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— Due to the present health situation within the state, we have decided to suspend meetings until further notice.

Good News for You: IRS agrees to the Deductibility of Certain State payments made by Pass-through Entities (Partnerships and S corporations)

Good News for You: IRS agrees to the Deductibility of Certain State payments made by Pass-through Entities (Partnerships and S corporations)

This action by the Internal Revenue Service may mitigate the effect of the Tax Cuts and Jobs Act, relating to State tax deductions for taxpayers that are members of pass-through entities. Individual taxpayers with Schedule C’s and one owner LLC’s with W2 wage earners that are not members of a pass-through entity are not affected by the change. Each taxpayer must evaluate their individual tax situation as to the benefit if any.

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The Timing of the Deductibility or Non-Deductibility of PPP Expenses

The Timing of the Deductibility or Non-Deductibility of PPP Expenses

The new Rev. Rul. and Rev. Proc. reduce the incentive for taxpayers to apply for forgiveness before the new Biden administration and the new Congress take power in January. This has become frustrating for almost everyone involved (borrowers, lenders, tax professionals, etc.). The good news is we are all in this together, and we will figure it out. It just may take some patience and time before that happens.

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PPP Loan

PPP Loan

PPP LoanIntroductionAt the time I am writing this article Joseph Biden has been declared the unofficial presidential election winner although President Trump is contesting several state results.  The congressional makeup has changed somewhat with the Republicans...

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Tax Tips

A Few Other Resources We’ve Created for Our Customers

IRS Announces 2015 Retirement Plan Contribution Limits

IRS Announces 2015 Retirement Plan Contribution Limits

Good News for Everyone with a retirement plan. If you earn a wage, salary, or even self-employed you may be able to contribute more to a workplace retirement plan this year because the IRS has increased certain limits for inflation. (The maximum individual retirement...

The IRS advises to avoid summertime Tax Scams

BEWARE: Tax Thieves don't stop victimizing unsuspecting taxpayers with their scams after April 15. Some scams that happen year-round are Identity Thief, Phone, and Phishing Scams. Identity Theft - The thief of personal and financial information for the purpose of...

First Move

First Move

Hello and welcome to the first blog post for Lawson Rescinio Schibell. If you have stopped by our website, you probably already know that we are an accounting and consulting firm based in Monmouth County, NJ and we serve clients in New Jersey, New York and...