risen to a level I’ve not experienced before in more than 4 decades of practice. Tax preparers are among the most targeted group. The defenses tend to require low tech personal attention. EMAIL – We observe that most (I read 85%) of scams begin with email. […]

Three simple steps to tax nirvana

Posted Leave a commentPosted in Financial Planning, Tax Planning, Taxes, Wealth Management

Taxes are perceived differently by each individual even though the overall set of chaotic rules is the same for all of us. Yet when it comes to dealing with that chaos in a manner that leads to peace and prosperity, the process always involves the same three steps: Resolve past problems. Old issues don’t go […]

Income tax preparation services for 2019 returns

Posted Leave a commentPosted in Accounting, Taxes

CPA tax preparation services completed the easy, affordable and efficient way! This post covers: Why use a CPA Timing Pricing Communication How to Get started Certified Public Accountants in private practice, like me, offer a high level of service for the preparation and filing of annual income tax returns. We handle a small number of […]

3 IRS tax forms that you may need in 2020

Posted Leave a commentPosted in IRS, Taxes

Most of us file taxes electronically without any need for paper forms. However, paper forms are allowed in most cases and may be useful. Here are three downloadable and printable IRS forms from cpapracticeadvisor that may be useful now: 2019 Form 1040 for individual income tax filing 2019 Form W2 for reporting wages paid 2020 […]

Big tax savings for New Jersey small businesses

Posted Leave a commentPosted in Accounting, Small Business, Taxes

Today New Jersey Governor Phil Murphy signed into law the Pass-Through Business Alternative Income Tax Act. This new law allows flow-through businesses in New Jersey to elect to pay income taxes at the entity level instead of at the personal income tax level. Since there is no limit on deductions on the federal level for […]