Our team is composed of tax and accounting experts within their niche areas of business owners, entrepreneurs, real estate owners, those involved in the thoroughred industry and auditing. We are proud to present a monthly newsletter that will help our clients stay up-to-date on the latest issues involving their industries and the happenings of The Green Group!
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The changes made to tax reform legislation that were enacted in December 2017 are having a significant impact on taxpayers today. For this reason, the Internal Revenue Service has strongly advised taxpayers to assess their 2019 tax withholding. The changes to this legislation included:
This Thursday, March 28th the IRS is providing a free online webinar for taxpayers and partners to review their tax withholding and basics on how to use the IRS Withholding Calculator. In an effort to keep taxpayers informed the IRS will be offering this webinar in English and Spanish and include a Q&A session.
You can register for the English webinar by clicking this link: https://www.webcaster4.com/Webcast/Page/1148/29728
The tax strategy discussed in this month's Journal of Accountancy article can maximize the net tax benefit from higher education credits. The articles dives into the types of qualified scholarships and grants that can be used in this strategy which are:
1. The scholarship or fellowship grant must qualify as tax-free under Sec. 117(b)(1)
2. The terms of the scholarship or grant must allow it to be applied to nonqualified expenses.
The New Jersey Tax Amnesty Program begins November 15, 2018. This program encourages taxpayers to file past tax returns and/or pay back taxes along with half of the interest due as of November 1, 2018.
This amnesty applies to state tax liabilities for tax returns due on or after February 1, 2009 and prior to September 1, 2017.
The amnesty ends on January 15, 2019. Those who do not take advantage of this opportunity will be given an additional 5% penalty in addition to all other penalties, interest, and other costs authorized by law.
Please be alert of the following criminal activity surrounding phony IRS calls that direct you to IRS.gov.
If you are ever unsure of the authenticity of an IRS call, please hang up and contact your tax advisor.
Details regarding recent IRS Scams can be accessed by clicking here or copy and paste the link below in your search bar.
Its that time of the year again to ensure you are taking full advantage of your tax deductions.
Compared to other businesses, the Horse Industry's application of tax laws are unique in many ways.
In this industry, you cannot simply apply the general business advice most accountants are familiar with if you want to maximize your tax deductions and save money.
Can we demonstrate this expertise to you?
The Green Group is proud to announce that we have been named one of the top accounting firms in New Jersey.
Thank you to all of our hard working staff and loyal clients!
You can check it out on pages 20-21!