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Maintaining Your Financial Records: The Importance of Being Organized
Posted On 07/ 26/ 17

An important part of managing your personal finances is keeping your financial records organized. Whether it's a utility bill to show proof of residency or a Social Security card for wage reporting purposes, there may be times when you need to locate a financial record or document--and you'll need to locate it relatively quickly. By taking the time to clear out and organize your financial records, you'll be able to find what you need exactly when you need it. What should you keep? If you   Read More...

Philadelphia Wage Tax Reduction Starting July 1, 2017
Posted On 06/ 28/ 17

As part of a planned schedule to lower the City Wage Tax, reduced Wage Tax rates start July 1, 2017. Any paycheck that businesses issue with a pay date after June 30, 2017 must have Philadelphia City Wage Tax withheld at the new rate. The new Wage Tax rate for residents of Philadelphia is 3.8907% (.038907). The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.4654% (.034654). At its height, the Philadelphia Wage Tax reached   Read More...

IRS Cautions Taxpayers to Watch for Summertime Scams
Posted On 06/ 28/ 17

The Internal Revenue Service issued a warning that tax-related scams continue across the nation even though the tax filing season has ended for most taxpayers. People should remain on alert to new and emerging schemes involving the tax system that continue to claim victims. “We continue to urge people to watch out for new and evolving schemes this summer,” said IRS Commissioner John Koskinen. “Many of these are variations of a theme, involving fictitious tax bills and demands to pay by   Read More...

QuickBooks Will Not Release New Desktop Versions for Mac
Posted On 06/ 28/ 17

Intuit announced that it will not be releasing a new version of QuickBooks Desktop for Mac. QuickBooks Desktop for Mac 2016 will be the last version available and will be supported until May 31, 2019. This does not affect the 2018 Windows versions of QuickBooks Desktop Pro and Premier. QuickBooks Desktop for Mac small business customers were contacted by the company to notify them of the news. Intuit suggested that affected customers make the switch to QuickBooks Online, the cloud based   Read More...

Reminder: PA Tax Amnesty Program Open Through June 19th
Posted On 05/ 31/ 17

From April 21 through June 19, 2017, the Pennsylvania Department of Revenue is offering tax amnesty to taxpayers who owe past-due taxes. During this 60-day period, the Pennsylvania Department of Revenue will waive all penalties and half of the interest owed by those who apply and pay delinquent taxes. Which Taxes Are Eligible or Not Eligible for the Program? Most taxes administered by the Pennsylvania Department of Revenue will be eligible for tax amnesty, including: Personal income   Read More...

Delaware Adopts Federal Due Dates
Posted On 05/ 31/ 17

Legislation has been enacted that adopts federal filing deadlines for Delaware corporation income tax, partnership, and W-2 and 1099 series information returns. The due date for C corporation returns is changed from April 1 to April 15 or the 15th day of the fourth month after the close of the taxpayer’s fiscal year. Returns for pass-through entities, including S corporations, partnerships, and limited liability companies classified as partnerships for income tax purposes, are due by March   Read More...

NJ Enacts Wounded Warrior Caregiver Credit
Posted On 05/ 31/ 17

New Jersey has enacted a new gross (personal) income tax credit for family caregivers of certain former armed service members with service-connected disabilities. The credit applies to tax years beginning on or after January 1, 2018 and is the lessor amount of: (a) 100% of the federal veteran disability compensation of a qualified armed service member for which the qualified family caregiver renders care or (b) $675. If two or more qualified family caregivers qualify for the credit for the   Read More...

IRS Tips on What to do After the Tax-Filing Deadline
Posted On 04/ 28/ 17

Tax day has come and gone for most people, but some taxpayers may still be dealing with their taxes. The IRS offers these tips for handling some typical after-tax-day issues: Didn’t File by April 18? There is no penalty for filing a late return after the tax deadline if the taxpayer receives a refund. Penalties and interest only accrue on unfiled returns if taxes are not paid by April 18. Anyone who did not file and owes tax should file a return as soon as they can and pay as much as   Read More...

IRS Provides Tips on Determining If It’s Really The IRS At Your Door
Posted On 04/ 28/ 17

The Internal Revenue Service has created a special new page on IRS.gov to help taxpayers determine if a person visiting their home or place of business claiming to be from the IRS is legitimate or an imposter. With continuing phone scams and in-person scams taking place across the country, the IRS reminds taxpayers that IRS employees do make official, sometimes unannounced, visits to taxpayers as part of their routine casework. Taxpayers should keep in mind the reasons these visits occur and   Read More...

Slight Delays for NJ State Income Tax Refunds
Posted On 03/ 31/ 17

Expect at least one of your tax refunds to come later than usual, officials say. The state Division of Taxation says it is using additional tools to protect New Jersey taxpayers from refund fraud and identity theft, causing a "slight delay" in refunds for early filers. The delay only impacts the state income tax refund, not the federal refund. "Processing returns and distributing refunds safely and efficiently is a key goal for the Division," the division said. "We appreciate your   Read More...