If you fail to file your tax returns or the Internal Revenue Service (IRS) notes any mistakes or irregularities on the returns that you do submit, it may initiate an audit, which is an in-depth examination of your financial records and transactions. Although people dread the idea of an IRS audit, they don’t happen often. […]
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Nonfilers: What to do when you haven’t filed your tax returns in years
One of the most common types of matters I handle is the nonfiler—the individual or business that has not filed taxes in one or more years. One in every ten people who has a filing requirement does not file a return. Some common reasons people don’t file: An illness or family death around tax season […]
2019 IRS Overpayment and Underpayment Interest Rates
On December 6, 2018, the IRS announced that both overpayment and underpayment interest rates for the quarter beginning January 1, 2019, were increasing over the previous quarter. The new rates will be: 6% for noncorporate taxpayer overpayments (5% for corporations) 6% for noncorporate underpayments (8% for large corporations) 3.5% for a portion of a corporate […]
What is the ABC Test in New Jersey?
There are several reasons why a New Jersey business might want to classify its workforce as independent contractors. Unlike employees, contractors are not entitled to health insurance, unemployment coverage, paid vacations, family leave, and other benefits that cost the company a significant amount of money. In addition, an employer can write off independent contractor fees […]
2018 Tax Survey Of New Jersey Business Owners
Tax and tax law can be extremely complex. In fact, there are nearly 10.1 million words in the US tax code. Moreover, tax law is constantly evolving. There were nearly 5,000 changes alone between 2001 and 2012, and there have been even more changes in the past 6 years since 2012. Being able to make […]
