Home

Newsletters

IRS Halts Processing Of New ERC Claims
Amid a growing number of scams and fraudulent activity surrounding the Employee Retention Credit, the Internal Revenue Service will stop processing new claims, effective immediately, at least th...

Treasury Seeks Legislative Assistance in Wake of ERC Issues
The Department of the Treasury is reaching out to Congress to get the appropriate tools to combat the wave of Employee Retention Credit fraud and other future issues....

IRS To Ramp Up Compliance Efforts on High-Income Taxpayers, IR-2023-166
The Internal Revenue Service detailed plans on some of the high-income taxpayers that will be targeted for more compliance efforts in the coming fiscal year....

TIGTA Critical of IRS Training of Revenue Agents Examining High-Income Taxpayers
The Treasury Inspector General for Tax Administration is calling on the Internal Revenue Service to improve its training of revenue agents that will be focused on auditing high-income taxpaye...

Additional IRS Guidance Further Clarifies the Application of the New Corporate AMT, Notice 2023-64; IR-2023-167
The IRS has provided additional interim guidance in Notice 2023-64 for the application of the new corporate alternative minimum tax (CAMT). This guidance clarifies and supplements the...

Reliance Rules for Amortizing Research Expenditures Provided, Notice 2023-63
Taxpayers may rely on a notice that describes proposed regulations that will address the amortization of qualified research and experimentation (R&E) expenses. Before 2022, R&E expenses were ...

Proposed Reliance Regs Flesh Out Prevailing Wage and Apprenticeship Requirements and Corrections for Bonus Energy and Business, Proposed Regulations, NPRM REG-100908-23; IR-2023-156
Taxpayers may rely on proposed regulations that detail how to satisfy the prevailing wage and apprenticeship (PWA) requirements for bonus amounts that may apply to several energy and bu...

Tax Treatment of Certain State Payments Clarified, Notice 2023-56; IR-2023-158
The IRS has provided guidance on the income tax treatment of payments made by states in 2023 and later years. In IRS News Release 2023-23, February 10, 2023, the IRS clarified the federal t...

NTA Calls For New Approach To Supervisory Review Of Penalties
National Taxpayer Advocate Erin Collins is calling on the Internal Revenue Service to alter how it deals with supervisory review of penalties....

Preparing For IRS’s Compliance Efforts In Crypto
Taxpayers, and the accounting and legal professionals who represent them, need to be prepared as the Internal Revenue Service has begun compliance work on those who own and trade in cryptocurrenci...

Taxpayers May Receive Form 1099-K for Transactions Above $600, IR-2022-189
The IRS has reminded taxpayers who are earning income from selling goods and/or providing services that they may receive Form 1099-K, Payment Card and Third-Party Network Transactions, for payment car...

Treasury Outlines Path to Equitable Clean Energy Economy
The Department of the Treasury outlined how the Inflation Reduction Act’s tax incentives will support the building of an equitable clean energy economy....

IRS Criminal Investigation Releases Annual Report, IR-2022-194
The IRS-Criminal Investigation (IRS-CI) has released its Fiscal Year 2022 Annual Report. The report details statistics, important partnerships and significant criminal enforcement actions from IRS-CI,...

2023 Inflation-Adjusted Tax Tables, Standard Deduction, AMT and Other Amounts Released, IR-2022-182; Rev. Proc. 2022-38
The IRS has released the annual inflation adjustments for 2023 for the income tax rate tables, plus more than 60 other tax provisions. The IRS makes these cost-of-living adjustments (COLAs) each year ...

2023 Inflation Adjustments for Pension Plans, Retirement Accounts Released, Notice 2022-55; IR-2022-188
The 2023 cost-of-living adjustments (COLAs) that affect pension plan dollar limitations and other retirement-related provisions have been released by the IRS. In general, many of the pension plan limi...

Social Security Wage Cap and Benefit Amounts Increase for 2023, Social Security Fact Sheet: 2023 Social Security Changes
For 2023, the Social Security wage cap will be $160,200, and social security and Supplemental Security Income (SSI) benefits will increase by 8.7 percent. These changes reflect cost-of-living adjustme...

2022/2023 TAX PLANNING RESOURCES NOW AVAILABLE HERE

We are thrilled to announce that we moved to our new location at: 365 West Passaic Street, Suite 310, in Rochelle Park, NJ 07662.

Rest assured that we will continue to provide the highest level of excellence in our services that you have come to know and trust. This new space will allow us to better serve our clients and continue to enhance our top-tier accounting, tax, and advisory services.

More exciting updates to come—stay tuned!

Our dedication is to provide exceptional client service, and the highest level of professional service and guidance. In addition to introducing you to our firm and the services we offer, this site is designed to be a helpful resource tool for you, our valued clients and visitors.

Please feel free to contact us with any questions or comments you have - we'd love to hear from you. We pride ourselves on being proactive and responsive to our clients' inquiries and suggestions.