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email      firm@hfco.com
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...

IRS Has Refunds Totaling $1 Billion for People Who Haven’t Filed a 2013 Tax Return
Posted On 03/ 31/ 17


The Internal Revenue Service announced that unclaimed federal income tax refunds totaling more than $1 billion may be waiting for an estimated 1 million taxpayers who did not file a 2013 federal income tax return. To collect the money, taxpayers must file a 2013 tax return with the IRS no later than this year's tax deadline, Tuesday, April 18. "We’re trying to connect a million people with their share of 1 billion dollars in unclaimed refunds for the 2013 tax year,” said IRS Commissioner   Read More...

‘Where’s My Refund?’ Tool Best Way to Check Tax Refund Status
Posted On 03/ 31/ 17


The Internal Revenue Service reminds taxpayers that while more than 90 percent of federal tax refunds are issued in 21 days or less, some refunds may take longer. Many factors can affect the timing of a refund after the IRS receives the return. Also, taxpayers should take into consideration the time it takes a financial institution to post the refund to an account or for it to arrive in the mail. The best way to check the status of a refund is online through the “Where’s My Refund?” tool   Read More...

New Philadelphia Law Prohibits Asking for Salary History
Posted On 02/ 24/ 17


On January 23, 2017, Mayor Jim Kenney of Philadelphia signed into law a bill that prohibits employers from asking job applicants about their prior salary or requiring disclosure of salary history as a condition of employment. The ordinance will also prohibit businesses from retaliating against prospective hires if they don't disclose such information. Additionally, if employers somehow come across the information, they can't use it to make salary decisions unless the job applicant knowingly and   Read More...

IRS “Dirty Dozen” List of Tax Scams for 2017
Posted On 02/ 24/ 17


The Internal Revenue Service today announced the conclusion of its annual "Dirty Dozen" list of tax scams. The annual list highlights various schemes that taxpayers may encounter throughout the year, many of which peak during tax-filing season. Taxpayers need to guard against ploys to steal their personal information, scam them out of money or talk them into engaging in questionable behavior with their taxes. "We continue to work hard to protect taxpayers from identity theft and other scams,"   Read More...

2017 State of the Markets Seminar
Posted On 02/ 24/ 17


On February 15th, Haefele Flanagan co-hosted the State of the Markets seminar with CPI Companies and PCS and we'd like to share the presentation with you. Topics included: Stock Market Update Tax Update & The New Administration Healthcare: Obamacare vs. Trumpcare Cyberthreats, Elections, and Russia Financial Strategies for 2017 Click this link to view the presentation: 2017 State of the Markets PresentationRead More...

New Jersey Updates for 2017: Minimum Wage, Estate Tax, Sales & Use Tax, Expiration of Urban Enterprise Zones
Posted On 12/ 30/ 16


NJ Minimum Wage Effective January 1, 2017 New Jersey’s minimum wage will rise from $8.38 per hour to $8.44 per hour. The new required employer poster can be found at http://lwd.dol.state.nj.us/labor/forms_pdfs/lsse/mw-220.pdf   NJ Estate Tax The New Jersey Estate Tax exemption will increase from $675,000 to $2 million for the estates of resident decedents dying on or after January 1, 2017, but before January 1, 2018.  For these estates, the New Jersey Estate Tax no longer   Read More...

New Version of I-9 Form, Must Be Used Starting 1/22/17
Posted On 12/ 30/ 16


A new version of the Form I-9, Employment Eligibility Verification, was released on November 14, 2016.  Employers must begin using the new form by January 22, 2017, for all new hires. Use this link for paper and fillable versions and instructions: https://www.uscis.gov/i-9 If you have any questions or if you would like more information, contact us at 856-722-5300.Read More...

Trump Tax Proposals for High Net Worth Taxpayers
Posted On 12/ 09/ 16


Wilmington Trust has created an outline of Donald Trump's tax proposals relevant to high net worth taxpayers compared to current tax law and the House GOP proposals. They've granted us permission to share it here. Click the link below to read! Trump Tax Proposals for High Net Worth TaxpayersRead More...

New Overtime Rule Halted
Posted On 11/ 23/ 16


A federal judge in Texas put the brakes on the Department of Labor’s new federal overtime rule Tuesday, which would have doubled the Fair Labor Standard Act’s (FLSA’s) salary threshold for exemption from overtime pay and was scheduled to take effect on Dec. 1.  For now, the overtime rule will not take effect as planned Dec. 1, but it could still be implemented later down the road. Employers may continue to follow the existing overtime regulations until a decision is reached. For more   Read More...