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News & Events

Archive by Year:2020

What Should You Do if the IRS is Auditing Your 2020 Income Tax Return?

Articles/News

Posted in on June 30, 2020

While the Internal Revenue Service (IRS) extended Tax Day to July 15 and offered various other forms of relief to taxpayers in response to the COVID-19 pandemic, the nation’s tax collector is still vigorously enforcing taxpayers’ legal obligations. One of its primary means for doing so is by conducting audits, and many New Jersey residents and businesses can expect to face audits of their 2020 income tax returns.

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Tax Day Presents Unique Challenges for Cryptocurrency Investors in New Jersey

Articles/News, Hot Topics

Posted in on May 5, 2020

As 2020’s revised Tax Day approaches, New Jersey taxpayers who bought, sold or used cryptocurrency in 2019 are likely to find that complying with their income reporting and tax payment obligations presents a challenge. Even though the Internal Revenue Service (IRS) has acknowledged that its guidance on cryptocurrency reporting has been less than clear, it has also clearly signaled its intent to target individual and corporate taxpayers that fail to accurately report and pay what they owe.

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5 Reasons Why the IRS's New Fraud Enforcement Office Might Audit Your Small Business

Articles/News, Hot Topics

Posted in on April 30, 2020

The IRS’s recently announced the formation of a new Fraud Enforcement Office housed within its Small Business/Self Employed Division. This new office will be specifically targeting tax fraud perpetrated by small businesses, and the Small Business/Self Employed Division’s Commissioner has stated that the Division will be enhancing its fraud enforcement efforts in 2020.

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New Jersey Residents Have Until July 15 to File Their Federal Returns, Pending Law Would Extend State Income Tax Deadline as Well

Articles/News

Posted in on March 31, 2020

The Internal Revenue Service (IRS) has extended the federal income tax deadline for all taxpayers from April 15 to July 15. This applies to filings and payment, and it is an automatic extension so taxpayers do not have to file anything on April 15.

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Cryptocurrency and Federal Taxes: What are Your Obligations to the IRS?

Articles/News

Posted in on February 28, 2020

The Internal Revenue Service (IRS) is cracking down on individuals who fail to report cryptocurrency transactions and who fail to pay income taxes triggered by these transactions. In late 2019, the IRS issued updated guidance on the federal tax treatment of cryptocurrency (or “virtual currency”); and, at the same time, it warned that it is, “actively addressing potential non-compliance in this area through a variety of efforts, ranging from taxpayer education to audits to criminal investigations.” If you are concerned that you may be behind on your federal tax obligations, you should speak with a New Jersey tax attorney promptly.

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