View Details

Any Questions or Concerns right now?

Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

Hiring an independent or public insurance adjuster places a licensed professional in your corner to advocate for your financial interests during property damage claims.

• Elimination of Conflict of Interest: Staff adjusters work for the insurance company and are financially incentivized to minimize payouts. A private public adjuster works exclusively for you to maximize your legitimate settlement.
• Higher Claim Settlements: Industry studies show policyholders who use public adjusters consistently receive significantly higher payouts—sometimes 200% to 700% higher—because private adjusters document hidden, structural, and long-term damages that company adjusters often overlook.
• Expert Policy and Technical Knowledge: Insurance policies contain complex legalese and strict filing deadlines. Public adjusters understand fine-print coverage limits, local building codes, and depreciation calculations, preventing claims from being underpaid or wrongfully denied.
• Thorough and Precise Damage Documentation: Instead of a quick surface inspection, private adjusters conduct comprehensive room-by-room assessments, line-item repair estimates, and detailed personal property inventories using industry-standard pricing software (like Xactimate).
• Stress Reduction and Time Savings: Managing a major property claim requires dozens of hours of calls, paperwork, and technical negotiation. Hiring your own adjuster offloads the administrative burden entirely, letting them deal directly with the insurer while you focus on recovery.

Public adjusters typically work on a contingency fee model (charging a percentage of the total settlement), making them particularly effective for complex, high-value, or heavily disputed property claims.

Remember, the moment you have a business or tax question is the moment you should be calling me.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

MakeBillionairesPay #WealthTax #Mamdani #Housing NYC #PiedATerreTax @NYCMayor @GovKathyHochul #piedaterre #Investment #IncomeTax #irs #cpa #TaxReform #taxrelief

The post Memo – Always Choose Your Own Insurance Adjustor appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now?

Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

Church event featuring Hamilton County GOP candidates raises questions about tax law” from WTVC NewsChannel 9 (watch on YouTube):

Video Summary [00:00] Candidate Remarks: Republican candidates for various local and state offices speak to attendees, urging them to participate in early voting, contribute donations, and align their voting choices with their religious convictions. * [00:25] Event at Calvary Chapel: During an event at Calvary Chapel in Chattanooga, the church’s pastor directed attendees to a bookmark containing a QR code that linked to a ballot pre-filled with recommended candidates. * [01:00] IRS Tax Regulations for Nonprofits: Because Calvary Chapel is a registered non-profit organization, questions arise regarding IRS rules, which strictly prohibit religious and non-profit organizations from directly or indirectly engaging in political campaigns. * [01:38] Expert Critique: Certified Public Accountant Chris Wallen points out that allowing political candidates onto the stage to speak about their campaigns creates an implied endorsement, violating non-profit tax guidelines. * [02:11] Alternative Perspective*: Larry Gray of the National Association of Tax Professionals suggests that a distinction could potentially exist between endorsing a candidate and educating or making recommendations based on shared religious or social values. Remember, the moment you have a business or tax question is the moment you should be calling me.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

MakeBillionairesPay #WealthTax #Mamdani #Housing NYC #PiedATerreTax @NYCMayor @GovKathyHochul #piedaterre #Investment #IncomeTax #irs #cpa #TaxReform #taxrelief

The post Interview – Chris Whalen, CPA – Mary-Beth Mangrum WTVC News Channel 9 – 501(c)(3) July 2026 appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now?

Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

Own A Residential Home, Condo Or Co-op In NYC?

You Must Act Quickly If You Believe You Are Exempt From This New Tax.

New York City has a new annual surcharge on certain properties, sometimes referred to as “pieds-à-terre,” that are not used as the owner’s primary residence.

NYC is casting a wide net and will assume you are subject to this Pied-à-Terre tax. If you don’t apply for and receive an exemption, you will be assessed and NYC will aggressively attempt to collect from you.

The NYC pied-à-terre tax is a part of a broader socialist plan. It’s a real estate grab. Many people will miss the deadline and be assessed the tax and fail to pay in time. Eventually NYC will convert them to low income housing once repossessed. You only have until September 18, 2026 to submit your exemption application.

NYC’s goal is to repossess as many properties as they can and convert them to affordable housing.

The surcharge applies to certain properties in New York City that are not used as a primary residence.

For property tax years 2026-27 and 2027-28, the surcharge may apply to:

• One-, two-, and three-family homes valued by DOF at more than $5 million
• Condominium and cooperative units valued by DOF at $1 million or more

If you received a letter from the Department of Finance indicating that you may be subject to the surcharge and believe you are exempt, you must respond by the deadline date listed in the letter. You also must submit information showing that the property is not subject to the surcharge.

Mamdani published a searchable public database of properties potentially subject to the new state pied-à-terre tax, including owners’ full names and addresses.

The Department of Finance published a supplemental market value roll on July 24, 2026, related to the annual non-primary residence property surcharge.

This roll includes, but is not limited to, those properties that may be subject to the surcharge. You can inspect and examine the roll on NYC’s Property Assessments page.

Documents to have ready: Your most recently filed federal or state tax return.

(If you do not have a tax return, you will be asked to provide other proof that you live at the property.)

My team is ready to help complete the necessary forms.

Submit your surcharge exemption application:

• Residential homes and condos (deadline September 18, 2026)
• Cooperative units (deadline September 18, 2026)

Use this Eligibility Guide to find out if you may be exempt from the surcharge.

Click Here to get the answers to the questions below.

Who is subject to the surcharge?How much is the surcharge?How to apply for an exemption from the surchargeDocuments required when applying for an exemptionProperty value challengesDetermination lettersHow the surcharge will be billedHow to get helpRemember, the moment you have a business or tax question is the moment you should be calling me.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

MakeBillionairesPay #WealthTax #Mamdani #Housing NYC #PiedATerreTax @NYCMayor @GovKathyHochul #piedaterre #Investment #IncomeTax #irs #cpa #TaxReform #taxrelief

The post NYC Pied-à-Terre Tax – Exemption Applications For Non-Primary Residence Property Surcharge appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

These are the most common tax topics I am asked about.

Filing requirement, forms, due dateAmended return – Should I file one?
Deceased person – How do I file their tax return?
Federal tax return due date/extension – When is it due or am I eligible for an extension?
Filing requirement – Do I need to file a tax return?
Tax forms – Which one should I use?

Filing status and dependentsDependent – Who can I claim?
Filing status – What’s mine?

Retirement: Pensions, IRAs, Social SecurityEarly distributions from IRA or other plans – Do I meet an exception to the additional tax?
Excess salary deferral to my 401(k) – How do I correct it?
Pension or annuity payment – Is mine taxable?
Rollover or transfer of IRA or other retirement plan – Do I have to report it on my tax return?
Roth distribution – Is it taxable?
Traditional, SEP or SIMPLE IRA distribution – Is it taxable?
Social Security or railroad retirement tier I benefits – Are mine taxable?

Other incomeEstate executor or administrator fees – Are they taxable?
Gambling winnings/losses – How do I claim them?
Gift – Is it taxable?
Inheritance – Is mine taxable?
Jury duty payment – Is it taxable?
Life insurance proceeds – Are they taxable?
Prize or award – Is it taxable?
Residential rental income/expenses – Is it taxable and/or are my expenses deductible?
Scholarship, fellowship or education grant – Do I include it as income on my tax return?
Self-employment tax – Is my income subject to this tax?
Tips – Are they taxable?
Unemployment payments – Are they taxable?

DeductionsCharitable contributions – Can I deduct them?
Gambling winnings/losses – How do I claim them?
Medical and dental expenses – Can I deduct them?
Miscellaneous itemized deductions on Schedule A – Can I claim my expenses there?
Mortgage-related expenses – Can I deduct them?
Moving expenses – Can I deduct them?
Personal taxes – Can I deduct those that I pay as an itemized deduction on Schedule A?
Standard deduction – How much is mine?
Student loan interest – Can I claim a deduction for it?
Work-related education expenses – Are they deductible?

CreditsAdoption credit/employer-provided benefits – Am I eligible for this credit or to exclude these benefits?
Child and dependent care credit – Am I eligible to claim it?
Child tax credit or the credit for other dependents – Does my child/dependent qualify?
Credit for the elderly or disabled – Do I qualify?
Education credit – Am I eligible to claim it?
First-time homebuyer credit – Do I need to repay it?
Foreign tax credit – Am I eligible to claim it?
Premium tax credit – Am I eligible to claim it?
Retirement savings contributions credit – Do I qualify?

InternationalDisposition of U.S. property interest by a nonresident alien – Is federal income tax withholding required?
Foreign earned income – Can I exclude it?
Foreign tax credit – Am I eligible to claim it?
Gambling as a nonresident alien – Are my winnings exempt from federal income tax?
ITIN (individual taxpayer identification number) – Am I eligible to apply?
Married to a nonresident alien – What is my filing status?
Nonresident alien U.S filing requirement – Am I required to file?
Resident or nonresident alien leaving the U.S. – Am I required to obtain a departure permit?

Other topicsEstimated tax payments – Am I required to make these payments?
Foreclosure, repossession, abandonment, loan modification or short sale – How do I report mortgage debt forgiveness?
Heavy highway vehicle use tax – Do I need to pay it?
Injured spouse refund – Do I qualify for this relief?
ITIN (individual taxpayer identification number) – Am I eligible to apply?
Wages – Are mine exempt from federal income tax withholding?

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #taxplanning #Accounting #TaxReturns #TaxReturn #selfemployed #Tax, #TaxSeason #TaxRefund, #SmallBusinessTax #CorporateTax, #TaxHacks, #TaxWriteoffs #FinancialFreedom #WealthMindset #FinancialLiteracy #MoneyTips #SmallBusinessSaturday #jerseyshore #TaxReform #taxrelief

The post Tax Memo – General Tax Questions Answered appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Do You Watch Your Accountant Prepare Your Taxes? That May Lead To Errors

XXXXXXXXTo read the text version of this podcast click here —> Text Version

Overwhelmed By Your Business Or Tax Filings?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season.

Let Us Turn Your Worries Into Wealth.

Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.

Call me on (732) 673-0510 or

Click here to request a consultation or ask me a question.

Get my podcasts and memos in your inbox by Clicking Here

Tax Laws Are Complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

Ignoring Your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #taxplanning #Accounting #TaxReturns #TaxReturn #selfemployed #Tax, #TaxSeason #TaxRefund, #SmallBusinessTax #CorporateTax, #TaxHacks, #TaxWriteoffs #FinancialFreedom #WealthMindset #FinancialLiteracy #MoneyTips #SmallBusinessSaturday #jerseyshore #TaxReform #taxrelief

The post Podcast – Do You Watch Your Accountant Prepare Your Taxes? That May Lead To Errors appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

To listen to the podcast version of this memo click here —> Podcast Version

We all would agree that someone looking over our shoulder while we work can be disconcerting.

We tense up, get self-conscious, and our ability to focus on our work is greatly diminished.

It’s human nature for us to rush so those peering eyes go away asap.

Not a recipe for accuracy!

So imagine the mistakes that could be made when clients watch their tax preparer do their taxes.

Your income tax returns are one of the most important financial documents you sign each year.

It is not something you want rushed, ever.

There should always be a high level review by a different CPA in the firm before a draft is provided to you.

If your preparer does not have a full review done by someone else, this is not enough diligence spent on your behalf.

Even if the fee was (zero) $0.00, the return shouldn’t be trusted under these circumstances.

My method is more time consuming, and therefore more expensive, but it’s all about quality control.

Quality costs money, and it should.

Our 10 Step Process:

1 – Client provides documents. (via secure upload to my portal)

2 – Tax staff member #1 does initial data entry.

3 – Current documents are compared to last year’s documents.

4 – Client contacted for missing documents, missing documents entered, if any.

5 – Research if any tax law changes apply to the client.

6 – Return reviewed by senior tax staff member #2.

7 – Draft of return sent to client for review. Client emails us questions if any.

8 – Now the client can slowly and thoroughly review it without rushing.

9 – Then we can SLOWLY discuss client questions and concerns and then fine tune and finalize the return together.

(In person, via video chat or on the phone)

10 – Once client approved, we e-file it.

We see tax returns that were hastily prepared everyday.

Where clients have walked into a preparer’s office, sat for 15 minutes, and left with a completed return.

I know many people feel great anxiety leaving their tax documents with someone.

But trust me, there is a better way.

A way where you and your family can replace anxiety and rushing with calm, greater accuracy and peace of mind.

Remember, the moment you have a business or tax question is the moment you should be calling me.Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #taxplanning #Accounting #TaxReturns #TaxReturn #selfemployed #Tax, #TaxSeason #TaxRefund, #SmallBusinessTax #CorporateTax, #TaxHacks, #TaxWriteoffs #FinancialFreedom #WealthMindset #FinancialLiteracy #MoneyTips #SmallBusinessSaturday #jerseyshore #TaxReform #taxrelief

The post Memo – Do You Watch Your Accountant Prepare Your Taxes? That May Lead To Errors appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Don't Miss Important Updates Like This! Click Here To Subscribe To My Blog

Looking for a 1031 replacement property?

This may be a good option.

XXXX

Follow this link to see the page:Click to view listing(s)

Call Nicholas for more info:

XXXX

| | Presented by:Nicholas SkamarakEXIT Realty East Coast Shirvanian, EXIT Realty East Coast – NJ TOP REALTORS®Office: 732-946-2000Mobile: 732-837-8129nicholass@exitrealtyec.com |

Remember, the moment you have a business or tax question is the moment you should be calling me.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

"If We Aren't Working For You, Then You Aren't Working At Your Best"

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

1031Exchange #1031 #TaxDeferredNiche #1031Investor #RealEstateInvesting #CapitalGainsTaxIndustry #Investmen# IncomeTax #irs #cpa #TaxReform #taxrelief

The post Memo – 1031 Replacement Option, July 2026 appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

IR-2026-83, July 8, 2026

WASHINGTON — The Internal Revenue Service today announced a new automatic process to provide penalty relief for taxpayers with a history of filing and paying on time, reducing the need for them to request assistance.

The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative relief and is designed to simplify the process and reduce burden for those with a timely compliance history.

“Automatic Exemption from Penalty reflects the IRS’ commitment to making the payment of taxes owed simpler and more consistent,” said IRS Chief Executive Officer Frank J. Bisignano. “By automatically applying penalty relief, the IRS recognizes that taxpayers who historically pay on time should not have to make a formal request for relief that is routinely granted.”

New automatic penalty relief begins in summer 2026The new Automatic Exemption from Penalty, or AEP, is a systemic administrative relief program expected to begin this summer. AEP applies to eligible original returns beginning with tax year 2025 and 2026 quarterly returns, as well as future tax periods. Taxpayers qualify if they have a history of timely filing the return and paying any tax due in the three prior years (or 12 consecutive quarters for quarterly returns). When taxpayers qualify, penalties are not assessed during processing for:

• Failure to file.
• Failure to pay.
• Failure to deposit.

Taxpayers do not need to take action to receive this relief. If eligible, the IRS will apply AEP and issue a notice confirming that the relief was granted.

Not all returns are eligible for AEP. For example, information returns and returns that are filed only in response to specific transactions or infrequent events (such as Form 706, U.S. Estate Tax Return or Form 709 Gift Tax Return) generally are not eligible.

First Time Abate phased outFirst Time Abate has been the most common form of administrative penalty relief, allowing eligible taxpayers with a history of timely compliance to request the removal of certain penalties.

The IRS will begin phasing out First Time Abate and transitioning to AEP during the summer of 2026. During this transition, some qualifying taxpayers may still receive penalty notices for eligible tax year 2025 and 2026 quarterly returns. Taxpayers who believe they qualify may contact the IRS to request First Time Abate.

AEP provides relief automatically and will replace First Time Abate for eligible returns with original due dates on or after Jan. 1, 2027. Please visit Administrative penalty relief for more information.

What to expectTaxpayers who do not qualify for AEP may still request penalty relief based on reasonable cause. The IRS will review those requests and notify taxpayers of the outcome. See Penalty relief for reasonable cause for more information.

While AEP prevents the assessment of certain penalties, taxpayers must still pay any tax and interest due, as well as any penalties not eligible for relief.

Supporting fairness and voluntary complianceThe IRS is making this change to promote fairness and consistency in the application of penalty relief while encouraging voluntary compliance.

By automatically recognizing taxpayers with a strong compliance history, AEP reduces taxpayer burden and ensures penalty relief is applied fairly and equitably to all taxpayers, thereby observing their Taxpayer Rights.

For more information about penalty relief eligibility and requirements, visit IRS.gov.

Remember, the moment you have a business or tax question is the moment you should be calling me.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

IncomeTax #irs #cpa #TaxReform #taxrelief

The post Memo – IRS Simplifies Penalty Relief, Introduces Automatic Process For Eligible Taxpayers appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

Melody Wright is a mortgage and real estate expert who gives unbiased analysis of the state of the national mortgage and real estate markets.

I storngly recommend that all my clients follow her.

1. Search YouTube for Melody Wright. She is a constant guest on many channels.
2. Her Substack. The free level is fantastic. https://m3melody.substack.com/
3. Her Twitter: https://x.com/m3_melody

Remember, the moment you have a business or tax question is the moment you should be calling me.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

realestate #mortgages #subprime @m3_melody#IncomeTax #irs #cpa #TaxReform #taxrelief

The post Recommended Follow – Melody Wright – National Real Estate & Mortgage Analysis appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Don’t Miss Important Updates Like This! Click Here To Subscribe To My Blog

IRS Transcript Instructions

Go here:

(You may need to create a login)

https://tinyurl.com/mry93af8

You should eventually be brought to this screen.

Click on records and status, then Tax Records

Then click on View Transcripts.

You should be here.

Ignore Customer File Number.

And download these reports for the years in question.

​1) Tax return transcript (may only be available past three years)

​2) Tax account transcript

​3) Record of account transcript

​4) Wage and income transcript

Please name them the pdfs clearly as such:

2010 Last Name First Name Wage Income.. etc etc..

Remember, the moment you have a business or tax question is the moment you should be calling me.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”

Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

irsform843 #IncomeTax #irs #cpa #TaxReform #amnesty #taxrelief

The post Tax Memo – How To Download IRS Transcripts appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Realtors, NYC is about to hire a communist mayor.

Wealthy clients living there (The Five Boroughs), are looking to flee to lower tax areas!

These are high earners, and cash rich buyers looking for an exit strategy NOW!

Let’s give them one!

Here is your target market.

Do the right thing and let’s help our new neighbors out.

Any Questions or Concerns right now? Call me on (732) 673-0510.

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season.

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question Online.

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

cpa #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Realtors! NYC Homeowners Want To Flee Mayor Mamdani (Communism) | Help Them! appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Case Study:With $100k Of Self-Employment IncomeWhat Are My Main Retirement Contribution Options?Individual 401(k), SIMPLE IRA or SEP-IRA.

*Earned Income = Net Profit – 1/2 of Self-Employment Tax – Contribution

Type of businessSole Prop/PartnerCorporation

Contribution tax year20242025

Current age (1 to 120)Net profit from Form 1040-Schedule C ($)
(or W-2 income if corporation)Summary Table

| Determine Amount of Contribution | | --- | | Type of business | Sole Prop/Partner | | Tax year | 2025 | | 1. Determine the Amount of Self-employment Tax | | A) Enter net business profit (from Schedule C, C-EZ, or K-1) | $100,000 | | B) Multiply amount in Line A by .9235 | $92,350 | | C) Enter 12.4% (Social Security) of Line B, but not more than $21,836 | $11,451 | | D) Enter 2.9% (Medicare) of Line B | $2,678 | | E) Add Lines C and D for your total self-employment tax | $14,130 | | 2. Determine Adjusted Net Business Profit | | F) Divide Line E by 2 for your self-employment tax deduction | $7,065 | | G) Subtract Line F from Line A | $92,935 | | 3. Contribution Factor and Adjusted Earned Income | | H) Maximum contribution percentage | 25.00% | | I) Add 1.00 to H to determine contribution factor | 1.25 | | J) Divide Line G by Line I to determine Adjusted Earned Income (not to exceed $350,000) | $74,348 | | 4. Determine Maximum Profit Sharing Contribution for 401(k) and SEP | | K) For corporations, multiply Line G by Line H. Others multiply Line J by Line H (not to exceed $70,000) | $18,587 | | 5. Determine Maximum Self-Employed 401(k) Contribution | | L) Enter maximum employee 401(k) contribution available | $23,500 | | M) Add Line K and Line L | $42,087 | | N) Choose the lesser of Line M and $70,000 | $42,087 | | O) Enter maximum 401(k) catchup, if applicable | $0 | | P) Add Line N and Line O to determine the Maximum Self-Employed 401(k) Contribution | $42,087 | | 6. Determine Maximum SEP Contribution | | Q) Maximum SEP Contribution is equal to the Maximum Profit-Sharing Contribution (not to exceed $70,000) | $18,587 | | 7. Determine Maximum SIMPLE IRA Contribution | | R) Enter maximum SIMPLE IRA deferral | $16,500 | | S) Enter maxmium SIMPLE IRA catchup, if available | $0 | | T) Add Line R and Line S for total employee SIMPLE IRA contribution | $16,500 | | U) Determine maximum SIMPLE IRA matching contribution (lesser of Line T and 3.0% of Line B) | $2,770 | | V) Add Line T and Line U to determine the Maximum Simple IRA Contribution | $19,270 |

Overwhelmed Running Your Business Or Filing Taxes?

My Team Is Here To Help.

We Are Not Just Your CPAs In Tax Season.

Let Us Turn Your Worries Into Wealth.

Do You Have A Tax, Accounting or Business Question?

Call Me On (732) 673-0510 Or

Click Here To Request A Consultation Or Ask Me A Question.

Please reach out to me without hesitation with any tax, business or

Get My Podcasts And Memos In Your Inbox By Clicking Here

Tax Laws Are Complex.

It Is Easy To Make Mistakes That Can Incur Penalties.

Is Your CPA Or Attorney Ignoring Your Phone Calls and Emails?

Call Me Immediately On (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

cpa #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – Self-Employed Retirement Plans Case Study appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To listen to the podcast version of memo click here —> Podcast Version

My first piece of advice. Never interview with a company that has an open DEI (Diversity, Equity and Inclusion) hiring policy.

DEI is poisonous and once you take a job under this banner, it could ruin your chances at future employment elsewhere.

So be sure to check on this before accepting an interview.

Good news though.

99% of small companies can’t afford to have such policies and only hire based on merit, regardless of skin color, disability, gender or sexual orientation.

Are you a white man, post-op, transitioning to a black, disabled, lesbian woman?

Great, that doesn’t matter, but can you come in at 9 everyday, and make sales calls?

Can you work cohesively with my current staff?

Yes to both questions? Good, when can you start?

And, yes whatever pronouns you want to use are fine with us.

If you increase my productivity and my net profits, I will refer to you however you like.

I get calls frequently, especially from recent college graduates, looking for advice about the current job market.

More and more the past few years I’m seeing a lot of frustration with the cumbersome, unprofessional and disrespectful manner in which Fortune 500 and 100 companies are handling the interview process.

Sometimes there are extraordinary numbers of interviews, more than 3, with the process taking months.

I’ve heard of highly qualified candidates suddenly being ghosted.

The term ghosted is usually used in dating where you have a date with someone and it seems to go well.

But then they don’t contact you back and may even block you.

Getting ghosted in any situation is very frustrating and hurtful.

Imagine, taking 6 interviews over 3 months, and then never hearing back.

As everybody knows I’m a very big advocate of working for much smaller companies where you deal with the owners directly.

One piece of advice that I give is if a company has an HR department, it might be better to avoid trying to work there.

HR departments actually shield managers and boards of directors from accountability.

There are so many smaller companies that don’t advertise their positions that are local to where we live.

The small business owner doesn’t have time for months and months of endless interviews, nor do they have an inclination to ghost anybody that takes the time to interview with them.

So if you’re looking for a job, no matter what your age, do a local search in Google maps for companies and businesses that you’re interested in and maybe call them directly to see if there are positions open.

My entrepreneurial clients would love to find someone with management skill, and an ability to think outside the box and the ability to work on their own.

They’re looking for employees who have great people skills, who can work within a sometimes hectic environment.

One of the best things about working for a smaller company and dealing directly with the owners, is that you get instant feedback and don’t have to wait 6 months for a performance review with an HR person you have never met before.

So, of course, use Zip Recruiter, Linkedin and Indeed for your job search, but also take the initiative and do your own research within 10 or 20 miles of where you live, and you’d be surprised to find how interested a business owner might be to talk to you about being hired.

Again, small businesses quite often do not advertise their positions.

If someone walked in the door of a small business, with a good attitude and good people skills, and a desire to learn, they might make a commitment to that person to hire them and train them.

This leads me to another issue that some young people have been having, and that is that they are completing four-year degrees in disciplines that do not afford them a full-time job that can support themselves.

So before we even get to the point of looking for jobs after graduating, we have to have an honest discussion with our children and with ourselves.

We need to research what is the real placement rate and the starting salary for the degrees within the majors we, or our children, want to pursue.

We have to have a hard conversation with ourselves and our children. We need to follow this advice.

If the degree you want to pursue does not definitely afford you a life supporting job upon graduation, find one that does, and do your first choice as a hobby.

Again, do your research before going to college! Get all the information you can about placement rates and starting salaries within the majors.

Ask questions like:

1) What percentage of incoming freshmen graduate in 4 years?

You’ll be surprised how low this number is.

2) Another question to ask is: What is the starting salary of a graduate within the major I’m interested in?

3) Another question: How many 4-year graduated students have to live at home after they’ve completed their course of study?

Colleges hate to give out this information, and with good reason.

Remember a 4-year degree is very expensive and you should only take a degree program where you know you’ll be able to get a life supporting job and be able to move out of your parents’ house when you graduate.

Parents need to step up during this process in high school.

Don’t allow guidance counselors to take the lead here.

Your kids, given the right advice and direction, don’t need to live in the bedroom they grew up in after graduation.

Yes I wanted my children to follow their dreams, but being able to support themselves had to come first.

I am a good example. I’ve wanted to be a writer since I’m a teenager, but I was realistic and said that the odds of becoming a famous writer are almost nil.

So I do something I love and I can also support myself with, and I write as a hobby.

So, to summarize, if you’re frustrated in the job market and you’re looking in the normal places like Linkedn, Indeed or ZipRecruiter, consider taking my advice and also research local and regional companies where you get to deal with the owner directly everyday.

This is the kind of work that I do, dealing with real people at the street level, and I love it.

All too often people malign small business owners and say to themselves: “What could I learn from this person who only has three people working for them?”

When this is really the best education you can get in business anywhere.

Think about it. We can easily take small business skills and thrive in a corporate environment, but the opposite is not true.

Last advice, when interviewing, always turn your phone off, not just mute it, whether on Zoom or in person.

Questions? Concerns? Call me on (732) 673-0510.

We are not just your CPAs in tax season.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – Too Many Interviews and Ghosting, More Reasons To Never Interview At Fortune 500 Companies appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Too Many Interviews and Ghosting, More Reasons To Never Interview At Fortune 500 Companies

To read the text version of this podcast click here —> Text Version

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Podcast – Too Many Interviews and Ghosting, More Reasons To Never Interview At Fortune 500 Companies appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

The American Middle Class is funding its own extinction, while they fight manufactured invisible enemies and virtue signal with pronouns, race and gender.

They are fighting for men to have the right to beat up women, for men to invade intimate female spaces, and to allow adult teachers to sexually groom minor children.

All of these while their communities are being invaded by foreign armies of violent and culturally incompatible young men.

Their daughters are getting raped and murdered and grandmothers slain.

They are victims of a global misdirection that Harry Houdini would be impressed by.

The illegal immigrant invasion continues unabated all on the backs of our lower and middle classes.

The illegal immigrant invasion is thoroughly planned by the global elites and fostered openly by the large corporations and the Democrat Party.

It is decimating the lower and middle classes while they watch in silence without a word.

If our majority unifies, we can still save our way of life.

This is how the illegal immigration industrial complex works:

• The government funds NGOs, non-governmental organizations, so-called Charities
• These NGOs recruit migrants in their home countries with a listing of job openings for participating employers who are actively recruiting illegal migrants for cheap labor and will supposedly sponsor them when they arrive.
• When they do arrive at the U.S. border after being assisted by these organizations, they are processed illegally as Asylum Seekers
• They are given a court date years into the future and given a brand new iPhone
• They are then released into a resettlement program funded by the US taxpayer
• They are resettled to the location of a recruiting participating employer who is now required to meet the minimum standards of minimum wages and health insurance because they are so-called Asylum Seekers
• They are then housed in housing provided for, or subsidized by, the US taxpayer
• They receive resettlement payments each month from the US taxpayer
• Meanwhile the employer gets cheap labor without any of the associated employer costs, because the taxpayer funds their housing, food, medicine, health care, legal representation, education Etc.
• The illegal immigrant employees often feel enslaved as they cannot leave due to their illegal status
• And in a cruel twist the lower and middle classes are losing jobs to these illegal migrants
• And they are paying for all the living and healthcare expenses of those same immigrants at the same time.

If we continue to remain idle, we only have ourselves to blame.

This November we are voting for our survival, not just a candidate.

Questions? Concerns? Call me on (732) 673-0510.

We are not just your CPAs in tax season.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

gigwork #gigworker #instagood #parttimejob #gigeconomy #workfromhome #sideincome #fulltimejob #parttime #parttimeincome #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – The American Middle Class Is Funding Its Own Extinction appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Business Owners Survey – 2024 Presidential Election

To read the text version of this podcast click here —> Text Version

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Podcast – Business Owners Survey – 2024 Presidential Election appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To listen to the podcast version of memo click here —> Podcast Version

I surveyed 294 of my business owners regarding their concerns about the 2024 presidential election.

Their number one concern is Trump’s tax cuts expiring at the end of 2025. This is going to bring on significant tax inflation for everyone, especially business owners if they are not extended.

99% of my business owners are leaning Republican in this election as they feel that it is the only chance they’re going to have those Trump tax cuts extended.

I think we can all agree the odds of a Democrat president extending the Trump tax cuts is nil.

This will have devastating results, especially for middle class families.

I’ve calculated that the average tax increase will be 18% for lower and middle-class families.

Remember, small business owners are the people that keep the economy going. Small business is the engine that creates the most GDP.

Small businesses employ more people than large corporations.

People don’t realize how devastating the increase in tax will be starting in January 2026, if this happens.

I feel it is the most significant financial storm that will impact more Americans than any other issue.

The following issues or headlines are an emotional smokescreen and misdirection.

Gender identity.
Tampons in boys’ bathrooms.
Ukraine War.
Middle East War.
Who killed Kennedy?

Do these impact your family’s financial life as much as your taxes? Of course not. But everyone is led to become hysterical about non-issues in their life, all the while ignoring the financial cliff their families are hurtling towards.

Are we still talking about a presidential assassination over 60 years ago and not about our family’s financial health?

It is unbelievable to me how anesthetized and unconcerned people are about real issues.

Businesses have already reduced growth due to the increase in interest rates on commercial loans, lines of credit and mortgages in the past few years.

Not to mention sky high inflation the past four years.

If business owners feel that these tax cuts will not be extended, then their desire or even financial ability to grow and hire more people will be extinguished

Most of them will go into a mode of financial conservatism and not take the risk of growing their business which our economy dramatically needs them to do more than ever.

This will not only mean less growth, but this will increase unemployment as business owners won’t be able to afford the same number of staff any longer.

Business owners are going to protect their net income after taxes at all costs, and increasing unemployment will be just one of the many negative results.

So please, when voting in November, make your family’s financial future your top priority.

Once you do this, your choice in November is clear.

Allowing a personal hatred to take precedence over long term family financial health, could easily lead to bankruptcy for many.

Questions? Concerns? Call me on (732) 673-0510.

We are not just your CPAs in tax season.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

StateOfConfusion #StateOfTheUnion #StateOfTheUnion2024 #StateOfTheUnionAddress #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – Business Owners Survey – 2024 Presidential Election appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Topics Covered In This Memo

| | | |

| INDIVIDUAL TAXATION | | INDIVIDUAL TAX INCENTIVES | | ESTATE TAX | | BUSINESS TAXATION | | INTERNATIONAL TAXATION | | TAX LEGISLATION ON THE HORIZON |

| | | | |

| | Major Presidential Candidates Describe Tax PoliciesThis special briefing describes the current tax policies of the candidates of the two major parties: Vice President Kamala Harris, the Democratic Party candidate and former President Donald Trump, the Republican candidate.In the last election in 2020, there were relatively few tax policy issues at play between the two candidates. There were still lingering tax-related relief provisions passed by Congress in the early days of the COVID-19 outbreak, and both candidates had policy proposals meant to help the country recover economically from the pandemic, but there was nothing critically important to address from a tax standpoint over the following four years.That is not the case this time around. Due, in part, to the use of the budget reconciliation process in passing the Tax Cuts and Jobs Act of 2017 (TCJA), much of Trump’s signature legislation comes with a built-in sunset date of 2025. Only a small part of the TCJA is permanent (and some of the provisions, like those related to bonus depreciation, have already started to revert to pre-TCJA rules). Whoever wins the presidency in 2024 will be responsible for working with Congress to address the issue of a tax code that automatically regresses back eight years in 2026. Therefore, it is important to understand the candidates’ tax policies.COMMENT.Currently, there are very few tax proposals that have been actually espoused by the candidates, but there are many tax policies that have been proposed by parties that are tangentially related to the candidates. For example, President Biden promoted many policies over the last four years, including in his last budget proposal. However, those are Biden policies, and there should not be a presumption that Harris will adopt those policies. Additionally, Harris suggested several tax changes when she unsuccessfully ran for the Democratic nomination in 2020, but those are not necessarily dispositive of the types of policies she would support four years later in a general election. Similarly, there are groups connected to Trump that have put forth proposals, notably those contained within the Project 2025 proposal by the Heritage Foundation, but his campaign has not formally or informally adopted all the proposals from these groups (and, in the case of Project 2025, he has publicly disavowed any plans to adopt the proposals contained therein). This briefing will attempt to only address the policies specifically supported by the two candidates, or their party platforms.COMMENT.Between the date of publication of this briefing and the election, the positions of the candidates may change. Wolters Kluwer has based this briefing on what it considers accurate, nonpartisan, and unbiased information at the time of publication. |

| | INDIVIDUAL TAXATION | | Income Tax RatesUnder current law, there are seven tax brackets: 10, 12, 22, 24, 32, 35, and 37 percent, which are applicable from 2018 through 2025 under TCJA. After 2025, without legislative intervention, the brackets will revert to those in effect in years prior to 2018: 10, 15, 25, 28, 33, 35, and 39.6 percent.HarrisHarris has proposed increasing the top rate back to 39.6 percent, where it sat prior to the TCJA. This is similar to the proposal Biden made in 2020, and it is important to note that, like Biden, Harris has also promised that households with incomes under $400,000 would not see a tax increase (for 2024, with the exception of married taxpayers filing separately, only incomes well in excess of $500,000 are subject to the 37 percent tax).TrumpTrump proposed to make the provisions of the TCJA permanent, which would include the current tax brackets.Capital Gains/DividendsUnder current law, a capital gains rate of 0 percent, 15 percent, or 20 percent applies to capital gains and qualified dividends received by individuals, depending upon the amount of the individual’s taxable income. For 2024, the 20 percent rate applies to joint filers with taxable incomes over $583,750 ($551,350 for heads of households, $518,900 for single filers, and $291,850 for married taxpayers filing separately). Also, a 3.8% net investment income tax (NIIT) generally applies to net investment income in excess of $200,000 for unmarried taxpayers ($250,000 for joint filers, $125,000 for married taxpayers filing separately). Additionally, under current law, the tax on capital gains is generally imposed only when income is realized (generally, when the capital asset is disposed).HarrisHarris supports the idea of increasing the rate for the top bracket of capital gains, but at a level lower than Biden proposed in his budget. The campaign has indicated support for an increase in the top rate to 28%, as well as an increase in the NIIT rate to 5%. She does endorse an earlier Biden proposal to tax unrealized capital gains for taxpayers with total wealth exceeding $100 million dollars.TrumpNo current proposals.Taxation of TipsUnder current law, tip income received by restaurant and hospitality workers is subject to income and employment tax just like wage income.HarrisWhen asked about her view of Trump’s proposal to eliminate tax on tips, Harris voiced her support of the idea.TrumpTrump has long proposed eliminating tax on tips.COMMENT.This is one of the few, if not the only, tax policy proposals on which both candidates agree. However, neither campaign has gone into detail as to how this would function.Social Security IncomeUnder current law, social security benefits are subject to lower tax rates as long as total income (taking into account all types of income, including social security benefits) is not in excess of certain statutory amounts.HarrisHarris has not proposed any changes to the taxation of social security benefits.TrumpTrump has proposed eliminating the taxation of social security benefits.

| | INDIVIDUAL TAX INCENTIVES | | Child Tax IncentivesUnder current law, set to expire after 2025, the child tax credit is equal to $2,000 per qualifying child and phases out for taxpayers with modified adjusted gross incomes in excess of $200,000 ($400,000 for joint filers). A portion of the $2,000 is refundable and taxpayers can claim the credit even if they do not have a tax liability. The portion of the credit that is refundable is adjusted annually for inflation ($1,700 for 2024). After 2025, the pre-TCJA amounts will apply again, with a lower credit amount ($1,000), lower phaseout thresholds, and a lower refundable portion.COMMENT.For one year, in 2021, the amount of the child tax credit was increased to $3,000 ($3,600 in the case of a child under the age of six). Since that expired, there have been several unsuccessful attempts by lawmakers in both parties to extend the higher amount beyond 2021.HarrisHarris has proposed the restoration of the maximum $3,600 credit that was available in 2021. Additionally, she has proposed an even higher credit of $6,000 that would be available to families for infants under the age of one.TrumpThe Trump campaign does not have a specific proposal relating to the child tax credit, but he does support the permanent extension of TCJA, which would lock in the $2,000 credit amount, the inflation adjusted refundable portion, and the higher phaseout thresholds. Trump’s running mate, Senator J.D. Vance, did support an increase in the credit amount to $5,000, but it is unclear if the Trump campaign has endorsed that proposal.Earned Income CreditUnder current law, the earned income credit (EIC) is available to lower-income taxpayers with earned income up to certain inflation adjusted amounts. The credit is calculated based on the number of the taxpayer’s qualifying children and income amount. For 2024, the maximum amount of income for which the EIC can be claimed is $66,819, and the amount of the credit, subject to phaseouts based on income, ranges from $632 for taxpayers without children to $7,830 for taxpayers with three or more children.COMMENT.Like the child tax credit, the EIC was temporarily increased for 2021, specifically for taxpayers without children, for whom the maximum available credit was $1,502.HarrisHarris supports the return of the increased earned income credit amount for taxpayers without children.TrumpTrump has no proposals relating to the earned income credit.HousingUnder current law, there are no widely applicable tax incentives for the purchase of a home. Previously, certain first-time homebuyers were eligible for credits that were made available in response to the 2008 financial crisis, but these credits are no longer applicable.HarrisHarris has voiced support for certain incentives for home purchases, as well as for developers. She announced in August a plan to provide $25,000 in down payment assistance to homebuyers, but it was not clear how much, if any, of this $25,000 would be in the form of a tax credit. The Democratic party platform released after its National Convention in August indicates support for a $15,000 first-time homebuyer tax credit. Harris also announced a plan to make a credit available to housing developers to build smaller housing affordable for first-time homebuyers.TrumpTrump has not released any specific proposals relating to tax incentives for housing or housing development, although the Republican party platform proposals released after the GOP National Convention in July does propose tax incentives for first-time homebuyers, indicating a possible proposal to resurrect the first-time homebuyer credit.

| | ESTATE TAX | | Income Tax RatesThe TCJA doubled the exclusion amount applicable to estate, gift, and generation-skipping transfer tax. For 2024, this results in an inflation-adjusted exclusion of $13.61 million. Without extension of the TCJA, this exclusion amount will be halved (subject to inflation adjustment) for transfers occurring after 2025.HarrisThe Harris presidential campaign has not made any specific proposals relating to estate and gift taxes.TrumpTrump proposed to make the provisions of the TCJA permanent, which would include the doubled exclusion amount, but has not made any specific proposals relating to estate and gift taxes.

| | BUSINESS TAXATION | | Corporate Tax RatesUnder current law, the corporate tax rate is 21 percent. Prior to passage of the TCJA, corporations were taxed progressively based on income, with a maximum applicable rate of 35%.HarrisHarris has endorsed a long-standing Biden proposal to increase the tax rate on corporations to 28%.TrumpTrump does not have a specific proposal for the corporate tax rate, but he has suggested at times to lower the income tax rate on corporations to 15% or 20%.Small BusinessesUnder current law, a small business is effectively treated similarly to any other business. There are some benefits available to businesses with lower incomes not available to large corporations, such as the ability to use the cash method of accounting or lower limits on the deduction of interest, but those benefits are generally few and far between.HarrisIn early September, Harris announced a slew of proposals meant to promote the formation of small businesses. The most notable tax incentive is an increase in the deduction for start-up and organizational expenses to $50,000 (the current deduction amount is $5,000). The proposal also includes the establishment of a standard deduction for small businesses.TrumpCurrently, Trump has no tax-related proposals related to the support or expansion of small businesses. However, it should be noted that the Harris proposal was released shortly before the publication of this briefing, and Trump may yet issue a proposal in response to the Harris proposal.

| | INTERNATIONAL TAXATION | | TCJA Rules for International TaxationChanges to the Internal Revenue Code by the TCJA relating to the taxation of foreign activity of U.S. businesses, as well as foreign businesses, were designed with the goal of making U.S. businesses more competitive while also protecting domestic jobs. Many of these provisions, like the base-erosion and anti-abuse tax, the increased deduction for foreign-derived intangible income, and the increased deduction for global intangible low-taxed income, are all set to expire after 2025.HarrisHarris has not issued any specific proposal related to these tax provisions.TrumpTrump proposed to make the provisions of the TCJA permanent, which would include these provisions.Taxation of Foreign BusinessesThe taxation of foreign businesses takes on many forms in the Internal Revenue Code, but most of this is the taxation of U.S. connected income, with a handful of industry-specific tariffs.HarrisHarris has not issued any proposals on changes to the taxation of foreign businesses.TrumpA broad expansion of tariffs has emerged as a key pillar to Trump’s overall tax plan. While no specifics of how these tariffs would work have been released, the party platform indicates that “baseline Tariffs on Foreign-made goods…” would ultimately result in a reduction of taxes on American individuals and businesses.

| | TAX LEGISLATION ON THE HORIZON | | Regardless of which party wins the election, there will be a need to address the sunset of TCJA at some point in 2025. When, and what form that action takes, is contingent on not only the outcome of the presidential election, but also which party takes control of Congress. Not mentioned above are the dozens of other TCJA provisions that are set to expire at the end of 2025. This includes increased AMT exemptions, the elimination of the personal exemption, the limit on the SALT deduction, bonus depreciation, and the qualified business income deduction, among many others.Given the unlikelihood of a 60-vote majority in the Senate, it is doubtful that a permanent extension of TCJA is possible, even with a Trump win and GOP majorities in the House and Senate. With a Harris win, there may be a picking and choosing of some TCJA provisions to extend coupled with a modification of others. If the results are mixed, it will depend on negotiation between party leaders to avoid a fiscal cliff like we almost saw at the end of 2012. |

|

Questions? Concerns? Call me on (732) 673-0510.

We are not just your CPAs in tax season.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

HarrisWalz2024InALandslide #HarrisWalz2024 #HarrisForPOTUS #Trump #Trump2024 #TrumpToSaveAmerica #Trump2024Vance #TaxTheRich #DebatePresidencial2024 #DebateNight2024 #gigwork #gigworker #instagood #parttimejob #gigeconomy #workfromhome #sideincome #fulltimejob #parttime #parttimeincome #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post The Harris Trump Tax Plans | A CPA’s Perspective appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

RED BANK, NJ — I encourage taxpayers to consider using the end of the summer to make tax withholding or payment updates to avoid a potential surprise next year at tax time.

While most taxpayers get a refund after filing their taxes, many also find they unexpectedly owe taxes. This can be due to a life or job change for which they did not make the necessary tax adjustment during the year.

Those who should be especially careful are:

• Business Owners (S Corp, C Corp, Partnership, Schedule C)
• Anyone earning income not subject to withholding. (Interest, Dividends, Capital Gains, Rental Income)
• Gig economy workers.
• Those with a “side hustle.”

These individuals should check the amount they pay, or the amount of tax they have withheld throughout the year, to bring the tax they pay closer to what is owed. My expert team can help you align your tax withholding or tax payments with what you owe.

Remember, tax planning now saves time and frustration and PENALTIES AND INTEREST later.

My team is ready to assist!

Here are some important things to keep in mind:

How refunds workThe federal tax system is pay-as-you-go. Taxpayers pay tax as they earn wages or receive income during the year. For many, taxes are withheld from their paycheck by their employer and then given over to the IRS on their behalf. Others, such as gig economy workers, make or should make quarterly estimated tax payments throughout the year to stay current. A refund normally results when too much is withheld or paid throughout the year.

Recent IRS statistics show that two-thirds of taxpayers received a refund so far in 2024. As of mid-May, nearly $270 billion in refunds went to taxpayers with the average refund just under $2,900.

Avoid an unexpected billOn the other hand, many taxpayers end up with estimated tax penalties because they underpay throughout the year. The penalty amount varies but for some it can be several hundred dollars. Adjusting withholding on paychecks or the amount of estimated tax payments can help prevent penalties. This is especially important for self-employed people, including those in the gig economy, those with more than one job and those with major changes in their life, like a recent marriage or a new child.

With that in mind, I encourage everyone to contact me so I can check your withholding / estimated tax payment adequacy.

If a withholding change is needed upon completion of my analysis, you can adjust your withholding by submitting a new Form W-4 to your employer or pension provider. You can also adjust quarterly estimated tax payments as appropriate.

I remind people to especially check their withholding if there’s a major life change such as a:

• New job or other paid work.
• Major income change.
• Marriage.
• Childbirth or adoption.
• New home purchase.

Questions? Concerns? Call me on (732) 673-0510.

We are not just your CPAs in tax season.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

gigwork #gigworker #instagood #parttimejob #gigeconomy #workfromhome #sideincome #fulltimejob #parttime #parttimeincome #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Tax Memo – Time For An End-Of-Summer Tax Checkup To Avoid Surprises Next Year appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Interview – Perilous World Radio – Chris Whalen CPA & Col Tony Monaco 2024-0904

Audio Only

Click Here

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Podcast – Interview – Perilous World Radio – Chris Whalen CPA & Col Tony Monaco 2024-0904 appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

When Did You Last Check Your Beneficiaries?

To read the text version of this podcast click here —> Text Version

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Podcast – When Did You Last Check Your Beneficiaries? appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To listen to the podcast version of memo click here —> Podcast Version

So many of us fill out beneficiary information on our bank, brokerage and retirement accounts and life insurance policies, and never give it another thought.

Also, have you or a loved one set up any trusts? Do you still want the original beneficiaries of those trusts to remain?

I recommend reviewing this annually for all accounts / assets that require beneficiary information.

Do you have an elderly parent? This is vital advice for them.

What if they start to lose their faculties? Making beneficiary changes when one is no longer of sound mind can be difficult.

Are you a parent of a special needs child? Making sure all beneficiary and other paperwork, such as special needs trusts, are up to date should be at least an annual exercise.

Are you divorced?

Have you changed all of your beneficiary forms to the person you now want your personal assets, life insurance and retirement assets going to upon your death instead of your ex-spouse?

Let’s say you don’t want a beneficiary change.

Why check then? You still want to check the accuracy of the beneficiary information. Names, addresses, social security numbers, and % to each person of the assets you want to allot to them.

Beneficiaries can move and can change phone numbers.

What if a beneficiary dies before you? Immediately remove and replace them on all beneficiary forms they are included on.

Some accounts may have TOD or POD, Transfer On Death or Pay On Death Options. It is important you choose the correct ones if available.

My team is here to help with these important questions all year.

We have relationships with the top estate and special needs attorneys in case you need to consult with one.

We are not just your CPAs in tax season.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

StateOfConfusion #StateOfTheUnion #StateOfTheUnion2024 #StateOfTheUnionAddress #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – When Did You Last Check Your Beneficiaries? appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

Click the video below to watch:

Podcast – WSJ: Own Nothing & Like It! | Alison Morrow Interview

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

@AlisonMorrowTV #taxinflation #taxincrease #BusinessNews #businessinsurance #businesstips #BusinessGoals #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – WSJ: Own Nothing & Like It! | Alison Morrow Interview appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

Click the video below to watch:

Podcast – US debt interest climbs 21% in July 2024 | Alison Morrow Interview

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

@AlisonMorrowTV #taxinflation #taxincrease #BusinessNews #businessinsurance #businesstips #BusinessGoals #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – US Debt Interest Climbs 21% In July 2024 | Alison Morrow Interview appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

WASHINGTON — To help taxpayers with filing, I wanted to debunk some common myths to help taxpayers understand what to do with Form 1099-K.

If a taxpayer sold goods or services in 2023 and received payments through certain payment apps or online marketplaces or accepted payment cards, they could have received a third party reporting document Form 1099-K, Payment Card and Third Party Network Transactions.

Following feedback from taxpayers, tax professionals and payment processors, and to reduce taxpayer confusion, the IRS announced Notice 2023-74, which delayed the new federal law $600 reporting threshold for tax year 2023 on Form 1099-K, Payment Card and Third Party Network Transactions. The previous reporting thresholds remained in place for 2023, which are more than $20,000 in payments and over 200 transactions. Taxpayers could have still received forms below the threshold.

It’s important to know that regardless of if a taxpayer received a Form 1099-K or not, they must report their income. This includes payments they receive in cash, property, goods, digital assets or foreign sources or assets.

The Form 1099-K should not report personal payments like gifts and reimbursements.

What to do when filing taxesIt’s important to understand why an individual received a Form 1099-K. Taxpayers can then use it with their other tax records when it’s time to file their return. The form provides the gross amount of payment card/third party network transactions and may include a combination of different kinds of total payments received.

It’s important to note, just because a payment is reported on a Form 1099-K does not mean it’s taxable.

Taxpayers should review the form or forms, determine if the amount is correct, and determine any deductible expenses associated with the payment they may be able to claim when they file their taxes.

Selling personal items at a lossIf an individual sold items at a loss, which means they paid more for the items than for what they sold them, there is not a tax liability. They’ll be able to zero out the payment on their tax return by reporting both the payment and an offsetting adjustment on a Schedule 1 (Form 1040)PDF. This will ensure if they received these forms, they don’t have to pay taxes they don’t owe.

Selling personal items at a gainIf an individual sold items at a gain, which means they paid less than for what they sold it, they will have to report that gain as income, and it’s taxable.

See IRS.gov What to do with Form 1099-K for specific instruction on how to report personal item sales.

What to do with a Form 1099-K received in errorPeople may get a Form 1099-K when they shouldn’t have if it:

• Reports personal payments from family or friends like gifts or reimbursements.
• Doesn’t belong to them.
• Duplicates a Form 1099-K or other information reporting form they already received.

If this happens:

• Contact the issuer immediately – see “Filer” on the top left corner of Form 1099-K to find out the name and contact information of the issuer.
• Ask for a corrected Form 1099-K that shows a zero amount.
• Keep a copy of the original form and all correspondence with the issuer for your records.
• Don’t wait to file taxes. File even if a corrected Form 1099-K is unavailable.

What to do with an incorrect Form 1099-KIf the payee Taxpayer Identification Number (TIN) or gross payment amount is incorrect taxpayers shouldrequest a corrected form from the issuer.

• See “Filer” on the top left corner of Form 1099-K to find the name and contact information of the issuer. If a taxpayer doesn’t recognize the issuer, they should contact the Payment Settlement Entity (PSE) identified on the bottom left corner of the form above their account number.
• Keep a copy of the corrected Form 1099-K with other tax records, along with any correspondence from the issuer or PSE.
• Don’t contact the IRS. The IRS can’t correct a Form 1099-K from an issuer.

Don’t wait to file taxes. To file a tax return, take these steps:

• If the Payee Taxpayer Identification Number (TIN) is incorrect report payments from the Form 1099-K and any sources of income on the appropriate tax return you normally file.
• If the gross payment amount is incorrect report the amount from your incorrect Form 1099-K on Schedule 1 (Form 1040), Additional Income and Adjustments to IncomePDF.

The IRS announced in Nov. 2023, that the reporting threshold for Form 1099-K, Payment Card and Third Party Network Transactions, would not change for 2023. The reporting threshold requirements remain over $20,000 in payments and over 200 transactions.

I continue to see misinformation circulating about why taxpayers may or may not have received a Form 1099-K. Here are some common scenarios involving these forms. More information is also available at IRS.gov for what to do with Form 1099-K and frequently asked questions.

1099-K facts vs mythsMyth: People will get a Form 1099-K from friends and family sending them personal payments.

Fact: Payments from friends and family should generally not be reported on a Form 1099-K. Form 1099-K reports payments for goods or services and should not report personal payments like rent, dinner, travel and other gifts or reimbursements gifts, no matter the amount. Generally, in payment apps, the default is personal payments unless the sender designates that they’re purchasing goods or services, or it is designated a business account.

Myth: If taxpayers didn’t receive a Form 1099-K, they don’t have to report income.

Fact: According to federal law, all income is taxable unless it is specifically excluded by tax law. Taxpayers should report any profits from selling goods or services, regardless of if they receive a Form 1099-K.

Myth: Individuals won’t get a Form 1099-K if they sold goods or services under the $20,000 and 200 transactions payment threshold set for 2023 and previous tax years.

Fact: The 2023 federal reporting threshold of over $20,000 and 200 transactions is a reporting requirement, but companies may still send a Form 1099-K for goods or services payments that are less than that amount. Payment apps and marketplaces that have held backup withholding for a payee during calendar year 2023 must file a Form 945 and a Form 1099-K. Also, their state may have a lower reporting threshold, which could result in receiving a Form 1099-K, even if the total gross payments they received in the year did not exceed the federal reporting threshold.

Myth: Taxpayers owe taxes on the gross amount reported on the Form 1099-K.

Fact: The form provides the gross, or total amount of payments individuals got per app or marketplace. Just because a payment is reported on a Form 1099-K does not mean it is taxable. Taxpayers will need to use the form and other records to determine their actual tax liability when they file their tax return.

More information is available to help determine an individual’s tax obligations at IRS.gov What to do with Form 1099-K.

Myth: People can only get a 1099-K if they’re running a business.

Fact: People may receive a Form 1099-K from payment apps or online marketplaces they used to sell goods or services, or accepted payments from a bank card. See Form 1099-K FAQs on Fact Sheet 2024-03PDF for more information.

Myth: People don’t need to do anything with their Form 1099-K.

Fact: Individuals should use the information on the Form 1099-K with their other tax records to determine their correct tax owed. See Understanding your Form 1099-K and visit the Form 1099-K frequently asked questions for more information.

Someone who receives a Form 1099-K when they shouldn’t have should take these steps.

Myth: There’s nothing available to help individuals understand their Form 1099-K.

Fact: My team is always here to help answer any questions you may have.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

taxes #irsaudit #irs #taxhelp #irsproblems #irshelp #tax #accountant #finance #taxdebt #incometax #taxpreparation #taxrefund #smallbusiness #irstaxtip #taxprofessional #audit #businesstaxes #taxlien #taxlevy #taxeseason #irsrepresentation #taxprep #llc #smallbuisness #entrepreneur #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed #financialfreedom

The post Tax Memo – Form 1099K | Myths & Facts appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

WASHINGTON ― The Internal Revenue Service announced today that almost 940,000 people across the nation have unclaimed refunds for tax year 2020 but face a May 17 deadline to submit their tax returns.

The IRS estimates more than $1 billion in refunds remain unclaimed because people haven’t filed their 2020 tax returns yet. The average median refund is $932 for 2020, and the state-by-state table below shows how many people are potentially eligible for these refunds in each state along with the median average refund by state.

“There’s money remaining on the table for hundreds of thousands of people who haven’t filed 2020 tax returns,” said IRS Commissioner Danny Werfel. “We want taxpayers to claim these refunds, but time is running out for people who may have overlooked or forgotten about these refunds. There’s a May 17 deadline to file these returns so taxpayers should start soon to make sure they don’t miss out.”

Under the law, taxpayers usually have three years to file and claim their tax refunds. If they don’t file within three years, the money becomes the property of the U.S. Treasury.

But for 2020 tax returns, people have a little more time than usual to file to claim their refunds. Typically, the normal filing deadline to claim old refunds falls around the April tax deadline, which is April 15 this year for 2023 tax returns. But the three-year window for 2020 unfiled returns was postponed to May 17, 2024, due to the COVID-19 pandemic emergency. The IRS issued Notice 2023-21 on Feb. 27, 2023, providing legal guidance on claims required by the postponed deadline.

The IRS estimates the midpoint for the individual refund amounts for 2020 to be $932 — that is, half of the refunds are more than $932 and half are less. This estimate does not include the Recovery Rebate Credit or other credits that may be applicable; the IRS has previously reminded those who may be entitled to the COVID-era Recovery Rebate Credit in 2020 that time is running out to file a tax return and claim their money.

“People faced extremely unusual situations during the pandemic, which may have led some people to forget about a potential refund on their 2020 tax returns,” Werfel said. “People may have just overlooked these, including students, part-time workers and others. Some people may not realize they may be owed a refund. We encourage people to review their files and start gathering records now, so they don’t run the risk of missing the May deadline.”

By missing out on filing a tax return, people stand to lose more than just their refund of taxes withheld or paid during 2020. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit (EITC). For 2020, the EITC was worth as much as $6,660 for taxpayers with qualifying children. The EITC helps individuals and families whose incomes are below certain thresholds. The thresholds for 2020 were:

• $50,594 ($56,844 if married filing jointly) for those with three or more qualifying children;
• $47,440 ($53,330 if married filing jointly) for people with two qualifying children;
• $41,756 ($47,646 if married filing jointly) for those with one qualifying child, and;
• $15,820 ($21,710 if married filing jointly) for people without qualifying children.

The IRS reminds taxpayers seeking a 2020 tax refund that their funds may be held if they have not filed tax returns for 2021 and 2022. In addition, any refund amount for 2020 will be applied to amounts still owed to the IRS or a state tax agency and may be used to offset unpaid child support or other past due federal debts, such as student loans.

Current and prior year tax forms (such as the tax year 2020 Forms 1040 and 1040-SR) and instructions are available on the IRS.gov Forms & Instructions page or by calling toll-free 800-TAX-FORM (800-829-3676).

High-income non-filers: IRS compliance letters comingThe IRS also announced Feb. 29a new effort focused on high-income taxpayers who have failed to file federal income tax returns in more than 125,000 instances since 2017 with taxes being owed in many of those cases.

The new initiative, made possible by Inflation Reduction Act funding, began with IRS compliance letters going out in February on more than 125,000 cases where tax returns haven’t been filed since 2017. The mailings include more than 25,000 to those with more than $1 million in income, and over 100,000 to people with incomes between $400,000 and $1 million between tax years 2017 and 2021.

Need to file a 2020 tax return? Several options to get key documentsAlthough it’s been a few years since 2020, the IRS reminds taxpayers there are ways they can still gather the information they need to file this tax return. But people should start early to make sure they have enough time to file before the May deadline for 2020 refunds. Here are some options:

• Request copies of key documents: Taxpayers who are missing Forms W-2, 1098, 1099 or 5498 for the years, 2020, 2021 or 2022 can request copies from their employer, bank or other payers.
• Use Get Transcript Online at IRS.gov. Taxpayers who are unable to get those missing forms from their employer or other payers can order a free wage and income transcript at IRS.gov using the Get Transcript Online tool. For many taxpayers, this is by far the quickest and easiest option.
• Request a transcript. Another option is for people to file Form 4506-T with the IRS to request a “wage and income transcript.” A wage and income transcript shows data from information returns received by the IRS, such as Forms W-2, 1099, 1098, Form 5498 and IRA contribution information. Taxpayers can use the information from the transcript to file their tax return. But plan ahead – these written requests can take several weeks; people are strongly urged to try the other options first.

State-by-state estimates of individuals who may be due 2020 income tax refundsBased on tax information currently available, the IRS estimated how many people in each state may be entitled to a tax refund. The actual refund amount will vary based on a household’s tax situation.

| State ordistrict | Estimatednumber of individuals | Medianpotential refund | Totalpotential refunds * | | --- | --- | --- | --- | | Alabama | 15,200 | $926 | $16,839,800 | | Alaska | 3,700 | $931 | $4,335,300 | | Arizona | 25,400 | $871 | $26,939,600 | | Arkansas | 8,700 | $923 | $9,392,600 | | California | 88,200 | $835 | $94,226,300 | | Colorado | 18,500 | $894 | $20,109,900 | | Connecticut | 9,800 | $978 | $11,343,600 | | Delaware | 3,600 | $945 | $4,156,500 | | District of Columbia | 2,900 | $968 | $3,503,800 | | Florida | 53,200 | $891 | $58,210,500 | | Georgia | 36,400 | $900 | $39,175,600 | | Hawaii | 5,200 | $979 | $5,972,600 | | Idaho | 4,500 | $761 | $4,369,600 | | Illinois | 36,200 | $956 | $40,608,000 | | Indiana | 19,200 | $922 | $20,893,000 | | Iowa | 9,600 | $953 | $10,601,700 | | Kansas | 8,700 | $900 | $9,285,600 | | Kentucky | 10,600 | $920 | $11,236,300 | | Louisiana | 15,100 | $957 | $17,357,300 | | Maine | 3,800 | $923 | $4,030,200 | | Maryland | 22,200 | $991 | $26,365,400 | | Massachusetts | 21,800 | $975 | $25,071,800 | | Michigan | 34,900 | $976 | $38,274,800 | | Minnesota | 13,500 | $818 | $14,043,900 | | Mississippi | 8,100 | $861 | $8,685,000 | | Missouri | 19,500 | $893 | $20,803,400 | | Montana | 3,400 | $851 | $3,632,100 | | Nebraska | 4,700 | $901 | $5,007,300 | | Nevada | 10,200 | $890 | $11,143,900 | | New Hampshire | 4,200 | $982 | $4,923,100 | | New Jersey | 24,400 | $920 | $27,408,300 | | New Mexico | 6,500 | $868 | $7,032,700 | | New York | 51,400 | $1,029 | $60,837,400 | | North Carolina | 27,500 | $895 | $29,304,100 | | North Dakota | 2,200 | $953 | $2,482,600 | | Ohio | 31,400 | $909 | $32,939,900 | | Oklahoma | 14,300 | $902 | $15,566,900 | | Oregon | 15,300 | $847 | $15,857,800 | | Pennsylvania | 38,600 | $1,031 | $43,412,900 | | Rhode Island | 2,600 | $986 | $2,980,500 | | South Carolina | 11,900 | $840 | $12,564,900 | | South Dakota | 2,200 | $892 | $2,346,300 | | Tennessee | 16,800 | $909 | $18,007,000 | | Texas | 93,400 | $960 | $107,130,200 | | Utah | 7,800 | $836 | $8,191,700 | | Vermont | 1,700 | $911 | $1,818,600 | | Virginia | 25,900 | $914 | $28,944,600 | | Washington | 26,200 | $976 | $31,110,300 | | West Virginia | 3,800 | $950 | $4,130,400 | | Wisconsin | 11,800 | $837 | $12,139,400 | | Wyoming | 2,100 | $961 | $2,416,300 | | Totals | 938,800 | $932 | $1,037,161,300 |

• Excluding credits.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

taxes #irsaudit #irs #taxhelp #irsproblems #irshelp #tax #accountant #finance #taxdebt #incometax #taxpreparation #taxrefund #smallbusiness #irstaxtip #taxprofessional #audit #businesstaxes #taxlien #taxlevy #taxeseason #irsrepresentation #taxprep #llc #smallbuisness #entrepreneur #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed #financialfreedom

The post Tax Memo – Time Running Out To Claim $1 Billion In Refunds For Tax Year 2020, Taxpayers Face May 17 Deadline appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

Click the video below to watch:

Podcast – Tax Inflation Is Coming. Can You Afford It? Alison Morrow Interview

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

@AlisonMorrowTV #taxinflation #taxincrease #BusinessNews #businessinsurance #businesstips #BusinessGoals #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – Tax Inflation Is Coming. Can You Afford It? Alison Morrow Interview appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

The IRS is using part of their new funding to target 125,000 higher earning taxpayers who have not filed past years’ returns and / or also have not paid past due taxes.

This process will start with a letter mailing campaign.

Are you high earning?

Are you behind on your tax filings?

Do you have large prior year balances due to the IRS?

Then you should be calling me immediately to prepare your returns and to get into compliance.

Don’t face the IRS alone.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

taxes #irsaudit #irs #taxhelp #rgv #irsproblems #irshelp #tax #accountant #finance #taxdebt #incometax #taxpreparation #taxrefund #financialfreedom #smallbusiness #irstaxtip #taxprofessional #audit #businesstaxes #taxlien #taxlevy #taxeseason #irsrepresentation #taxessuck #taxprep #rgvlife #rgvsmallbusiness #llc #smallbuisness #entrepreneur #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Tax Memo – Wealthy? Non-Filer? Call Me Before The IRS Calls You appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now?

Stop reading and call me on (732) 673-0510.

Main Settlement Website: https://www.realestatecommissionlitigation.com/

What are the Settlements about?

The Settlements resolve claims against Anywhere Real Estate, Inc. f/k/a Realogy Holdings Corp. (“Anywhere”), RE/MAX LLC (“RE/MAX”), and Keller Williams Realty, Inc. (“Keller Williams”) in a lawsuit that alleges the existence of an anticompetitive agreement that resulted in home sellers paying inflated commissions to real estate brokers or agents in violation of antitrust law.

What do the Settlements provide?To be eligible to receive the benefits of the Settlements, you must have: (1) sold a home during the Eligible Date Range (see the Long Form Notices); (2) listed the home that was sold on a multiple listing service (“MLS”) anywhere in the United States; and (3) paid a commission to any real estate brokerage in connection with the sale of the home. The Eligible Date Ranges can be found on the Anywhere/RE/MAX Settlements Long Form Notice and Keller Williams Settlement Long Form Notice and also in FAQs 6 and 7.

*Note: You do not need to have sold a home using an Anywhere, RE/MAX, or Keller Williams agent to make a claim.

FREQUENTLY ASKED QUESTIONS* BASIC INFORMATION * 1. WHY DID I GET THE NOTICE?The Notices have been posted for the benefit of potential members of the Settlement Class. If you are uncertain about whether you are a member of the Settlement Class, you may contact the Settlement Administrator at 888-995-0207.

The Notices have been posted because members of the Settlement Class have a right to know about proposed settlements of a class action lawsuit in which they are class members, and about all of their options, before the Court decides whether to approve the Settlements. If the Court approves the Settlements, and after objections or appeals relating to the Settlements are resolved, the benefits provided by the Settlements will be available to members of the Class.

The Notices explain the lawsuits, the Settlements, your legal rights, what benefits are available, who is eligible for them, and how to get them. A full copy of the Settlement Agreements may be viewed on the Important Documents page. The Notices contain only a summary of the Settlements.

The Court in charge of the Settlements is the United States District Court for the Western District of Missouri. The case before this Court is known as Burnett et al. v. National Association of Realtors, et al., Case No. 19-CV-00332-SRB. The people who filed this lawsuit are called the Plaintiffs. The people being sued are called the Defendants. Defendants include The National Association of Realtors (“NAR”) and the following large real estate brokerage firms: Anywhere, RE/MAX, Keller Williams, and Berkshire Hathaway HomeServices. Of these Defendants, the Settlements concern only Anywhere, RE/MAX and Keller Williams.

The Settlements also resolve claims against Anywhere, RE/MAX and Keller Williams raised in at least two other lawsuits: Moehrl et al. v. National Association of Realtors et al., Case No. 1:19-cv-01610-ARW (Northern District of Illinois); and Nosalek v. MLS Property Information Network, Inc., et al., Case No. 1:20-cv-12244-PBS (District of Massachusetts). * 2. WHAT IS THIS LAWSUIT ABOUT?The lawsuits claim that Defendants created and implemented rules that require home sellers to pay commissions to the broker or agent representing the buyer and that caused home sellers to pay total commissions at inflated rates. They also allege that Defendants enforced these rules through anticompetitive and unlawful practices.

The lawsuits claim that these rules are anticompetitive and unfair, and that they violate antitrust laws. You can read Plaintiffs’ complaints on the Important Documents page.

Specifically, the lawsuits allege violations of the Sherman Act (a federal antitrust statute found at 15 U.S.C. § 1 et seq.).

The Sherman Act claims apply to home sales that occurred anywhere in the United States during the Eligible Date Range. * 3. HAS THE COURT DECIDED WHO IS RIGHT?Although the Court has authorized notice to be given of the proposed Settlements, the Notices do not express the opinion of the Court on the merits of the claims or defenses asserted by either side of the lawsuit.

Anywhere, RE/MAX and Keller Williams dispute Plaintiffs’ allegations and deny all liability to Plaintiffs and the Class. You can read the Answers filed by Anywhere, RE/MAX, and Keller Williams on the Important Documents page. * 4. WHY IS THIS CASE A CLASS ACTION?In a class action, one or more people called Class Representatives sue on behalf of other people who have similar claims. The people together are a “Class” or “Class Members.” The consumers who sued Defendants — and all the Class Members like them — are called Plaintiffs. The companies they sued are called the Defendants. One court resolves the issues for everyone in the Class – except for those who choose to exclude themselves from the Class.

Here, the Court decided that this lawsuit can be a class action for settlement purposes because it preliminarily meets the requirements of Federal Rule of Civil Procedure 23, which governs class actions in federal courts. Specifically, the Court found that: (1) there are numerous people who fit the class definition; (2) there are legal questions and facts that are common to each of them; (3) the Plaintiffs’ claims are typical of the claims of the rest of the Class; (4) Plaintiffs, and the lawyers representing the Class, will fairly and adequately represent the Class Members’ interests; (5) the common legal questions and facts are more important than questions that affect only individuals; and (6) this class action will be more efficient than having individual lawsuits. * 5. WHY ARE THERE SETTLEMENTS?The Court did not decide this case in favor of the Plaintiffs or Defendants. Instead, Counsel for the Settlement Class investigated the facts and applicable law regarding Plaintiffs’ claims and Defendants’ defenses. The parties engaged in lengthy arms-length negotiations to reach the Settlements. Plaintiffs and Counsel for the Settlement Class believe that the proposed Settlements are fair, reasonable, and adequate, and in the best interest of the Class.

Both sides agree that by settling, Anywhere, RE/MAX and Keller Williams are not admitting any liability or that they did anything wrong. Both sides want to avoid the uncertainties and expense of further litigation. * 6. WHAT IS THE ELIGIBLE DATE RANGE FOR THE ANYWHERE AND RE/MAX SETTLEMENTS?To be eligible to receive the benefits of the Settlements, you must have: (1) sold a home during the Eligible Date Range; (2) listed the home that was sold on a multiple listing service (“MLS”) anywhere in the United States; and (3) paid a commission to any real estate brokerage in connection with the sale of the home. The Eligible Date Ranges can be found below for the Anywhere and Re/Max Settlements, and in FAQ 7 for Keller Williams.

You do not need to have sold a home using an Anywhere, RE/MAX, or Keller Williams agent to make a claim.

| What Eligible Date Ranges apply to me? | | Where was my home listed? | Applicable Date Range | | + Heartland MLS (encompassing the Kansas City metropolitan area, counties in eastern Kansas, counties in southwest Missouri, and counties in northwest Missouri); + MARIS MLS (encompassing the St. Louis metropolitan area, counties in eastern Missouri, and counties in western Illinois); + Columbia Board of Realtors MLS (encompassing Columbia, Missouri and its surrounding areas); or + Southern Missouri Regional MLS (encompassing Springfield and Joplin, Missouri and their surrounding areas). | April 29, 2014 through February 1, 2024 | | + Bright MLS (Delaware, Baltimore, Maryland area, District of Columbia, parts of New Jersey, Philadelphia, Pennsylvania area, Richmond, Virginia areas, parts of West Virginia); + Carolina/Canopy MLS (Charlotte, North Carolina area, including portions of South Carolina); + Triangle MLS (Research Triangle Area, North Carolina); + Stellar MLS (Tampa, Orlando, and Sarasota, Florida areas); + Miami MLS (Miami, Florida area); + Florida Gulf Coast (Fort Myers, Florida area); + Metro MLS (parts of Wisconsin, including the Milwaukee areas); + Yes MLS/MLS Now (Cleveland, Ohio, Eastern Ohio, and parts of West Virginia); + Columbus Realtors MLS (Columbus, Ohio areas); + Northstar MLS (Minnesota, Wisconsin); + Wasatch Front/Utah Real Estate (Salt Lake City, Utah area); + REcolorado/Metrolist (Denver, Colorado area); + Pikes Peak MLS (Colorado Springs, Colorado area); + GLVAR MLS (Las Vegas, Nevada area); + SABOR (San Antonio, Texas area); + ACTRIS/ABOR (Austin, Texas area); + HAR MLS (Houston, Texas area); + NTREIS (Dallas, Texas area); + ARMLS (Phoenix, Arizona area); and + Realcomp II (Detroit, Michigan area) | March 6, 2015 through February 1, 2024 | | + MLS PIN (Massachusetts) | December 17, 2016 through February 1, 2024 | | + Any MLS in the United States other than the MLSs listed above | February 1, 2020 through February 1, 2024 | * 7. WHAT IS THE ELIGIBLE DATE RANGE FOR THE KELLER WILLIAMS SETTLEMENT?To be eligible to receive the benefits of the Settlements, you must have: (1) sold a home during the Eligible Date Range; (2) listed the home that was sold on a multiple listing service (“MLS”) anywhere in the United States; and (3) paid a commission to any real estate brokerage in connection with the sale of the home. The Eligible Date Ranges can be found below for the Keller Williams Settlement, and in FAQ 6 for the Anywhere and RE/MAX Settlements.

You do not need to have sold a home using an Anywhere, RE/MAX, or Keller Williams agent to make a claim.

| What Eligible Date Ranges apply to me? | | Where was my home listed? | Applicable Date Range | | + Heartland MLS (encompassing the Kansas City metropolitan area, counties in eastern Kansas, counties in southwest Missouri, and counties in northwest Missouri); + MARIS MLS (encompassing the St. Louis metropolitan area, counties in eastern Missouri, and counties in western Illinois); + Columbia Board of Realtors MLS (encompassing Columbia, Missouri and its surrounding areas); or + Southern Missouri Regional MLS (encompassing Springfield and Joplin, Missouri and their surrounding areas). | April 29, 2014 through February 1, 2024 | | + Bright MLS (Delaware, Baltimore, Maryland area, District of Columbia, parts of New Jersey, Philadelphia, Pennsylvania area, Richmond, Virginia areas, parts of West Virginia); + Carolina/Canopy MLS (Charlotte, North Carolina area, including portions of South Carolina); + Triangle MLS (Research Triangle Area, North Carolina); + Stellar MLS (Tampa, Orlando, and Sarasota, Florida areas); + Miami MLS (Miami, Florida area); + Florida Gulf Coast (Fort Myers, Florida area); + Metro MLS (parts of Wisconsin, including the Milwaukee areas); + Yes MLS/MLS Now (Cleveland, Ohio, Eastern Ohio, and parts of West Virginia); + Columbus Realtors MLS (Columbus, Ohio areas); + Northstar MLS (Minnesota, Wisconsin); + Wasatch Front/Utah Real Estate (Salt Lake City, Utah area); + REcolorado/Metrolist (Denver, Colorado area); + Pikes Peak MLS (Colorado Springs, Colorado area); + GLVAR MLS (Las Vegas, Nevada area); + SABOR (San Antonio, Texas area); + ACTRIS/ABOR (Austin, Texas area); + HAR MLS (Houston, Texas area); + NTREIS (Dallas, Texas area) + ARMLS (Phoenix, Arizona area); and + Realcomp II (Detroit, Michigan area) | March 6, 2015 through February 1, 2024 | | + MLS PIN (Massachusetts) | December 17, 2016 through February 1, 2024 | | + Any MLS in the United States other than the MLSs listed above | October 31, 2019 through February 1, 2024 | * WHO IS IN THE SETTLEMENT? * 8. HOW DO I KNOW IF I AM A PART OF THE SETTLEMENTS?You are a part of the Settlement Class if you: (1) sold a home during the Eligible Date Range; (2) listed the home that was sold on a multiple listing service anywhere in the United States; and (3) paid a commission to a real estate brokerage in connection with the sale of the home.

If you are uncertain as to whether you are a member of the Settlement Class, you may contact the Settlement Administrator at 888-995-0207 to find out. * THE SETTLEMENT BENEFITS * 9. WHAT DO THE SETTLEMENTS PROVIDE?If you are a member of the Settlement Class, you are eligible to receive a benefit under the Settlements.

Anywhere and RE/MAX have agreed to pay, collectively, $138,500,000 into settlement funds and Keller Williams will add an additional $70,000,000 for a total of $208,500,000. The funds will be distributed to qualifying Settlement Class members who submit an approved claim form, after any awarded attorneys’ fees, expenses, settlement administration costs, and service awards have been deducted. * 10. HOW WILL THE FUNDS FROM THE SETTLEMENTS BE DISTRIBUTED?The Plaintiffs will propose a plan of allocation of the proceeds of the settlements to the Court prior to any distribution of settlement funds to claimants. That proposal will be posted to this website and emailed to all individuals who submit a claim with an opportunity to object to the plan of allocation. The plan will be subject to the approval of the Court. It is anticipated that the plan will take into account the amount of commissions class member claimants paid to a real estate broker or agent during the relevant statute of limitations periods for the MLS in which the sale was made. To the extent the value of total claims exceeds the amount available for distribution from the settlement funds, each class member’s share of the settlement may be reduced on a pro rata basis. * HOW YOU GET A PAYMENT – SUBMITTING A CLAIM FORM * 11. HOW CAN I GET A BENEFIT?To receive a benefit, a Settlement Class Member must submit a claim form with information pertaining to and/or evidence of your home sale and commissions paid to the Notice and Claims Administrator. The Notice and Claims Administrator will be responsible for reviewing all claim forms and evidence of purchase to determine whether a claim is an approved claim. The Notice and Claims Administrator will reject any claim that is not: (a) submitted timely and in accordance with the directions on the claim form, the provisions of the Settlement Agreement, and the Preliminary Approval Order; (b) fully and truthfully completed by a Settlement Class Member with all of the information requested in the Claim Form; and (c) signed by the Settlement Class Member. Claims that cannot be confirmed by the Settlement Administrator may be subject to challenge, nonpayment, or a reduced share of the available funds.

You can submit a claim form by clicking this link, or by printing off the claim form from the Important Documents page and returning it to the Settlement Administrator via mail or email on or before May 9, 2025.

Burnett et al. v. The National Association of Realtors et al.
c/o JND Legal Administration
PO Box 91479
Seattle, WA 98111

Email: info@RealEstateCommissionLitigation.com * 12. WHAT IF I SOLD MULTIPLE HOMES DURING THE ELIGIBLE DATE RANGE?If you sold multiple homes during the Eligible Date Range, you will need to submit a separate Claim Form for each property you sold. You may submit multiple claims without entering a Unique ID and PIN by clicking “Next” on the Online Claim Form page. * 13. WHEN WOULD I GET MY BENEFIT?The Court will hold a final Fairness Hearing at 10AM on May 9, 2024 in the United States District Court for the Western District of Missouri, 400 E. 9th St., Courtroom 7B, Kansas City, Missouri 64106, to decide whether to finally approve the Settlements. If the Settlements are approved, there may be appeals. Payments to members of the Settlement Class will be made only if the Settlements are approved and after any appeals are resolved. This may take some time, so please be patient. * 14. WHAT AM I GIVING UP TO GET A BENEFIT?Upon the Court’s approval of the proposed Settlements, all members of the Settlement Class who do not exclude themselves (as well as their representatives) will release Anywhere, RE/MAX and Keller Williams (and their affiliates, subsidiaries, franchisees, employees, and certain others who may be subject to claims with respect to Anywhere, RE/MAX and Keller Williams as specified in the Settlement Agreements). All members of the Settlement Class who do not exclude themselves will release claims whether known or unknown that they ever had, now have, or hereafter may have and that have accrued as of the date of preliminary approval of the Settlement arising from or related to the Released Claims. “Released Claims” means any and all manner of claims regardless of the cause of action arising from or relating to conduct that was alleged or could have been alleged in the Actions based on any or all of the same factual predicates for the claims alleged in the Actions, including but not limited to commissions negotiated, offered, obtained, or paid to brokerages in connection with the sale of any residential home. The release does not extend to any individual claims that a class member may have against his or her own broker or agent based on a breach of contract, breach of fiduciary duty, malpractice, negligence or other tort claim, other than a claim that a class member paid an excessive commission or home price due to the claims at issue.

This release may affect your rights, and may carry obligations, in the future. To view terms of the release, review the Settlement Agreements, which are available on the Important Documents page of this website. * EXCLUDING YOURSELF FROM THE SETTLEMENTIf you do not want a payment from one or more of the Settlements, and you want to keep the right to sue or continue to sue Anywhere, RE/MAX or Keller Williams, on your own, about the legal issues in this case, then you must take steps to get out. This is called excluding yourself—or is sometimes referred to as opting out of the Settlement Class. * 15. HOW DO I ASK TO BE EXCLUDED?To ask to be excluded, you must execute and submit a Request for Exclusion to the Court postmarked on or before the end of April 13, 2024. A Request for Exclusion must be personally signed by each potential Settlement Class Member requesting exclusion. Additionally, a Request for Exclusion must include the potential Settlement Class Member’s present name and address, a clear and unequivocal statement that the potential Settlement Class Member wishes to be excluded from the Settlement Class as to Anywhere, RE/MAX, Keller Williams or all three, and the signature of the putative Settlement Class Member or, in the case of a potential Settlement Class Member who is deceased or incapacitated only, the signature of the legally authorized representative of the putative Settlement Class Member.

If the request is not postmarked on or before April 13, 2024, your exclusion will be invalid, and you will be bound by the terms of the Settlements approved by the Court, including without limitation, the judgment ultimately rendered in the case, and you will be barred from bringing any claims against Anywhere, RE/MAX or Keller Williams which arise out of or relate in any way to the claims in the case as specified in the release referenced in FAQ 13 above. * 16. IF I DON’T EXCLUDE MYSELF, CAN I SUE ANYWHERE, RE/MAX OR KELLER WILLIAMS FOR THE SAME THING LATER?No. Unless you exclude yourself, you give up any right to sue Anywhere, RE/MAX and/or Keller Williams for the claims that the Settlements resolve. If you have a pending lawsuit against Anywhere, RE/MAX or Keller Williams, speak to your lawyer in that case immediately. You may have to exclude yourself from this Class to continue your own lawsuit. Remember, the exclusion deadline is April 13, 2024. * 17. IF I EXCLUDE MYSELF, CAN I GET BENEFITS FROM THE SETTLEMENT?No. If you exclude yourself as to the Anywhere, RE/MAX and Keller Williams settlements, do not send in a claim form to ask for any money. If you exclude yourself only as to Anywhere, you may still ask for money from the Settlements with RE/MAX and Keller Williams. If you exclude yourself only as to RE/MAX, you may still ask for money from the Settlements with Anywhere and Keller Williams. If you exclude yourself only as to Keller Williams, you may still ask for money from the Settlements with Anywhere and RE/MAX. If you exclude yourself as to Anywhere, RE/MAX or Keller Williams, you may sue, continue to sue, or be a part of a different lawsuit against Anywhere, RE/MAX or Keller Williams. * THE LAWYERS REPRESENTING YOU * 18. DO I HAVE A LAWYER IN THIS CASE?The Court decided that the law firms Ketchmark and McCreight P.C.; Williams Dirks Dameron LLC; Boulware Law LLC; Hagens Berman Sobal Shapiro LLP; Cohen Milstein Sellers & Toll PLLC; and Susman Godfrey LLP, are qualified to represent you and all other Settlement Class Members. These lawyers are called “Class Counsel.” You will not be charged for these lawyers. They are experienced in handling similar cases against other entities. More information about the law firms, their practices, and their lawyers’ experience is available at: www.kansascitylawoffice.com, www.williamsdirks.com, www.boulware-law.com, www.hbsslaw.com, www.cohenmilstein.com, and www.susmangodfrey.com.

Class Counsel represent the interests of the Settlement Class. You may hire your own attorney to advise you, but if you hire your own attorney, you will be responsible for paying that attorney’s fees. * 19. HOW WILL THE LAWYERS BE PAID?Class Counsel will ask the Court for attorneys’ fees, in an amount not to exceed one-third (33.3%) of the settlement fund, plus out-of-pocket expenses incurred during the case. The Court may award less. Class Counsel will also seek compensation for each current and/or former class representative in the actions captioned Burnett et al. v. The National Association of Realtors et al., Case No. 19-CV-00332-SRB, pending in the Western District of Missouri; and Moehrl et al. v. The National Association of Realtors, Case No. 19-CV-01610-ARW, pending in the Northern District of Illinois.

The Class Representatives will make their request for attorneys’ fees, costs, and service awards on or before February 29, 2024, and that request will be published on the Important Documents page of this website.

Anywhere, RE/MAX and Keller Williams will pay the fees and expenses that the Court awards from the settlement fund. You are not responsible for any fees or expenses that the Court awards. * OBJECTING TO THE PROPOSED SETTLEMENTYou can tell the Court that you don’t agree with the Settlements or some part of them. * 20. HOW DO I TELL THE COURT THAT I DON’T LIKE THE SETTLEMENTS?If you are a Class Member, you can object to Anywhere, RE/MAX and/or Keller Williams Settlements if you do not like any part of them, including the forthcoming motion for attorneys’ fees, costs and service awards. You can give reasons why you think the Court should not approve them. The Court will consider your view. To object, you must file or send a written objection to the Court, in accordance with any instructions ordered by the Court, by April 13, 2024 or you will be deemed to have waived all objections and shall be foreclosed from making any objection (whether in opposition to the motion for Preliminary Approval, motion for attorneys’ fees, costs and service awards, motion for Final Approval, on appeal, or otherwise) to the Settlements. Be sure to include the case name and number (Burnett et al. v. The National Association of Realtors et al., Case No. 19-CV-00332-SRB), your name, address, telephone number, your signature, and the reasons you object to the Settlements.

You must file any objection with the Clerk of the Court at the address below by April 13, 2024:

United States District Court for the Western District of Missouri
400 E. 9th St., Room 7462, Kansas City, Missouri 64106
Burnett et al. v. The National Association of Realtors et al., Case No. 19-CV-00332-SRB

You must also send your objection by first class mail, postmarked on or before April 13, 2024, to Class Counsel and Defendants’ Counsel. These documents should be mailed to Class Counsel at:

Williams Dirks Dameron LLCc/o Eric Dirks1100 Main Street, Suite 2600Kansas City, MO 64105and to Anywhere and RE/MAX Counsel at:

Faegre Drinker Biddle & Reath LLPc/o Aaron Van Oort2200 Wells Fargo Center, 90 South Seventh StreetMinneapolis, MN 55402Jones Dayc/o Jeffrey LeVee555 S Flower Street, 50th FloorLos Angeles, CA 90071and Keller Williams Counsel at: Skadden Arps Slate Meagher & Flom LLPc/o Boris BershteynOne Manhatten WestNew York, NY 10001Any member of the Settlement Class who does not file and serve an objection in the time and manner described above will not be permitted to raise that objection later. * 21. WHAT’S THE DIFFERENCE BETWEEN OBJECTING AND EXCLUDING?Objecting is simply telling the Court that you don’t like something about the Settlements. You can object to a Settlement only if you stay in it. Excluding yourself is telling the Court that you do not want to be part of a Settlement. If you exclude yourself, you have no basis to object because the Settlement no longer affects you. * THE COURT’S FAIRNESS HEARING * 22. WHEN AND WHERE WILL THE COURT DECIDE WHETHER TO APPROVE THE SETTLEMENTS?There will be a final Fairness Hearing to consider approval of the proposed Settlements at 10AM on May 9, 2024 at the United State District Court for the Western District of Missouri, 400 E. 9th St., Courtroom 7B, Kansas City, Missouri 64106. The hearing may be postponed to a later date without further notice but any such postponements will be posted on the Key Dates page of this website. The purpose of the hearing is to determine the fairness, reasonableness, and adequacy of the terms of the Settlements, whether the Settlement Class is adequately represented by the Plaintiffs and Class Counsel, and whether an order and final judgment should be entered approving the proposed Settlements. The Court will also consider Class Counsel’s application for an award of attorneys’ fees and expenses, and any class representative service awards.

You will be represented by Class Counsel at the Fairness Hearing unless you choose to enter an appearance in person or through your own counsel. The appearance of your own attorney is not necessary to participate in the Fairness Hearing. * 23. DO I HAVE TO COME TO THE HEARING?No. Class Counsel will represent the Settlement Class at the Fairness Hearing, but you are welcome to come at your own expense. If you send any objection, you do not have to come to Court to talk about it. As long as you filed and mailed your written objection on time, the Court will consider it. You may also pay your own lawyer to attend if you wish. * 24. MAY I SPEAK AT THE HEARING?You may ask the Court for permission to speak at the Fairness Hearing. To do so, you must send a letter saying that it is your “Notice of Intention to Appear in Burnett et al. v. The National Association of Realtors et al., Case No. 19-CV-00332-SRB.” Be sure to include your name, address, telephone number and your signature. Your Notice of Intention to Appear must be postmarked no later than April 13, 2024, and be sent to the Clerk of the Court, Class Counsel and Counsel for Anywhere, RE/MAX and Keller Williams, at the addresses on FAQ 19. You cannot speak at the hearing if you excluded yourself. * ARE THERE OTHER REAL ESTATE COMMISSIONS LAWSUITS OR OTHER DEFENDANTS? * 25. ARE THERE OTHER SIMILAR CASES?There are other class actions involving similar claims that are related to the Settlements, including: Burnett et al. v. The National Association of Realtors et al., Case No. 19-CV-00332-SRB, pending in the Western District of Missouri; Moehrl et al. v. The National Association of Realtors et al., Case No. 19-CV-01610-ARW, pending in the Northern District of Illinois; and Nosalek v. MLS Property Information Network, Inc. et al., Case No. 20-CV-12244-PBS, pending in the district of Massachusetts, among others. The Settlements will settle the claims against Anywhere, RE/MAX and Keller Williams that were brought in those cases, but it will not settle the claims against other Defendants in those cases. If you are a member of a class in one of those cases, you may have additional rights to participate in or exclude yourself from ongoing litigation in that case. * GETTING MORE INFORMATION * 26. ARE THERE MORE DETAILS AVAILABLE?The Notices are only summaries. For a more detailed statement of the matters involved in the lawsuit or the Settlements, you may refer to the papers filed in this case during regular business hours at the office of the Clerk of Court, United States District Court for the Western District of Missouri, 400 E. 9th St, Kansas City, Missouri 64106: Burnett et al. v. The National Association of Realtors et al., Case No. 19-CV-00332-SRB. The full Settlement Agreements and certain pleadings filed in the case are also available on the Important Documents page, or can be requested from Williams Dirks Dameron LLC, c/o Eric Dirks, 1100 Main Street, Suite 2600, Kansas City, MO 64105. Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

nar #narsettlement #realestatenews #realestateupdates #narlawsuit#entrepreneur #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – FAQ – NAR Lawsuit – Broker Commissions Antitrust Settlements appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To listen to the podcast version of memo click here —> Podcast Version

The most important concern we all should have in an election year is a selfish one. Is my family doing better financially? Will the person who we vote for maintain or create an environment that puts my family and our country and its citizens first?

One main way to assess your family’s financial health is at tax time.

Did you know that President Trump’s tax cuts are set to expire at the end of 2025?

If this is allowed to happen, the cost in increased taxes, especially to middle class families, will be devastating.

If the wrong person is elected president in November, 2024, you can be sure that these once in a lifetime tax reductions given to us by President Trump will be history.

What could this mean in real dollars for your family?

The average tax increase, or tax inflation as I call it, will be 20%.

Can you afford that along with all the price increases and inflation we have been enduring the past four years?

My family can’t and neither can yours.

Here are a few representative examples.

First Example

Single Person with $75,000 of taxable income.

Total Tax Pre-Trump $14,489
Total Tax Post-Trump $11,553
Increase in taxes coming when Trump tax cuts expire $2,936.
A 25.4% increase.

Second Example

Single Person with $150,000 of taxable income.

Total Tax Pre-Trump $34,082
Total Tax Post-Trump $29,043
Increase in taxes coming when Trump tax cuts expire $5,939.
A 20.5% increase.

Third Example

Middle class family with $250,000 of taxable income.

Total Tax Pre-Trump $56,885
Total Tax Post-Trump $46,085
Increase in taxes coming when Trump tax cuts expire $10,800.
A 23.4% increase.

Fourth Example

Family with $500,000 of taxable income.

Total Tax Pre-Trump $141,883
Total Tax Post-Trump $115,750
Increase in taxes coming when Trump tax cuts expire $26,134.
A 22.6% increase.

This November, vote selfishly.

Vote for the long term financial health of your family.

Vote for the candidate that will extend the Trump tax cuts.

Remember, casting the wrong vote for the wrong candidate can dramatically increase your tax bills for the coming decade.

Maintaining Trump’s tax cuts is the most pressing and direct personal financial issue to consider when you cast your ballot this November.

All the other talking points are misdirections meant to divert our attention from this real issue we need to be fighting for to keep our families solvent.

Vote with your family’s financial future in mind.

Nothing is more important this election year.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

StateOfConfusion #StateOfTheUnion #StateOfTheUnion2024 #StateOfTheUnionAddress #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – State Of The Union 2024 – Income Tax Perspective appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Podcast – State Of The Union 2024 – Income Tax Perspective

To read the text version of this podcast click here —> Text Version

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

StateOfConfusion #StateOfTheUnion #StateOfTheUnion2024 #StateOfTheUnionAddress #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Podcast – State Of The Union 2024 – Income Tax Perspective appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

RED BANK, NJ ― With back-to-school season in full swing, I wanted to remind parents and students about tax benefits that can help with the expense of higher education.

Two college tax credits apply to students enrolled in an eligible college, university or vocational school. Eligible students include the taxpayer, their spouse and dependents.

American Opportunity Tax Credit
The American Opportunity Tax Credit, (AOTC) can be worth a maximum annual benefit of $2,500 per eligible student. The credit is only available for the first four years at an eligible college or vocational school for students pursuing a degree or another recognized education credential. Taxpayers can claim the AOTC for a student enrolled in the first three months of 2018 as long as they paid qualified expenses in 2017.

Lifetime Learning Credit
The Lifetime Learning Credit, (LLC) can have a maximum benefit of up to $2,000 per tax return for both graduate and undergraduate students. Unlike the AOTC, the limit on the LLC applies to each tax return rather than to each student. The course of study must be either part of a post-secondary degree program or taken by the student to maintain or improve job skills. The credit is available for an unlimited number of tax years.

To claim the AOTC or LLC, use Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits). Additionally, if claiming the AOTC, the law requires taxpayers to include the school’s Employer Identification Number on this form.

Form 1098-T, Tuition Statement, is required to be eligible for an education benefit. Students receive this form from the school they attended. There are exceptions for some students.

Other education benefits
Other education-related tax benefits that may help parents and students are:

• Student loan interest deduction of up to $2,500 per year.
• Scholarship and fellowship grants. Generally, these are tax-free if used to pay for tuition, required enrollment fees, books and other course materials, but taxable if used for room, board, research, travel or other expenses.
• Savings bonds used to pay for college. Though income limits apply, interest is usually tax-free if bonds were purchased after 1989 by a taxpayer who, at time of purchase, was at least 24 years of age.
• Qualified tuition programs, also called 529 plans, are used by many families to prepay or save for a child’s college education. Contributions to a 529 plan are not deductible, but earnings are not subject to federal tax when used for the qualified education expenses.

To help determine eligibility for these benefits, taxpayers should use tools on the Education Credits Web page and IRS Interactive Tax Assistant tool on IRS.gov.

Keep A Copy of Tax Returns
You should keep a copy of their tax return for at least three years. Copies of tax returns may be needed for many reasons. If applying for college financial aid, a tax transcript may be all that is needed. A tax transcript summarizes return information and includes adjusted gross income. Get one from the IRS for free.

The quickest way to get a copy of a tax transcript is to use the Get Transcript application. After verifying identity, taxpayers can view and print their transcript immediately online. The online application includes a robust identity verification process. Those who can’t pass the verification must request the transcript be mailed. This takes five to 10 days, so plan ahead and request the transcript early.

Additional IRS Resources:

• Tax Benefits for Education: Information Center
• Education Credits–AOTC and LLC
• American Opportunity Tax Credit: Questions and Answers
• Publication 970, Tax Benefits for Education
• Tax Information for Students

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

entrepreneur #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – Parents, Students: Check Out College Tax Benefits appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Business Owners With A Retirement Plan | Who Is Your TPA? (Third Party Administrator)

To read the text version of this podcast click here —> Text Version

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

retirement #retirementplanning #financialfreedom #investment #financialplanning #insurance #money #investing #lifeinsurance #finance #family #seniorliving #realestate #wealth #savings #seniorcare #financialadvisor #personalfinance #financialliteracy #health #business #retirementgoals #invest #entrepreneur #assistedliving #financialindependence #k #love #seniors #retirementcommunity #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Podcast – Business Owners With A Retirement Plan | Who Is Your TPA? (Third Party Administrator) appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To listen to the podcast version of memo click here —> Podcast Version

As a business owner, if you offer retirement plans to your employees, a TPA (Third Party Administrator) is the professional that maintains your official retirement plan documents and keeps them in compliance with the IRS’s ever-changing rules.

A third party administrator (TPA) is an organization that manages many day-to-day aspects of your employee retirement plan.

A TPA performs responsibilities such as:

1) Designing retirement plan documents
2) Preparing employer and employee benefit statements
3) Ensuring the plan is in compliance with the IRS non-discrimination requirements
4) Preparing annual returns and reports required by IRS, DOL or other government agencies

That makes them almost as important as me!

But most business owners, also called Plan Sponsors, aren’t aware of this vital person / company representing their company.

Did you know you were the Plan’s Sponsor? Many business owners are never informed of this.

But it is imperative that you form a direct personal relationship with your TPA if you are a business owner offering any type of retirement plan to your employees.

Also, many business owners are not aware that they can choose their own TPA. Many times a financial advisor selects one for the business owner.

I suggest avoiding this. The TPA is much too important to not interview and select one on your own.

As they keep you in compliance with the IRS retirement plan rules, they are extremely important.

I have relationships with seasoned Third Party Administrators who I trust implicitly and can introduce you to.

If you are a business owner offering a retirement plan and you don’t know your TPA, or your TPA is not responsive enough, call me so we can remedy that today.

Like any other specialist your business relies upon, finding your own TPA is vital to your retirement plan success.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

retirement #retirementplanning #financialfreedom #investment #financialplanning #insurance #money #investing #lifeinsurance #finance #family #seniorliving #realestate #wealth #savings #seniorcare #financialadvisor #personalfinance #financialliteracy #health #business #retirementgoals #invest #entrepreneur #assistedliving #financialindependence #k #love #seniors #retirementcommunity #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – Business Owners With A Retirement Plan | Who Is Your TPA? (Third Party Administrator) appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. Click the video below to watch: Podcast - Alison Morrow Interviews Chris Whalen, CPA | Chicago Sues Cars For Thefts https://rumble.com/v3cm2s0-chicago-sues-cars-for-thefts-chris-whalen-cpa.html Get my [...]

The post Podcast – Alison Morrow Interviews Chris Whalen, CPA | Chicago Sues Cars For Thefts appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – Small To Medium Sized Businesses Are Flourishing, Leave The Fortune 500 Insanity Behind appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version This memo is about how the real economy is booming. What is the [...]

The post Memo – Small To Medium Sized Businesses Are Flourishing, Leave The Fortune 500 Insanity Behind appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

A qualified tuition program (QTP), also referred to as a section 529 plan, is a program established and maintained by a state, or an agency or instrumentality of a state, that allows a contributor either to prepay a beneficiary’s qualified higher education expenses at an eligible educational institution or to contribute to an account for paying those expenses. Eligible educational institutions can also establish and maintain QTPs but only to allow prepaying a beneficiary’s qualified higher education expenses.Qualified higher education expenses generally include expenses required for the enrollment or attendance of the designated beneficiary at any college, university, vocational school, or other postsecondary educational institution eligible to participate in a student aid program administered by the Department of Education. In addition, for purposes of QTPs, qualified higher education expenses include tuition expenses in connection with a designated beneficiary’s enrollment or attendance at an elementary or secondary public, private, or religious school, i.e., kindergarten through grade 12, up to a total amount of $10,000 per year from all of the designated beneficiary’s QTPs. They also include expenses for fees, books, supplies, and equipment required for the participation in an apprenticeship program registered and certified with the Secretary of Labor and qualified education loan repayments in limited amounts.ContributionsQTP contributions on behalf of any beneficiary can’t be more than the amount necessary to provide for the qualified higher education expenses of the beneficiary. Contact the program’s trustee or administrator to determine the program’s contribution limit. Contributions made to a QTP aren’t deductible on your federal tax return (1040), but they may be on your state return.

The benefits of establishing a QTP are* Earnings accumulate tax free while in the account. * The beneficiary doesn’t generally have to include the earnings from a QTP as income. * Distributions aren’t taxable when used to pay for qualified higher education expenses (including tuition at an elementary or secondary public, private, or religious school). However, if the amount of a distribution is greater than the beneficiary’s qualified higher education expenses (including tuition at an elementary or secondary public, private, or religious school), a portion of the earnings is taxable. * Amounts can be withdrawn to pay principal or interest on a designated beneficiary’s or their sibling’s student loan. The amount of distributions for loan repayments of any individual is limited to $10,000 lifetime. Interest paid with these funds doesn’t qualify for the student loan interest deduction.

DistributionsYou should receive a Form 1099-Q, Payments from Qualified Education Programs (Under Sections 529 and 530) from each of the programs from which you received a QTP distribution. The amount of your gross distribution (box 1) shown on each form will be divided between your earnings (box 2) and your basis or return of investment (box 3). Form 1099-Q should be made available to you by January 31, 2023.

Questions? Concerns? Call me on (732) 673-0510.

Get my memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

investing #collegesavings #financialfreedom #money #budget #finance #financialindependence #personalfinance #rothira #savingmoney #fire #dcon #invest #iul #designercon #budgeting #retirement #stocks #lifeinsurance #insurance #college #moneymoves #debtfreecommunity #esa #investingforbeginners #indexfunds #edmylett #financiallyindependent #term #terminsurance #IncomeTax #irs #cpa #TaxReform #taxrelief

The post Memo – 529 (Qualified Tuition Programs) Plan Basics appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

If you are reading this on a phone or tablet, it is best viewed in Landscape Mode.

The ERTC (Employee Retention Tax Credit) gave employers, under certain circumstances, a refund of payroll taxes they had paid in previous quarters.

This entailed some analysis of sales and payroll records and then preparation of form 941-X, which is an amendment of the quarterly form 941.

Form 941 reports an employer’s quarterly payroll figures and related income and FICA tax withholdings to the government.

I did my first tax return in 1987, and I have never charged a percentage of a proposed refund or credit on a personal or business tax return. It is unethical.

Many business owners, uneducated and desperate, were approached by unscrupulous con artists who not only charged them fees to do the sales and payroll analysis, but also charged a percentage, sometimes 15% or higher, of the credits the business owners so desperately needed.

Some unsuspecting and desperate business owners signed up for predatory refund anticipation loans.

This is unethical and unprofessional and in some cases criminal.

Did you know there was criteria that employers needed to meet in order to qualify for the ERTC? Some employers were NOT eligible but some preparers did not warn employers of this and filed for the credit on their behalf anyway.

Please take some time and force your preparer to prove to you that you were eligible. You don’t want to be complicit in a fraud.

These are nefarious business practices where desperate taxpayers could not act in their own best interest.

My firm did many ERTC related 941-X returns. The time we spent varied from three hours per quarter up to twenty five hours for the most complex cases.

The more complex the case, the higher the ERTC received.

We billed this by the hour as we do most of our work. The amount of the ERTC credit did not impact my billing of the work.

To make matters worse for the business owners, amended tax returns must be filed as these credits must be added back to their income and taxes paid on them. Many business owners are unaware of this.

If using a phone or tablet, you may want to switch to Landscape Mode to view the next section.

Remember, that the business owner has to pay their accountant to amend the income tax returns, further reducing their net credit received.

Even if this took up to ten hours of work, the preparer was making $1,500 per hour.

The disconnect here is the amount of total payroll and the ultimate credit should have nothing to do with how the preparer gets paid. This is an abusive use of value billing which is predatory in nature.

These companies preyed on desperate, vulnerable and unsuspecting business owners.

A CPA or accountant taking a percentage of any tax refund or credit is unethical and a moral hazard.

The IRS plans to aggressively audit this program and these preparers may NOT be liable. Even if it is determined that the business was not eligible for ERTC, if the business owner signed a waiver of liability, the ERTC preparer may be off the hook.

As always, this work should be billed by the hour.

I hope these scam artists eventually meet with justice.

If you were a victim of such a practice, I urge you to get a lawyer and fight these scam artists before you pay them a dime.

Please share your stories with me in the comments section.

Questions? Concerns? Call me on (732) 673-0510.

Get my memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

ertc #erc #smallbusinessowner #taxcredits #hotels #contactustoday #contactus #taxyear #employeeretentionprogram #hospitality #hotel #taxincentives #restaurants #smallbusiness #tax #businesstaxservices #payroll #ertccredits #taxcredit #employeeretentioncredit #smallbusinesstipsandtricks #smallbusinesstips #smallbusinesstaxes #smallbusinesstaxtips #smallbusinesstaxspecialist #businesstaxes #smallbusinesstip #smallbusinesstaxcredits #smallbusinesstipoftheday #businesstipoftheday #IncomeTax #irs #cpa #TaxReform #taxrelief #potus #taxcuts #TedTalk #TEDtalks

The post Memo – If You Paid Your ERTC Preparer A % Of Your Tax Credits, You May Have Been Ripped Off appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. Click the video below to watch: Podcast - Alison Morrow Interviews Chris Whalen, CPA | Employees Resist Back-To-Office Work https://rumble.com/v34njn3-employees-resist-back-to-office-work-chris-whalen-cpa.html Get my podcasts [...]

The post Podcast – Alison Morrow Interviews Chris Whalen, CPA | Employees Resist Back-To-Office WorK appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version I've been speaking with corporate executives, human resource professionals, and my high value [...]

The post Memo – Companies Are Starting To Demand Workers Return To The Office, What Will You Do? appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – Companies Are Starting To Demand Workers Return To The Office, What Will You Do? appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – Long Term Care (LTC) Insurance Update appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version Long Term Care (LTC) is a hot topic for our aging nation. The [...]

The post Memo – Long Term Care (LTC) Insurance Update appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast | Employers | Verify Job Applicants Are NOT Using AI To Create Their Resumés Or Cover Letters appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version Over the past 37 years, I reviewed tens of thousands of resumés and [...]

The post Memo | Employers | Verify Job Applicants Are NOT Using AI To Create Their Resumés Or Cover Letters appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

Click the video below to watch:

Podcast – Alison Morrow Interviews Chris Whalen, CPA | Moving To A New State? | Things To Consider

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

@AlisonMorrowTV #BusinessNews #businessinsurance #businesstips #BusinessGoals #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – Alison Morrow Interviews Chris Whalen, CPA | Moving To A New State? | Things To Consider appeared first on Chris Whalen CPA.

View Details

BillGatesDepopulation

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

Click the video below to watch:

Interview – Alison Morrow Interviews Chris Whalen, CPA | Low Birth Rates Could Doom Retirement

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

BillGatesDepopulation #depopulation @AlisonMorrowTV #BusinessNews #businessinsurance #businesstips #BusinessGoals #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Interview – Alison Morrow Interviews Chris Whalen, CPA | Low Birth Rates Could Doom Retirement appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Woke Landmines Have Trouble Finding Jobs And Spouses! Shocker!

To read the text version of this podcast click here —> Text Version

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

wokelandmines #woke #wokeagenda #Wokeness #wokemindvirus #woke #business #businessgrowth #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Podcast – Woke Landmines Have Trouble Finding Jobs And Spouses! Shocker! appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To listen to the podcast version of memo click here —> Podcast Version

More and more of today’s young people are unemployable and unmarriageable.

This seems to be a combination of them graduating with degrees that don’t prepare them for the job market, and also that many of them come out of college as Woke Landmines.

What’s a Woke Landmine? It is a term I coined. Please feel free to use it!

Landmines are explosive devices designed to be detonated by the presence, proximity, or contact of a person.

Woke Landmines are explosive people trained to be detonated by anyone that disagrees with their political ideologies or life choices.

Once we encounter a Woke Landmine we quickly learn it is best to steer clear of them.

That is exactly what small to medium sized companies and marriage minded people are doing.

In my CPA practice, I have been involved with tens of thousands of hires.

Employers today are looking out for Woke Landmines and are avoiding first interviews with them, let alone not hiring them. I predict this will continue for many years to come.

Employers are using the internet to research schools and are giving Woke Scores to colleges and universities. The higher the school’s Woke Score, the more quickly a resume winds up in the trash.

Many employers are looking for non college graduates to avoid the situation altogether.

A choice of college today, even more than the degree attained, can set a student on a terrible financial course for life, especially if they want to work for a company NOT in the Fortune 500.

Showing up to interviews with visible tattoos, odd colored hair, or other non-traditional facial and nose attachments classifies you as a Woke Landmine.

Discussing how your life choices and political ideologies need to be tolerated and accommodated in the workplace does the same.

The odds of you being hired in a professional environment are close to nil.

Ultimately, this message is for parents of children under 30. They need to understand that their life choices and political ideologies should never be discussed in public or at work. Parents don’t understand what happens to children in colleges out of their sight.

Attempting to force the world to accept or work around your life choices and political ideologies is childish attention and validation seeking at the highest level.

It reflects extremely weak character and immaturity.

Entrepreneurs, especially those that run small and medium sized companies, want to project neat and conservative values. We all know Woke Landmines bring chaos.

Marriage minded people looking for husbands and wives are steering clear of them.

Of course they do!

Who wants to be married to a Woke Landmine?

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

wokelandmines #woke #wokeagenda #Wokeness #wokemindvirus #woke #business #businessgrowth #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Memo – Woke Landmines Have Trouble Finding Jobs And Spouses! Shocker! appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

The following is a list of key forms that you may receive at year end tax time. Review this list to see if there are forms that you should have gotten, but haven’t received yet. As always, call, text or email with questions or concerns. 732-673-0510.

Income Records

• Form W-2: wages, salary, and tips
• Form 1099-NEC: freelance (side gig) and/or contract income
  • Business owners, Click Here to see my suggested expense categories.
• Form 1099-MISC: other income
• Form 1099-G: refund, credit, or offset of state/local taxes, unemployment income
• Form W-2G: gambling/lottery winnings
• Form K-1: profits from partnerships, S Corps, trusts, other investments
• Bank, brokerage statements
• Rental income (proof of payments)
• Alimony received
• Hobby income/prizes/awards

Investment Records

• Form 1099 Consolidated
• Form 1099-B: proceeds on the sale of stocks and/or bonds
• Form 1099-DIV: dividend and distribution income
• Form 1099-INT: interest income on bonds/treasuries
• Form 1099-R: distributions from pensions, profit sharing, IRAs, insurance
• Form 1099-SA: health-care reimbursements
• Form 1099-SSA: Social Security benefits
• Form 2439: undistributed capital gains from mutual funds and/or REITs
• Year-end brokerage and mutual fund statements
• Security trade confirmations
• Nondeductible IRA contributions (use Form 8606)

Deduction Records

• Form 1098: mortgage interest and points
• Form 1098-E: student loan interest
• Birth dates and Social Security numbers for all dependents claimed
• Alimony paid (Remember, alimony changed for divorces finalized after 2018)
• Child/dependent care costs (Form W-10, get provider’s TIN and/or EIN)
• Charitable contributions (receipt for non-cash or proof of payment for cash donations; written acknowledgement for donations of $250 or more)
  • Click Here to read my informative memo on Charitable Contributions – Do These Trigger an IRS Audit?
• Out-of-pocket expenses for charity work (receipts for gas, parking, and tolls, or mileage log)
• Most W2 employees can no longer deduct unreimbursed job related expenses.
  • Qualified Employees Can
    • If someone falls into one of these employment categories, they are considered a qualified employee:
      • Armed Forces reservists
      • Qualified performing artists
      • Fee-basis state or local government officials
      • Employees with impairment-related work expenses
      • No other type of employee is eligible to claim a deduction for unreimbursed employee expenses.
• Rental property expenses (proof of expenses for operating the property)
• Receipts for real estate and personal property taxes (if not included in Form 1098)
  • Even if you pay your property taxes with a mortgage, always verify the total taxes paid with the county or township.
• IRA contributions
• Receipts for health-care expenses
• Property losses due to casualty or theft (police/insurance documentation; receipts for work)
• Gambling losses (written log, receipts, or other proof of wager)
• Receipt for last year’s tax prep fees
• Receipts for large purchases if deducting state and local general (as opposed to income) taxes
• Investment expenses

Tax Credits / Payments Records

• Form 1040-ES: estimated taxes already paid
• Form 1098-T: tuition payments used for Hope/Learning credits
• Form 1099-INT/DIV: taxes paid on foreign investments
• Form 8880: retirement savings contribution credit Questions? Concerns? Call me on (732) 673-0510.Get my podcasts and memos in your inbox by Clicking Here

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

business #businessgrowth #SmallBusinessSaturday #SmallBusinesses #cpa #irs #taxes #1040 #IRS #CPA #BusinessIdeas #incometaxes #incometax #jerseyshore #taxplanning #Accounting #TaxReturns #selfemployed

The post Tax Memo – Year End Individual Tax Information Gathering Worksheet appeared first on Chris Whalen CPA.

View Details

First, thanks to Gloria Monks, Realtor, for hosting this seminar! You can find her information here.

Gloria Monks Realtor. She is one of my most trusted realtors in my professional circles.

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Questions? Concerns? Call me on (732) 673-0510.

Click the video below to watch:

Live Seminar – 2023 Tax Update For Real Estate Agents & Business Owners

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Questions? Concerns? Call me on (732) 673-0510.

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

taxes #realtors #seminar #smallbusinessowners #smallbusinessowner #Business #incometax #tax #CPA #IRS #smallbusiness #interview #podcast #incometaxes #irs #SmallBusinessSaturday #businessmarketing #businessowner #yearend #jerseyshore #taxplanning #Accounting

The post Replay Of Live Seminar – 2023 Tax Update For Real Estate Agents & Business Owners | Gloria Monks Host appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Many people need extensions because they cannot get their taxes done by 4/15.

Most people don’t know that this does NOT extend the time to pay any taxes due.

The payment of your taxes cannot be extended past 4/15.

So, if you do need an extension, you should always calculate an estimated amount due and pay that with your extension. We can help with this of course.

Estimated Tax Filers

Are you an estimated tax filer? Remember, your first estimated payment for the new year is due 4/15 as well. This leads to many people on extensions not paying that first estimate, causing cascading late payment penalties and interest year over year.

So, if you are an estimate filer, and will be going on extension, you have two calculations to make before 4/15.

1. Estimated balance due 4/15 for current year.
2. Estimated first quarter estimate due for the new year.

Many people combine these two and make one payment with the extension. That is my suggestion. Remember, any overpayment from one year can be applied to the new year. So this method allows you to put all of those total payments to the current year in case you underestimated.

The interest and penalties are very high and not worth detailing here. Advice is to please make any extension payments and new year first estimated payments by 4/15 to avoid them.

Again, to restate,

Payments Of Individual Taxes Are Always Due 4/15th. They Cannot Be Extended!

Questions? Concerns? Call me on (732) 673-0510.Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

estimatedtaxes #TaxReturns #taxes #1040 #IRS #CPA #selfemployed #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Tax Memo – Payments Of Individual Taxes Are Always Due 4/15th. They Cannot Be Extended! appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

Are you a full time employee who also has a “Side Hustle” (Small Business, Part Time)? Are you in the Gig Economy? If you fit into either of those, you are a self-employed individual for that income.

If you do, there are important tax issues that you need to be aware of and plan for.

If you receive income from a Side Hustle, it’s generally taxable even if you don’t receive a Form 1099-MISC, Miscellaneous Income, 1099-NEC, Form 1099-K, Payment Card and Third Party Network Transactions, Form W-2, Wage and Tax Statement, or some other income statement. This is true even if you are paid in cash. On the other hand, depending upon the circumstances, some or all of your business expenses may be deductible, subject to the normal tax limitations and rules.

I encourage everyone with a Side Hustle, or is in the Gig Economy, to understand the potential tax issues affecting them.

The following tax issues may apply to those with a Side Hustle:

Issues for Individuals Performing ServicesTaxpayers with a Side Hustle need to keep several tax components in mind throughout the year, not just when it comes time to file the tax return.

Important areas include these:

Filing RequirementsIf you received a payment during the calendar year as a self-employed individual, 99% of the time you will need to file a Schedule C, Profit or Loss From Business and include that on your form 1040.

Employee or Independent ContractorIf you are providing services and are not certain whether you are an employee or independent contractor, you should call me to discuss. Just because someone wants to pay you as a subcontractor, doesn’t mean you are one. There are very specific rules governing this distinction. Business owners save a lot of money if they pay you as a subcontractor, so they will tend to NOT classify you as an employee.

Tax Payments: Those with a Side Hustble May Need to Make Estimated PaymentsYou may make estimated tax payments to pay tax on income that isn’t subject to withholding (such as income from self-employment and rental activities). You may also make estimated tax payments to avoid penalties if the amount of income tax withholding from your salary, pension or other income is not enough to cover your tax for the year.

Taxes are pay-as-you-go, and making estimated tax payments is HOW you pay-as-you-go. Taxpayers use estimated tax payments to pay both income tax and self-employment tax (Social Security and Medicare). If you don’t pay enough tax, through either withholding or estimated tax, or a combination of both, you may have to pay a penalty. The payment of estimated tax for the income for the first quarter of the calendar year (that is, January through March) is due on April 15. Payments for subsequent quarters are due on June 15, September 15 and January 15. If you don’t pay enough by these dates you may be charged a penalty even if you’re due a refund when you file your tax return.

If you also work as an employee, you can often avoid needing to make estimated tax payments by having more tax withheld from your paycheck. This may be a particularly attractive option if, for example, your Side Hustle activity is merely a side job or part-time business. To do this, fill out a new Form W-4 and give it to your employer. The Withholding Calculator is a helpful resource.

If you do have a Side Hustle, then your tax situation has become more complicated and you should consider hiring a CPA to help you calculate your projected tax liability as well as to give you direction on bookkeeping and accounting.

Self-Employment TaxesSelf-employed workers are taxed differently from employees. Self-employed individuals (e.g., independent contractors) must pay self-employment tax. Self-employment tax consists of Social Security and Medicare taxes, and with no employer-matching of these taxes, self-employed individuals pay the full amount of Social Security and Medicare taxes themselves. However, don’t confuse it with income tax or estimated taxes. Self-Employment tax is 15.3% of your NET Side Hustle income, on top of your ordinary income tax you pay.

DepreciationDepreciation is an income tax deduction for wear and tear and deterioration of property with a life longer than a year. It’s an annual allowance that lets you recover, over time, the cost or other basis of certain property you own. The kinds of property you can depreciate include machinery, equipment, buildings, vehicles and furniture. You can’t claim depreciation on property held for personal purposes. If you use property, such as a car, for both business or investment and personal purposes, you can depreciate only the business or investment use of that property. Other special rules and limits often apply, especially if you are an employee rather than an independent contractor. In some instances, you may qualify for one of the simplified options, such as the standard mileage rate for business use of a car or the simplified method for claiming the home office deduction.

Business ExpensesThe tax code allows you to deduct certain costs of doing business from gross income. Generally, you cannot deduct personal, living or family expenses. You can deduct the business part only, such as supplies, cell phones, auto expenses, food and drinks for passengers, car washes, parking fees, tolls, roadside assistance plans, taxes, and incentives associated with certain electric and hybrid vehicles.

It’s important to keep good records. Choose a recordkeeping system suited to your business that clearly shows your income and expenses. The business you’re in affects the type of records you need to keep for federal tax purposes. Your recordkeeping system should include a summary of your business transactions. Your records must also show your gross income, as well as your deductions and credits. Federal law sets statutes of limitations that can affect how long you need to keep tax records.

Issues for the Companies Providing YOU ServicesDo YOU pay anyone more than $600.00 in one calendar year for services? If so, you may need to give them a form 1099-MISC at year end to report that.

Even if it is part time, a Side Hustle is a business which brings much complexity to your tax situation than being an employee.

We are here to help you every step of the way to make sure you stay compliant with the tax laws, and to minimize your tax liabilities by educating you on what deductions you can take.

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to ask me any question you may have.

Please reach out to me without hesitation with any tax, business or accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

sidehustle #gigeconomy #IncomeTax #irs #cpa #TaxReform #amnesty #taxrelief #potus #passport #revoke

The post Tax Memo – Do You Have A “Side Gig Or Hustle?”, This Memo Is For You appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations (VENMO, CASHAPP, ZELLE, PAYPAL) set to take effect for the upcoming tax filing season.

As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.

As part of this, the IRS released guidance today outlining that calendar year 2022 will be a transition period for implementation of the lowered threshold reporting for third-party settlement organizations (TPSOs) that would have generated Form 1099-Ks for taxpayers.

“The IRS and Treasury heard a number of concerns regarding the timeline of implementation of these changes under the American Rescue Plan,” said Acting IRS Commissioner Doug O’Donnell. “To help smooth the transition and ensure clarity for taxpayers, tax professionals and industry, the IRS will delay implementation of the 1099-K changes. The additional time will help reduce confusion during the upcoming 2023 tax filing season and provide more time for taxpayers to prepare and understand the new reporting requirements.”

The American Rescue Plan of 2021 changed the reporting threshold for TPSOs. The new threshold for business transactions is $600 per year; changed from the previous threshold of more than 200 transactions per year, exceeding an aggregate amount of $20,000. The law is not intended to track personal transactions such as sharing the cost of a car ride or meal, birthday or holiday gifts, or paying a family member or another for a household bill.

Under the law, beginning January 1, 2023, a TPSO is required to report third-party network transactions paid in 2022 with any participating payee that exceed a minimum threshold of $600 in aggregate payments, regardless of the number of transactions. TPSOs report these transactions by providing individual payee’s an IRS Form 1099-K, Payment Card and Third-Party Network Transactions.

The transition period described in Notice 2023-10, delays the reporting of transactions in excess of $600 to transactions that occur after calendar year 2022. The transition period is intended to facilitate an orderly transition for TPSO tax compliance, as well as individual payee compliance with income tax reporting. A participating payee, in the case of a third-party network transaction, is any person who accepts payment from a third-party settlement organization for a business transaction.

The change under the law is hugely important because tax compliance is higher when amounts are subject to information reporting, like the Form 1099-K. However, the IRS noted it must be managed carefully to help ensure that 1099-Ks are only issued to taxpayers who should receive them. In addition, it’s important that taxpayers understand what to do as a result of this reporting, and tax preparers and software providers have the information they need to assist taxpayers.

Additional details on the delay will be available in the near future along with additional information to help taxpayers and the industry. For taxpayers who may have already received a 1099-K as a result of the statutory changes, the IRS is working rapidly to provide instructions and clarity so that taxpayers understand what to do.

The IRS also noted that the existing 1099-K reporting threshold of $20,000 in payments from over 200 transactions will remain in effect.

Questions? Concerns? Call me on (732) 673-0510.

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

selfemployed #venmo #cashapp #zelle #1099k #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Memo – IRS Announces Delay For Implementation Of $600 Reporting Threshold For Third-Party Payment Platforms’ Forms 1099-K (VENMO, CASHAPP, ZELLE, PAYPAL) appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

Click the video below to listen to:

Interview – Alison Morrow Interviews Chris Whalen, CPA | Unvaxxed Traffic Crash Study Hints At Insurance Hikes

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

Covid #Vaccine #Mandates @AlisonMorrowTV #BusinessNews #businessinsurance #businesstips #BusinessGoals #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Interview – Alison Morrow Interviews Chris Whalen, CPA | Unvaxxed Traffic Crash Study Hints At Insurance Hikes appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510.

To read the text version of this podcast click here —> Text Version

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Onlyfans Creators | Has The IRS Contacted You? | Call Me If You Need Advice

To read the text version of this podcast click here —> Text Version

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

onlyfans #onlyfansgirl #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – Onlyfans Creators | Has The IRS Contacted You? | Call Me If You Need Advice appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510.

To listen to the podcast version of memo click here —> Podcast Version

Are you an Onlyfans content creator who was recently contacted by the IRS?

If so, and you need advice on how to navigate the situation, please call me on 732-673-0510.

I don’t have many specifics, but it seems that there is at least an IRS investigation into Fenix International Limited, the parent company of Onlyfans. There may also be other lawsuits filed by the government.

Some content creators are being served subpoenas from the United States Federal Courts and the IRS to provide information on their Onlyfans accounting and income tax returns.

Remember, the IRS has an important job to do, but my advice is to get legal and tax advice before agreeing to talk to them about anything substantial.

It seems that the main investigators are in Georgia, which may mean there is a case being heard in the federal court there.

If you are a content creator, and need assistance on this or any other accounting or tax matter, please call me on 732-673-0510.

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best”Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

onlyfans #onlyfansgirl #businessplanning #BusinessIdeas #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Memo – Onlyfans Creators | Has The IRS Contacted You? | Call Me If You Need Advice appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. ESG, Social Justice & Critical Race Theory hiring practices aka Affirmative Action hiring practices, have been in full force for many years now inside Fortune 500 [...]

The post Analysis – ESG | Social Justice | CRT Hiring Practices | A CPA’s Perspective appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses: Podcast - Investing In Costa [...]

The post Podcast – Investing In Costa Rican Real Estate – Interview With Josh Wittman appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Questions? Concerns? Call me on (732) 673-0510. Money received through third-party payment applications from friends and relatives as personal gifts or reimbursements for personal expenses is not taxable, even if they exceed $600.00. If the total BUSINESS transactions in any [...]

The post Memo – Venmo & CashApp | Only Business Transactions Are Being Flagged NOT Personal Transfers appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. Click the video below to listen to Alison Morrow Interviews Chris Whalen, CPA: https://rumble.com/embed/v1tnhma/?pub=5x7ov Get my podcasts and memos in your inbox by clicking here ---> [...]

The post Interview – Alison Morrow Interviews Chris Whalen, CPA appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns about right now? Stop reading and call me on (732) 673-0510. WASHINGTON — The Internal Revenue Service today announced the tax year 2023 annual inflation adjustments for more than 60 tax provisions, including the tax rate [...]

The post Tax Memo – IRS Provides Tax Inflation Adjustments For Tax Year 2023 appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – Realtors – Sales Drying Up? Pivot To Selling Investment Properties appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version I deal with thousands of real estate agents every year. One interesting fact about [...]

The post Memo – Realtors – Sales Drying Up? Pivot To Selling Investment Properties appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns about right now? Stop reading and call me on (732) 673-0510. So many clients are taking pictures from their phone and sending me unusable images of important documents. I don't think this trend will change, and [...]

The post Memo – Scan Documents To PDF With Your Phone appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns about right now? Stop reading and call me on (732) 673-0510. ANCHOR = Affordable New Jersey Communities for Homeowners and Renters ANCHOR replaces the Homestead Benefit program. The first year of this is 2019. No, that is not [...]

The post Memo – NJ ANCHOR Replaces The Homestead Benefit Program appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – “Meeting In Person To Get Work Done” Is A Stone Age Technology | Evolve Or Go Extinct appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns about being audited right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version I have always thought that being forced to travel to an [...]

The post Memo – “Meeting In Person To Get Work Done” Is A Stone Age Technology | Evolve Or Go Extinct appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Parents who are divorced, separated, never married or live apart and who share custody of a child with an ex-spouse or ex-partner need to understand the [...]

The post Tax Memo – Claiming A Child As A Dependent When Parents Are Divorced, Separated Or Live Apart appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. Want my podcasts and blog posts delivered to your inbox? Click here to subscribe I have been getting a lot of calls, texts and emails from Paypal users, alarmed by some wording on the paypal site related to 1099K issuance [...]

The post Tax Memo – Paypal Year End Tax Form Upload Requirements (IRS Forms 1099K & 8832) appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. Click the video below to listen to Shawn Ziem interviewing Chris Whalen, CPA: Get my podcasts and memos in your inbox by clicking here ---> http://eepurl.com/7rJdT Click [...]

The post Interview – Shawn Ziem Interviews Chris Whalen, CPA appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – IRS Hiring 82,000 New Agents! A CPA’s Perspective appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns about being audited right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version I want to start out by saying that I want more [...]

The post Memo – IRS Hiring 82,000 New Agents! A CPA’s Perspective appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. Want my podcasts and blog posts delivered to your inbox? Click here to subscribe This memo is important reading for: An Employee who gets reimbursed for mileage. As of July 1, 2022 you can increase your per-mile rate to 62.5¢.  [...]

The post Tax Memo – IRS Mileage Rate Going Up For The 2nd Half of 2022 appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – Global Disruptions May Cause Business Supply Shortages | Become A Business “Prepper” appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version It has been approximately 100 days since the Russian incursion into Ukraine. Combining this [...]

The post Memo – Global Disruptions May Cause Business Supply Shortages | Become A Business “Prepper” appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. Want my podcasts and blog posts delivered to your inbox? Click here to subscribe This memo is meant for realtors, buyers and sellers. It will give important and somewhat sobering facts that will impact all of you.  There are plenty [...]

The post Memo – Mortgage Rates Are Up 61% This Year – A CPA’s Perspective appeared first on Chris Whalen CPA.

View Details

Most NJ Businesses, especially LLCs and Corporations, need to file a NJ Annual Report and pay a $75.00 fee. This is in addition to any income taxes you may be liable for in NJ. Many NJ businesses have been receiving a scam form in their regular mail. It looks like an official form and [...]

The post Scam Alert For NJ Businesses – NJ Annual Report Mailer Scam appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Many of you know that one of my tax specialties is traveling medical professionals: Nurse, Doctors, Therapists, etc. There is a pervasive rumor that travel nurses [...]

The post Tax Memo – Travel Nurses (And All Medical Professionals) – Do Not Claim Exempt For Withholding Taxes! appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop listening and call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast [...]

The post Podcast – Bitfinex Crypto Hack / Robbery – A CPA’s Perspective appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version In 2016, 119,754 Bitcoin were stolen from the crypto exchange Bitfinex.  At the time [...]

The post Memo – Bitfinex Crypto Hack / Robbery – A CPA’s Perspective appeared first on Chris Whalen CPA.

View Details

Any Questions or Concerns right now? Stop reading and call me on (732) 673-0510. Want my podcasts and blog posts delivered to your inbox? Click here to subscribe WASHINGTON — As part of ongoing efforts to provide additional help for people during this period, the IRS announced today the suspension of more than a [...]

The post Tax Memo – IRS To Suspend Most Monthly Collection Letters Until They Reduce Their Backlog appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Questions? Concerns? Call me on (732) 673-0510. Starting in tax year 2021, business meals are now 100% deductible. Business owners, be sure to not limit your meals expenses to 50% as it was done for decades. Entertainment is still NOT [...]

The post Tax Memo – In 2021 100% Of Meals Are Deductible (No Longer 50%) appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Questions? Concerns? Call me on (732) 673-0510. To read the text version of this podcast click here —> Text Version Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses: [...]

The post Podcast – Is Your CPA / Tax Preparer Elderly? What Happens If They Pass Away? appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Questions? Concerns? Call me on (732) 673-0510. To listen to the podcast version of memo click here —> Podcast Version I get many new clients where unfortunately, their previous CPA / Tax Preparer has passed away. As the CPA population has begun [...]

The post Memo – Is Your CPA / Tax Preparer Elderly? What Happens If They Pass Away? appeared first on Chris Whalen CPA.

View Details

This Snow Day is a great time to start gathering your income tax data. I prepared the checklist below to help you get started. As always, if you have any questions about your income, or what deductions you may be eligible for, call or text me on, 732-673-0510, or email on chriswhalencpa@gmail.com.  Tax Preparation [...]

The post Tax Memo – SNOWED IN? ORGANIZE YOUR TAX INFO! appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe Questions? Concerns? Call me on (732) 673-0510. So many people call me wondering what they can expense in their businesses. This memo attempts to give you a detailed list of the most common expense categories.  NOTE: Don’t limit yourself to [...]

The post Tax Memo – Suggested General Expense Categories appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Questions? Concerns? Call me on (732) 673-0510.

It is best to watch this podcast as well as listen, as their are visual aids.

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

A Case Study – Rental Real Estate Investability Analysis

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best” Chris Whalen, CPA

(732) 673-0510

81 Oak Hill Road

Red Bank, NJ 07701

www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

RealEstate #rentalk #rental #rentalproperty #Investment #investments #investmentproperty #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – A Case Study – Rental Real Estate Investability Analysis appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Questions? Concerns? Call me on (732) 673-0510.

Traveling medical professionals can work under a W2 employee method, or as a 1099 subcontractor (Self-Employed) method.

Either way, travelling medical professionals who work in states outside of their resident state, usually have a tax filing requirement in those states. Those are called non-resident states.

These rules apply to anyone who physically works outside of their resident state, not just for medical professionals.

Let’s start with you as an employee.

IMPORTANT NOTE: W2 Employees can no longer deduct their unreimbursed business expenses on form Schedule A. Deductions such as mileage, home office, uniform and supplies, to name a few, are not tax deductible for W2 Employees. Please consider this when you are negotiating your contracts. A Subcontractor, detailed below, CAN deduct business expenses on their Schedule C form. This is usually much more favorable from a tax perspective as you can imagine.

As a travelling employee you are going to be asked to complete a W4 form when you take a temporary / travelling job. The W4 tells the employer what your filing status is (single, married, etc) so you have the correct amount of tax withheld. Most of us have filled out a W4 before. But the W4 has recently changed. I have a great podcast that explains how to handle these changes. Check here to check that out.

You also should be giving them W4 information for the state you are going to be working in. I call this the work state. It is not for your resident state unless your work state is also your resident state. This is very important.

So, when you get paid as an employee, you should see withholding on your paycheck for your current work state as well as federal withholding.

When you do your tax returns that year, you will need to file a resident state tax return (for the state you actually live in) AND a non-resident tax return for any states you had as work states.

You may ask me “Chris, if I pay tax to work states and also to my resident state, doesn’t that mean I am taxed twice?”

Good question. No, there is no double tax because you get to take a credit to your resident state for those work state taxes that you paid taxes in.

Let’s talk about you as a subcontractor.

Subcontractors have a more complex tax and accounting situation.

Subcontractors are actually business owners and not employees. Many people say things like. “I am a 1099 employee.” There is no such thing and in fact they are mutually exclusive.

At year end subcontractors will be given a 1099NEC and not a W2 that reflects their total gross income. WARNING! A subcontractor does not have any taxes withheld from the company paying them so you must pay estimated taxes quarterly during the year.

If a subcontractor does not pay quarterly taxes, you will be subject to late payment interest and penalties. Subcontractors cannot wait until April 15th to pay their tax balances due.

A subcontractor needs to keep track of their expenses as they can be deducted against their total subcontractor income on their tax return.

I suggest that you open a separate bank account just for this purpose and subscribe to Quickbooks Online to assist you in maintaining your account records.

Most subcontractor travelling medical professionals will file a Schedule C, Profit and Loss from a business, with their 1040 form they normally file at year end. That looks like this.

Just like an employee working outside of their resident state, subcontractors must also file non-resident tax returns in their work states.

Maintaining logs of dates that you worked in all states becomes very important, especially for a subcontractor, as these days will be used to allocate income and expenses between the work states you have worked in.

The subcontractors may want to form an LLC to gain some personal liability protection.

But even if you form an LLC, I strongly recommend buying commercial liability insurance. Every self-employed person needs to have at least a small commercial liability policy.

A great benefit of being a subcontractor is that you can take advantage of retirement planning, such as SOLO 401Ks and SEP IRAs. Make sure your tax preparer is explaining how these retirement plans can benefit you as a self-employed person.

As we all can see, the tax implications can be significant if you are a traveling worker of any kind, including medical professionals.

Are you a travelling worker? Are you sure that you are in compliance with all state and federal income tax laws? This is definitely a situation where you want to hire a seasoned CPA to guide you.

And you’re in luck, because I know a good one!

Please call me on 732-673-0510 to discuss your specific situation.

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best” Chris Whalen, CPA

(732) 673-0510

81 Oak Hill Road

Red Bank, NJ 07701

www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

travel #travellingnurse #travelrn #RegisteredNurse #rn #nurse #travelnurse #travelnurses #traveldoctors #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Tax Memo – Tax Planning For Travelling Medical Professionals (Nurses, Doctors & Therapists) appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Questions? Concerns? Call me on (732) 673-0510.

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Mortgage Update! Interview With Pinky Shah – Mortgage Expert

Pinky’s Website: https://www.pinkymortgage.com/

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best” Chris Whalen, CPA

(732) 673-0510

81 Oak Hill Road

Red Bank, NJ 07701

www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

mortgage #housingmarket #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – Mortgage Update! Interview With Pinky Shah – Mortgage Expert appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

Questions? Concerns? Call me on (732) 673-0510.

Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:

Interview – Alan Collinge of Student Loan Justice

Get my podcasts and memos in your inbox by clicking here —> http://eepurl.com/7rJdT

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best” Chris Whalen, CPA

(732) 673-0510

81 Oak Hill Road

Red Bank, NJ 07701

www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

studentloans #StudentLoanStrike #CancelStudentDebt #incometaxes #incometax #SmallBusinessSaturday #jerseyshore #cpa #taxplanning #Accounting #irs

The post Podcast – Interview – Alan Collinge of Student Loan Justice appeared first on Chris Whalen CPA.

View Details

Want my podcasts and blog posts delivered to your inbox? Click here to subscribe

First… HAPPY NEW YEAR! This has been a year full of business collaborations and referrals. So many of you continue to enhance the scope and breadth of services I can provide referrals for. I hope I do the same.

Do your business owner friends a favor by forwarding this important memo to them.

If you are a business owner taking automobile expenses, then maintaining adequate mileage records is imperative.

Whether you take actual expenses or a deduction for business miles driven, the SAME mileage records must be kept and provided to the IRS under audit.

Let me refresh you as to what exact information the IRS will require in order to substantiate your business miles.

So what are the basic IRS rules?

NO ESTIMATES Allowed, Exact Mileage Only.

Each Trip Itemized, Business Reason Listed

Mileage Totaled Annually

Please read those items carefully. EXACT mileage. EACH trip itemized. TOTAL annual mileage.

You cannot use estimates, the IRS will reject that. (This means you, my real estate agent clients!)

Many people don’t realize that the mileage deduction verification starts with total miles driven for the year, not just business. How can we know that?

No, the answer is not your Jiffy Lube Oil Change receipts.

The best way to verify your total annual mileage is to take a picture of your odometer on January 1 every year. This way we have two date stamped images of the same odometer, which will give us grand total miles driven annually.

If you buy a new car during the year, take a picture the day you drive the car off the lot.

Be sure to save these images in three places. 1) On a local back up drive in your home of office, 2) in an online storage folder meant just for business items, 3) and email them to me so I can archive them for you on my server.

Remember, the moment you have a business or tax question is the moment you should be calling me.

Want my blog posts delivered to your inbox? Click here to subscribe

Click here to request a consultation or ask me a question.

Please reach out to me without hesitation with any tax, business or

accounting question, and to schedule a consultation.

Tax Laws are complex.

It is very easy to make mistakes that can incur penalties.

Do you have a Tax, Accounting or Business Question?

Call Me Immediately. (732) 673-0510.

Is your CPA or Attorney

ignoring your Phone Calls and Emails?

Call Me Immediately. (732) 673-0510.

Remember,

“If We Aren’t Working For You, Then You Aren’t Working At Your Best” Chris Whalen, CPA

(732) 673-0510

81 Oak Hill Road

Red Bank, NJ 07701

www.chriswhalencpa.com

Red Bank • Rumson • Colts Neck • Holmdel • Middletown • Lincroft • Brick • Toms River • Sea Bright • Deal • Little Silver • Long Branch • Asbury Park • Bradley Beach • Belmar • Brielle • Eatontown • Fair Haven • Farmingdale • Highlands • Atlantic Highlands • Howell • Locust • Monmouth Beach • Shrewsbury • Spring Lake • Tinton Falls • Monmouth County

IncomeTax #irs #cpa #TaxReform #amnesty #taxrelief #potus

The post Memo – Business Owners! Remember To Take A Picture Of Your Odometers On New Year’s Day appeared first on Chris Whalen CPA.