I have an S Corp registered in New Jersey. The NJ state introduced a new rule in Jan 2020 allowing NJ Income Taxes to be paid at the entity level (S corp or LLC) instead of passing it to owners. How can I enroll/elect for the 'Entity level tax', what is the deadline for 2020 taxes, and what are the rules around it? Additionally, if I'm already close to the $10,000 cap on SALT taxes from other income sources, does it make any difference whether I elect for PTE tax or not from my S corp? How do I account for these tax payments in my books, and can I make an estimated payment at the PTE level for 2020 income from S corp and show that expense as accounts payable for 2020 year, paid in 2021?

September 16th, 2024

My company's W-2 has boxes 15-20 filled, but when I try to submit it on 1040.com, I can't complete my W-2 because I filled in these boxes. The error message states that there is no local income tax in Colorado, where my company is located. Should I fill in boxes 15-20 when filing my taxes, and can you recommend a trustworthy tax preparation service?

October 22nd, 2024

I received a letter from TaxServ Capital Services, LLC stating I owe property taxes from 2006 and 2007 totaling $46,337, including interest and fees. I don't remember receiving any notices about this debt over the past 15 years. What is the statute of limitations for CT tax, and how can I address this issue?

August 1st, 2024

Why have I not received the second stimulus check from the government yet, even though my husband and I received the first one by direct deposit?

June 16th, 2023

I moved last April and have a new bank and home address, but the same city. My stimulus check went to my Bank of America account, which is now closed, and was mailed to my old address. How can I get this changed so that future payments go to my new account and address?

March 29th, 2024