Debra Latshaw Adams, CPA LLC

04/01/2021

https://www.accountingtoday.com/news/irs-plans-to-issue-tax-refunds-on-unemployment-benefits-in-may?utm_medium=social&utm_content=socialflow&utm_source=linkedin&utm_campaign=accountingtoday-li

The service intends to take steps to automatically refund money starting in May and continuing through the summer.

03/24/2021

The IRS and NJ have extended the filing date for individual returns to May 17th. If you owe, the payment date is also extended to May 17. However, the 1st estimated tax payment for 2021 is still due April 15th.

06/05/2020

https://faq.business.nj.gov/en/articles/3835237-what-is-the-status-of-the-njeda-small-business-emergency-assistance-grant-program-phase-2-application-open-tuesday-june-9-at-9-00-a-m

Applications for the NJEDA’s Small Business Emergency Assistance Grant Program launched on April 3rd, 2020. Within an hour the program was oversubscribed; within a week the NJEDA received more than 30,000 applications. UPDATE 5/22/2020: NJEDA will be providing an additional $5 million to fund wait...

06/05/2020

If you receive a debit card in a plain white envelope marked Money Network Cardholder Services, this is your stimulus check. It is from the IRS, and it is real.

According to the IRS, if you receive your stimulus check as a prepaid debit card, it will arrive in a plain envelope from “Money Network Cardholder Services.”

04/01/2020

It doesn't sound like it is set yet, but they are "working to extend" the NJ filing and payment deadline to July 15th to be consistent with the IRS.

As per the NJ Division of Taxation Webpage ... The "Extension of due dates for Individual Gross Income Tax and Corporation Business Tax – In order to maintain consistency with the federal income tax extension, the Governor, Senate President and Assembly Speaker announced they will work to extend the due date to file and make payments for these taxes until July 15th. Please continue to check back at this website for updates and specific information as it becomes available."

https://www.state.nj.us/treasury/taxation/

03/31/2020

https://www.irs.gov/newsroom/economic-impact-payments-what-you-need-to-know

IR-2020-61, March 30, 2020 — The Treasury Department and the Internal Revenue Service today announced that distribution of economic impact payments will begin in the next three weeks and will be distributed automatically, with no action required for most people.

03/20/2020

The tax filing and tax payment deadline have now been extended, from April 15th until July 15th, by the federal government. Each state will determine their own guidelines as to whether they will also extend their tax filing and payment dates.

It is strongly encouraged to still try to file your returns as soon as possible if you are due a refund. We are working as diligently, safely, and quickly as we can to assist our clients with the preparations and filings of their returns.

Be well, and be safe!

Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US treasury secretary said on Friday.

03/13/2020

To explain the tax relief for those affected by coronavirus

02/27/2020

TAX PREP TIME ADDS UP
According to the IRS, the average time it used to take to complete a Form 1040 was 16 hours; a 1040A took seven hours; and a 1040EZ took five hours. Overall, the average was 13 hours. In 2019, the IRS processed more than 154 million individual tax returns, equivalent to about 83.4 million days' worth of prep time.
Tax return preparation doesn’t need to be that difficult. We take the pain out of it so you don’t have to worry.

02/11/2020

Don’t procrastinate on getting your paperwork together. Time goes by fast. The sooner you file your tax returns, the better.

02/07/2020

07/31/2019

To worry less creates greater peace of mind.

95% of North Americans either go to bed or wake up worrying about something. Yet, worrying is the #1 killer of creativity, performance and dreams. When revol...