Tax | Cg Tax, Audit & Advisory

14 Nov

What the Updated Tax Gap Estimate Means for Compliance

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November 3, 2022

The gross tax gap generally is defined as the difference between estimated “true” tax liability for a given period and the amount of tax that’s paid on time. The IRS recently released new tax...

07 Nov

What Do the 2023 Cost-of-Living Adjustment Numbers Mean for You?

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November 4, 2022

The IRS recently issued its 2023 cost-of-living adjustments for more than 60 tax provisions. With inflation up significantly this year, many amounts increased considerably over 2022 amounts. As you implement 2022 year-end tax planning...

02 Nov

State & Local Tax, Tax

NJ ANCHOR Program May Help NJ Residents Save on Property Taxes

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December 28, 2022

The Affordable New Jersey Communities for Homeowners and Renters (NJ ANCHOR) program provides property tax relief to NJ residents who owned or rented their principal residence (main home) on October 1, 2019 and met...

28 Oct

Federal Tax, Tax

Beware Shady ERC Advice

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October 25, 2022

Employers, beware: The IRS is warning about shady third parties advising businesses to claim the Employee Retention Credit (ERC), even when they don’t qualify. The ERC was introduced in 2020 to help employers who...

27 Oct

Federal Tax, Individual Tax, Tax

Check Tax Withholding!

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October 24, 2022

With the end of the year just several weeks away are you sure you’re having the right amount of tax withheld? The IRS urges taxpayers to check their tax withholding while there’s time left....

24 Oct

Federal Tax, Tax

2023 Inflation Adjustments

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October 20, 2022

The IRS has just released its 2023 inflation adjustments for many tax provisions. The standard deduction will increase: $900 to $13,850 for single taxpayers; $1,800 to $27,700 for married couples filing jointly; and $1,400...

22 Oct

Federal Tax, Tax

Changes to AMT

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October 21, 2022

Among the 2023 inflation adjustments just issued by the IRS are several that affect many higher-income taxpayers, including changes to the Alternative Minimum Tax (AMT). The AMT exemption amount is increasing to $81,300 for...

19 Oct

Federal Tax, Tax

Inflation Reduction Act Expands Deductions for Energy-Efficient Construction

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October 19, 2022

Mitigating the adverse effects of climate change is one of the primary targets of the recently enacted Inflation Reduction Act (IRA). To that end, the legislation is packed with tax incentives, including the significant...

19 Oct

Federal Tax, Tax

Small Business Expenses

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October 20, 2022

Do you operate a small business? You can deduct the costs involved in bringing in new customers and keeping existing ones, including advertising and marketing expenses. The expenses must be ordinary (common in your...

17 Oct

Federal Tax, Tax

Potential RMD Relief for Certain Taxpayers

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October 14, 2022

The IRS is providing relief for taxpayers who didn’t take certain required minimum distributions (RMDs) from inherited IRAs and other plans. The relief under Notice 2022-53 is for taxpayers subject to the “10-year rule”...

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