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Archive by Year:2022 - Page 2

What To Know if You Missed the October 15 FBAR Deadline in 2022

Offshore Account Update

Posted in on October 17, 2022

The deadline to file a Report of Foreign Bank and Financial Accounts (FBAR) for the 2021 tax year was October 15, 2022. Taxpayers who had qualifying offshore accounts in 2021 and failed to file an FBAR by October 15 are now delinquent. If you find yourself in this situation, here is what you need to know:

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What If I (or My Business) Received PPP Loan Forgiveness Improperly?

Offshore Account Update

Posted in on September 30, 2022

Under the federal Paycheck Protection Program (PPP), businesses that received loans and used the proceeds for eligible business purposes qualified for complete loan forgiveness. Qualifying businesses could self-certify, and most participating lenders would grant forgiveness without much more than a cursory review.

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What To Do (and What Not To Do) When You Receive a Letter or Notice from the IRS

Offshore Account Update

Posted in on September 16, 2022

Recently, the Internal Revenue Service (IRS) published a Tax Tip titled, Got a letter or notice from the IRS? Here are the next steps. In the Tax Tip, the IRS discusses seven steps to take after receiving correspondence from a revenue agent in the mail.

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What New Jersey Taxpayers Need to Know About the IRS’ 2022-2026 Strategic Plan

Offshore Account Update

Posted in on August 31, 2022

The Internal Revenue Service (IRS) recently released its Strategic Plan for fiscal years 2022 through 2026. The IRS’ Strategic Plan contains some important insights for both individual and corporate taxpayers—including insights regarding the IRS’ enforcement priorities over the next five years.

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Important Tax Considerations for New Jersey Businesses Closing Their Doors in 2022

Offshore Account Update

Posted in on August 12, 2022

If your business has recently closed its doors for good, you are not alone. While the Paycheck Protection Program (PPP) and other pandemic relief programs offered short-term lifelines for many businesses, this often proved not to be enough. From soaring inflation to the unbalanced labor market, a variety of factors have come together to create an extremely challenging business environment in 2022.

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