Northfield NJ CPA – Tax, Accounting & Consulting Services (609) 641-4000  | 

Big, Big News from the IRS on August 24

Aug 30, 2022 | News, Tax

In an effort to free up resources to address a huge backlog of returns to process and other pending issues, the IRS announced major relief for most taxpayers with certain failure to file penalties and International Information return penalties for tax returns for the tax years 2019 and 2020 that are filed before September 30, 2022.  Also forgiven will be certain information return penalties that were assessed on some 2019 returns that were filed before August 1, 2020 and 2020 returns that were filed before August 1, 2021.  This waiver will result in an abatement of penalties assessed for the returns.  This is very good news for the 1.6 million businesses and individuals who filed late returns for 2019 and 2020 and will result in the waiver of over $1.2 billion of penalties according to Accounting Today.

There are certain situations in which the relief will not apply.  If you need more information, please contact us.

Submitted by Lois S. Fried, CPA, CFE, CVA, ABV

Landsman Uniforms & Embroidery

Landsman Uniforms & Embroidery

Landsman Uniforms and Embroidery is excited to share the story of our business - a tale of resilience, passion, and a commitment to serving customers in Atlantic County for three generations. The family business began in 1932 when William Landsman opened a general...

read more
Money Watch: Elder Financial Exploitation

Money Watch: Elder Financial Exploitation

Technology has been a huge benefit to people across the world, but it has also led to a dramatic increase in the scope and size of Elder Financial Exploitation (“EFE”). The Financial Crimes Enforcement Network (“FinCEN) defines EFE as the “illegal or improper use of...

read more
Beneficial Ownership Information Reporting

Beneficial Ownership Information Reporting

On September 29, 2022, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCen) issued a final rule implementing the bipartisan Corporate Transparency Act’s beneficial ownership (BOI) reporting provisions.  The new rule will require business...

read more