Steven M Ploshnick Tax & Business Services

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To file, visit; https://propertytaxreliefapp.nj.gov/.

IMPORTANT!!!

If you have a business entity that was applied for on a Secretary of State website prior to January 1, 2024, then you need to file your FinCen BOI report before December 31, 2024

Cobey, in our office, is calling our clients who currently in 2023 have a Schedule C (Self-employment), E (Rental), or F (Farm) to remind them of the required filing.

If you have further questions, please contact an attorney.

Foos-Garvin Accounting, Inc. will not be able to assist any clients or taxpayers as it violates our insurance policy.

Affordable New Jersey Communities for Homeowners and Renters (ANCHOR)
A new state program, the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR), provides up to $1,500 in relief for eligible homeowners and up to $450 in relief for eligible renters.

This program provides property tax relief to New Jersey residents who owned or rented their principal residence (main home) on October 1, 2019, and met these income requirements:

A household income of under $150,000 will receive a $1,500 property tax benefit
A household income between $150,000 and $250,000 will receive a $1,000 property tax benefit
Renters with incomes up to $150,000 will receive $450 to help offset rent increases caused by increasing property taxes

ANCHOR replaces the Homestead Benefit program and will be distributed as a direct deposit or check instead of a credit. Residents should receive their relief by May 2023. There is no age limit to apply. The application deadline is December 30, 2022.

For more information on eligibility and how to apply, visit the state website here or call the state's ANCHOR hotline at 888-238-1233.

NJ Division of Taxation - ANCHOR Program The Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) program replaces the Homestead Benefit.

https://www.irs.gov/credits-deductions/child-tax-credit-update-portal

Child Tax Credit Update Portal | Internal Revenue Service Check if you're enrolled, manage your payment information and unenroll from advance payments of the 2021 Child Tax Credit.

IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience

The IRS announced today that it will issue information letters to Advance Child Tax Credit recipients starting in December and to recipients of the third round of the Economic Impact Payments at the end of January. Using this information when preparing a tax return can reduce errors and delays in processing.

The IRS urged people receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022.

Watch for advance Child Tax Credit letter

To help taxpayers reconcile and receive all of the Child Tax Credits to which they are entitled, the IRS will send Letter 6419, 2021 advance CTC, starting late December, 2021 and continuing into January. The letter will include the total amount of advance Child Tax Credit payments taxpayers received in 2021 and the number of qualifying children used to calculate the advance payments. People should keep this and any other IRS letters about advance Child Tax Credit payments with their tax records.

Families who received advance payments will need to file a 2021 tax return and compare the advance Child Tax Credit payments they received in 2021 with the amount of the Child Tax Credit they can properly claim on their 2021 tax return.

The letter contains important information that can make preparing their tax returns easier. People who received the advance CTC payments can also check the amount of their payments by using the CTC Update Portal available on IRS.gov.

Eligible families who did not receive any advance Child Tax Credit payments can claim the full amount of the Child Tax Credit on their 2021 federal tax return, filed in 2022. This includes families who don't normally need to file a tax return.

Economic Impact Payment letter can help with the Recovery Rebate Credit

The IRS will begin issuing Letter 6475, Your Third Economic Impact Payment, to EIP recipients in late January. This letter will help Economic Impact Payment recipients determine if they are entitled to and should claim the Recovery Rebate Credit on their tax year 2021 tax returns that they file in 2022.

Letter 6475 only applies to the third round of Economic Impact Payments that was issued starting in March 2021 and continued through December 2021. The third round of Economic Impact Payments, including the "plus-up" payments, were advance payments of the 2021 Recovery Rebate Credit that would be claimed on a 2021 tax return. Plus-up payments were additional payments the IRS sent to people who received a third Economic Impact Payment based on a 2019 tax return or information received from SSA, RRB or VA; or to people who may be eligible for a larger amount based on their 2020 tax return.

Most eligible people already received the payments. However, people who are missing stimulus payments should review the information to determine their eligibility and whether they need to claim a Recovery Rebate Credit for tax year 2020 or 2021.

Like the advance CTC letter, the Economic Impact Payment letters include important information that can help people quickly and accurately file their tax return.

More information about the Advance Child Tax Credit, Economic Impact Payments and other COVID-19-related tax relief may be found at IRS.gov.

As the 2022 tax filing season approaches, the IRS urges people to make sure an accurate tax return and use electronic filing with direct deposit to avoid delays

Internal Revenue Service | An official website of the United States government Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

National Tax Security Awareness Week: Choosing a special Identity Protection PIN adds extra safety for taxpayers
As part of a wider effort to increase security, the IRS today reminded taxpayers they can get extra protection starting in January by joining the agency's Identity Protection Personal Identification Number (IP PIN) program.
Anyone who can verify their identity can protect themselves against tax-related identity theft by opting into the IP PIN program. More than 5.1 million taxpayers are now participating in the IP PIN program, enabling them to proactively protect themselves against identity theft. The IRS has made recent changes to the program to make it easier for more taxpayers to join. The fastest and easiest way to receive an IP Pin is by using the Get an IP PIN tool.

The webpage dealing with the Advanced Child Tax Credit has been updated to include an option to unenroll in the program. As you know some of your clients may not opt to have up to half of their eligible credit collected in 2021 because they would rather get the full amount in 2022 when they file their return for various reasons. Also on the webpage is some frequently asked questions regarding the topic. The link is below. I have also attached a copy of a short poster if you’d like to email for your clients to make them aware and maybe others at their location.

Advance Child Tax Credit Payments in 2021 | Internal Revenue Service Find details about the advance Child Tax Credit payments, including how to get them or stop getting them.

https://www.uschamber.com/co/small-business-coronavirus

Coronavirus Small Business Guide Our complete coronavirus coverage, updated daily with new resources to assist you and your business.

Steps to apply for a SBA disaster relief loan:

Steps for Applying for an SBA Disaster Relief Loan If your business is struggling in the wake of COVID-19, these steps will help guide you through the application process for a low-interest small business loan.

For everything you need to know about applying for a small business loan, see the U.S. Chamber’s Small Business Loan Guide.

www.uschamber.com

Welcome to STEVEN M. PLOSHNICK Tax and Business Services! Since our founding in 1994, we have grown steadily and rapidly, with a team of accounting professionals ready to serve a continuously growing clientele.

Today, with active practices in accounting, tax planning and preparation, payroll, small business consulting, and personal financial planning, STEVEN M. PLOSHNICK Tax and Business Services has evolved into a comprehensive accounting practice.

As accounting, tax, payroll, and planning considerations are often interrelated, we make every effort to know each of our clients individually. Understanding your aims and needs allows us to provide you with a comprehensive package of custom-tailored solutions designed to help you to achieve your personal and professional objectives.

Our continuing mission is to serve you with the highest level of expertise and professionalism and to help you succeed in all your financial endeavors.