IRS Boosts Standard Mileage Rates for Rest of 2022June 10, 2022
The IRS has announced that the standard mileage rates are increasing. Beginning July 1, 2022, the rates are 62.5 cents per mile for business use of an automobile and 22 cents per mile for costs of using an automobile as a medical or moving expense. The standard mileage rates are an optional method, in lieu …
New Deductions for College Related ExpensesJanuary 26, 2022
The New Jersey Division of Taxation has advised that there will be three new deductions available for college related expenses in the 2022 tax year for taxpayers with gross income of $200,000 or less. Taxpayers will be able to deduct up to: (1) $10,000 of contributions made during the year to a New Jersey 529 …
Business 2021 Year-End Planning TipsDecember 7, 2021
With year-end approaching, there isn’t much time left to make many moves that may help lower your business tax bill for 2021. This year’s tax planning is more challenging than usual due to the pending legislation that could increase corporate tax rates starting next year as well as increase business owner’s individual tax rates. Here …
Individual 2021 Year-End Planning TipsDecember 7, 2021
With year-end approaching, there isn’t much time left to make many moves that may help lower your tax bill for 2021. This year’s tax planning is more challenging than usual due to the pending legislation that could, among other things, increase top tax rates on both ordinary income and capital gain starting this year. Here …
Good News: NJ’s Child and Dependent Care Tax Credit has Been Expanded!December 6, 2021
On Friday, December 3, 2021, Governor Phil Murphy took a giant step in supporting working families by signing S4065/A6071, the child and dependent care tax credit! The bill, passed unanimously on Thursday in both the Senate and the Assembly, will significantly increase access to the state tax credit for child care and increase the total …
Curchin Open Cancelled; Donations Still EncouragedOctober 26, 2021
We’ve made the difficult decision to cancel this year’s edition of our indoor miniature golf tournament for charity, the Curchin Open, scheduled for November 10th. While we were hoping and planning to reinstate the event, a mini-golf gathering in our office simply wouldn’t be the same as it used to be with all of the …
2021 Update of Business Meals, Travel Meals and Entertainment ExpensesOctober 14, 2021
By: Peter Pfister, CPA BUSINESS MEALS: Since January 1, 1994, business meals have been deductible at 50% of their cost. Reacting to the pandemic a tax law change now allows for a 100% business meal deduction for meals purchased from a restaurant for 2021 and 2022. Per IRS Notice 2021-25, “the term “restaurant” means a …
Local Charities Selected to Receive Proceeds from 16th Annual Curchin Open Indoor Miniature Golf Tournament!August 17, 2021
The Curchin Group, LLC, a mid-sized, full-service accounting firm based in Red Bank, N.J., announced today that Mercy Center & Society for The Prevention of Teen Suicide two locally-based nonprofit organizations will be receiving all proceeds from the firm’s 2021 annual indoor miniature golf tournament for charity, The Curchin Open. Since the event began in …
NJ State Press Release: Governor Murphy Signs Legislation to Protect New Jersey Workers, Employers From Unlawful MisclassificationJuly 28, 2021
TRENTON – Building on his commitment to making sure that workers and employers in New Jersey are treated fairly, Governor Phil Murphy today signed a four-bill legislative package furthering state efforts to stop employee misclassification. Misclassification is the practice of illegally and improperly classifying employees as independent contractors. This practice deprives workers of the right to earn minimum wage and overtime, workers’ compensation, unemployment, earned …
Latest NJ Legislation NewsJuly 9, 2021
Below please find the most recent New Jersey legislation items outlined below. The first outlines the appropriation for the NJ Homestead Benefit program, the second discusses a new deduction for higher education expenses effective January 1, 2022, and the third discusses an updated deduction effective January 1, 2021, for an increased pension/retirement income deduction. NJ …