Tag: IRS

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Understanding Common Tax Adjustments in Personal Finance

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Have you ever stared at your tax return and wondered why your numbers don’t quite match what you expected—like you’re being graded on work you didn’t know you turned in? For most people, the tax system feels like a mix between math homework and a mystery novel. In this blog, we will share what tax adjustments really are, how they affect your finances, and how understanding them can make tax season less painful and more predictable.

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Trump Administration Urges IRS to Revoke Harvard University’s Tax-Exempt Status

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the staff of the Ridgewood blog

Washington DC, in a bold political move, the Trump administration has formally asked the Internal Revenue Service (IRS) to revoke Harvard University’s tax-exempt status, following criticism that the Ivy League institution is promoting political and ideological agendas.

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Death, Taxes, and History: How U.S. Taxation Evolved from 1789 to Today

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the staff of the Ridgewood blog

Ridgewood NJ, April 15th, often dreaded as Tax Day in the United States, echoes a truth spoken more than 230 years ago by Benjamin Franklin: “In this world, nothing is certain except death and taxes.” That statement, made in 1789, still rings true today as Americans navigate a complex and ever-evolving tax system.

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IRS Increases 401(k) Contribution Limits for 2025: Here’s What You Need to Know

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the staff of the Ridgewood blog

Ridgewood Nj, the IRS has just released new 401(k) contribution limits for 2025, bringing some exciting news for retirement savers. Beginning in the new year, the maximum annual employee contribution will increase to $23,500, a slight boost from the 2024 limit of $23,000. This adjustment applies across various workplace retirement plans, including 401(k)s, 403(b)s, most 457 plans, and the federal Thrift Savings Plan.

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Controversy Over DOJ’s Plea Deal with Tax Return Thief Chaz Littljohn

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the staff of the Ridgewood blog

Ridgewood NJ,in a controversial move, Chaz Littljohn has received a lenient plea deal from the Biden Department of Justice (DOJ) despite being accused of a significant data breach involving taxpayer information. Littljohn was charged with a single count of stealing tax returns, even though the DOJ initially stated that he had stolen up to 15 years’ worth of returns from thousands of taxpayers. Recent revelations now confirm that he stole returns from at least 50,000, and potentially up to 70,000, taxpayers.

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Hudson County Woman Gets 5 Years for $1.5 Million Fraud Scheme that Targeted Over 100 Non-Profits

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the staff of the Ridgewood blog

Hoboken N J, a Hudson County, , woman was sentenced today to 60 months in prison for stealing over $1.5 million from over 100 victims made up mainly of non-profits, private schools, and religious institutions throughout New Jersey, U.S. Attorney Philip R. Sellinger announced.

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Ridgewood High School Students File Taxes

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the staff of the Ridgewood blog

Ridgewood NJ, April 15th is just a hop, skip, and a jump away, so some RHS students in Mrs. Anderson’s Statistics with Finance course learned about filing taxes and completed a 1040 form activity, using either their own W2 or a sample W2 to file their 2023 tax return!

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Tax Bracket Creep Will Continue to Drive NJ Income Tax Bills Higher

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the staff of the Ridgewood blog

Ridgewood NJ, as the Internal Revenue Service (IRS) announced changes to federal income tax brackets to protect workers from inflation, Senator Anthony M. Bucco called for New Jersey lawmakers to advance his legislation to prevent tax bracket creep at the state level for New Jerseyans.

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Ridgewood Board of Education President Mike Lembo Violates IRS Regulations With Sommerville-Hawes Dads Night Campaign Email

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the staff of the Ridgewood blog

Ridgewood NJ, the Ridgewood Board of Education President Mike Lembo used the Sommerville-Hawes Dads Night email list to send out a promotional email for his Ridgewood Board of Education campaign in volition of the and ban on political activity by 501(c)(3) organizations.

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Tax Evasion Statute of Limitations: What to Know

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According to the U.S. Sentencing Commission, fewer than 400 people are sent to jail each year for committing tax fraud. That’s an incredibly low number when you consider that 330 million people live in the U.S. right now.

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Hoboken Woman Pleads Guilty to Stealing over $1.5 million from over 100 Victims made up mainly of Non-profits, Private Schools, and Religious Institutions

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the staff of the Ridgewood blog

Hoboken NJ, a Hudson County, New Jersey, woman pleaded guilty today to stealing over $1.5 million from over 100 victims made up mainly of non-profits, private schools, and religious institutions throughout New Jersey, U.S. Attorney Philip R. Sellinger announced.

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WalletHub Study: New Jersey Has the 9th Highest Tax Rates in the Country

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the staff of the Ridgewood blog
Ridgewood NJ, with Tax Day looming and 81% of people being more worried about inflation than taxes this year, WalletHub today released its 2023 Taxpayer Survey, as well as its yearly report on the States with the Highest & Lowest Tax Rates, in order to help people better understand this confusing time of year. You can find highlights from both below, followed by the full list of WalletHub’s 2023 taxpayer resources.

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New IRS Army Should Start by Auditing Members of Congress , Cabinet Appointees , US Government Agency Heads

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the staff of the Ridgewood blog

Ridgewood NJ, the 87,000 new agents being hired by the IRS will make the IRS larger than the US Army . The IRS will have 3.6 million employees compared to the US Army of 1.4 million . The head of the Internal Revenue Service claims that the tax collecting agency will “absolutely not” use $80 billion in new funding to step up audits of low- and middle-income Americans, but recent history would refute that .

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Former North Haledon Union Benefit Plan Administrator Admits Tax Evasion And Kickback Scheme

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the staff of the Ridgewood blog

North Haledon NJ,  former benefit plan administrator today admitted engaging in multiple years of tax evasion and a kickback scheme related to his role as administrator of two union related employee benefit plans, U.S. Attorney Philip R. Sellinger announced.

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Bergen County Woman Sentenced to 27 Months for Embezzling Money from Guided Tour Company

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the staff of the Ridgewood blog

River Edge NJ, a Bergen County,  woman was sentenced today to 27 months in prison for participating in a multi-year embezzlement scheme and subscribing to a false personal income tax return, U.S. Attorney Philip R. Sellinger announced.

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