• Facebook
  • Twitter
  • in
phone    856.722.5300
email      firm@hfco.com
Details of House Tax Reform Bill
Posted On 11/ 07/ 17


On November 2, House Republicans unveiled their much-anticipated tax reform legislation, the Tax Cuts and Jobs Act (HR 1). Here are the highlights: Individuals - On the individual side of the tax code, the Tax Cuts and Jobs Act proposes to do the following: Lower the individual tax rates for low-to-middle income taxpayers to 12, 25, and 35 percent. For joint returns, the 25 percent would start at $90,000; and at $260,000 for the 35 percent bracket (half for single, individual filers).   Read More...

Congress Enacts Significant Changes to Partnership Audit Procedures
Posted On 11/ 01/ 17


Congress recently enacted significant changes to partnership audit and adjustment rules. The changes are expected to dramatically increase the audit rates for partnerships and will require partners to carefully review, if not revise, their partnership’s operating agreement. The new rules generally apply to partnership returns filed after 2018, but careful planning today will help mitigate any unfavorable consequence. Important New Provisions That May Impact You • The IRS may   Read More...

Unclaimed Property Reporting Reminder for NJ Businesses
Posted On 10/ 27/ 17


The State of New Jersey’s Unclaimed Property Administration (UPA) is reminding all businesses with an operating presence in the State of New Jersey of their obligation to report abandoned or unclaimed funds to the UPA. Property deemed abandoned as of June 30, 2017, should be reported and remitted by no later than Tuesday, October 31, 2017. The state also requires that a negative filing be submitted if the holder does not have any unclaimed property to report. The UPA Online Holder   Read More...

IRS Will Reject Returns Next Year Without Health Coverage Disclosure
Posted On 10/ 27/ 17


For the first time, the IRS will require taxpayers filing returns in 2018 to indicate if they had health coverage under the Affordable Care Act (ACA). The agency recently announced the change and indicated it won’t accept electronically filed tax returns that omit the information. Returns filed on paper may be suspended pending the IRS’ receipt of the health coverage information. In its announcement about the change, the IRS stated that it had reviewed and discussed its process with   Read More...

IRS Announces 2018 Pension Plan Limits
Posted On 10/ 27/ 17


Here are the highlights of the changes for 2018. For more detailed information read the IRS news bulletin here. Highlights of Changes for 2018 The contribution limit for employees who participate in 401(k), 403(b), most 457 plans, and the federal government’s Thrift Savings Plan is increased from $18,000 to $18,500. The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and to   Read More...

Latest Information on the Equifax Breach
Posted On 09/ 29/ 17


Here are two recent articles on the status of the Equifax breach as well as the link to the Equifax site that will tell if your data was compromised and allow you to enroll in free credit monitoring through January 31, 2018. The New York Times has a comprehensive question and answer article regarding the breach and what you should do. They are continuously updating it with new questions that arise and any further answers they receive from Equifax. Check back to this link periodically to see   Read More...

IRS Issues Tips to Prepare for Hurricanes, Floods and Other Disasters and How to Reconstruct Records After a Disaster
Posted On 09/ 29/ 17


In the wake of the recent hurricanes and to coincide with September being National Preparedness Month, the IRS has shared an article on how to prepare for such types of disasters. They discuss how to preserve key documents and how to document valuables in your home for potential insurance claims. You can read the article here: https://www.irs.gov/newsroom/as-hurricane-irma-threatens-irs-urges-taxpayers-to-prepare-for-hurricanes-floods-and-other-disasters The IRS has also released an article   Read More...

Trump Releases Tax Reform Framework
Posted On 09/ 29/ 17


On Wednesday, the Trump administration released the 9 page Unified Tax Reform Framework. You can read the document in its entirety here on the Treasury Department site: Unified Tax Reform Framework They also released a one page highlights document noting key piece the tax reform framework: Framework Highlights If you have any questions or if you would like more information, contact Fred Schutz at (856) 722-5300 ext. 201 or Dave Gill at ext. 210.Read More...

Hurricane Harvey: How You Can Help
Posted On 08/ 31/ 17


Many conversations are turning to the devastation that Hurricane Harvey has caused in Houston, TX. Here is a link to a list of local and national charities that are aiding the victims of this disaster: https://www.charitynavigator.org/index.cfm?bay=content.view&cpid=5239 In addition to the charities listed in the link above, the following local charities are taking donations for aid as well: Texas Diaper Bank http://www.texasdiaperbank.org/ - Diapers are not an item that disaster   Read More...

Recovering from Identity Theft
Posted On 08/ 04/ 17


You've read about it, and you thought it would never happen to you. But suddenly your bank account is empty, your credit card bills are through the roof, and you're getting late notices for accounts you don't own. Your identity has been stolen. What now? Time is money To minimize your losses, act fast. Contact, in this order: Your credit card companies Your bank The three major credit bureaus Local, state, or federal law enforcement authorities Organize your fight against   Read More...