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Category: Offshore Account Update

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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IRS Issues Tax Tip for Businesses On Nonemployee Compensation

Offshore Account Update

Posted in on July 29, 2022

The Internal Revenue Service (IRS) recently issued a Tax Tip reminding businesses of their obligations with regard to nonemployee compensation. As the IRS explains, while businesses generally are not responsible for withholding and remitting employment taxes when paying independent contractors, “business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS.”

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5 Reasons for IRS Audits Related to the Employee Retention Credit

Articles/News, Offshore Account Update

Posted in on July 22, 2022

While the employee retention credit established under the CARES Act (and extended under the Taxpayer Certainty and Disaster Tax Relief Act) provided much-needed financial relief for many businesses seeking to keep their employees on staff during the pandemic, businesses that claimed the credit are also at risk for facing IRS scrutiny. Combating COVID-19 relief fraud has become a top federal law enforcement priority, and this includes targeting businesses suspected of improperly claiming credits and other tax benefits.

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