There are few things that are more intimidating than getting a letter from the IRS. When you see that envelope, you may be worried about an impending audit or that something is wrong with your taxes. If you owe back taxes, then the letter that you receive may be a notice that your property will […]
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Statute of Limitations for New Jersey Tax Audits
The IRS isn’t the only government entity that audits your tax return. The New Jersey Division of Taxation could opt to audit your state return, and the process can be equally stressful and complicated. The statute of limitations for a state tax audit is four years instead of the three years that the IRS typically […]
Paycheck Protection Program
Paycheck Protection Program If your business is in immediate need of cash, the federal government has rolled out several different programs to assist businesses, one of which is the Paycheck Protection Program. The Paycheck Protection Program (“PPP”) is a federally guaranteed loan to businesses to pay their payroll and certain other operating expenses. PPP has […]
What is the Difference Between Forms 433 A, B, F, & H?
When you can’t afford to pay your tax debt, the IRS relies on collection statement forms to determine if you are able to pay and, if so, what options are available to you. At present, it uses four forms: Form 433-A Form 433-B Form 433-F Form 433-H While all of them provide the IRS with […]
What Triggers a New Jersey Residency Audit?
The goal of a New Jersey residency audit is to determine whether you are accurately filing as a resident or nonresident of the state. If you are a resident, you are subject to state taxation on all of your worldwide income. In other words, if you own a rental property in the UK or take […]
