The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
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Ridgewood NJ, according to CPA James Brown, The IRS has warned taxpayers of a clever scheme by internet scammers to dupe tax-payers into revealing their bank account information under the guise of receiving the $1,200 Economic Impact Payment (EIP) that Congress authorized last Spring.
Continue reading Beware of New Text Scam Related to Stimulus Payments
One of the most important things in the life of any entrepreneur is filing for taxes. This procedure is seen as complex and stressful by the majority of people since not doing the paperwork properly can produce serious consequences and fines.
The forms you need to submit will depend on the type of business your run. However, whatever kind of services or products you provide to the customers, you want all your taxes paid in full and in time.
Here are some of the most important tax forms entrepreneurs should get to know and understand.
Continue reading The Most Important Tax Forms Entrepreneurs Must Submit
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Cliffside Park NJ, A Bergen County, attorney was arrested today and charged with fraudulently obtaining approximately $9 million in Paycheck Protection Program (PPP) loans, U.S. Attorney Craig Carpenito and Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department’s Criminal Division, announced.
Jae H. Choi, 48, of Cliffside Park, New Jersey, is charged by complaint with three counts of bank fraud and one count of money laundering. He is expected to make his initial appearance by videoconference today before U.S. Magistrate Judge James B. Clark III.
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Hillside NJ, A Union County, New Jersey, man was indicted today on charges of filing false tax returns, statements, and other documents; failing to file a tax return; wire fraud; and student aid fraud, U.S. Attorney Craig Carpenito announced.
Anthony Salters, 58, of Hillside, New Jersey, the Hillside Democratic Chairman was charged by indictment with one count of subscribing to a false tax return for tax year 2013, two counts of subscribing to false tax returns, statements, and other documents for tax years 2014 and 2015, one count of failing to file a tax return for tax year 2016, and four counts of wire fraud and three counts of student aid fraud in connection with student financial aid obtained for his dependent child. No date has been scheduled for Salters’ arraignment.
Continue reading Hillside Democratic Chairman Indicted on Tax and Fraud Charges
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NEWARK NJ, A Romanian man arrested in Germany admitted today to conspiring to engage in wire fraud and offering and selling unregistered securities in connection with his role in the BitClub Network, a cryptocurrency mining scheme worth at least $722 million, U.S. Attorney Craig Carpenito announced.
Hundreds of Domains Disrupted Through Public and Private Sector Cooperative Efforts
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Washington DC, Federal authorities announced today that an ongoing cooperative effort between law enforcement and a number of private-sector companies, including multiple internet domain providers and registrars, has disrupted hundreds of internet domains used to exploit the COVID-19 pandemic to commit fraud and other crimes.
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Trenton NJ, Senator Anthony M. Bucco today urged Governor Murphy to sign legislation extending the New Jersey tax filing deadline to June 30.
“The coronavirus has disrupted normal life. Workers who had stable jobs suddenly find themselves unable to make a living due to necessary restrictions ordered by the governor to slow the spread of the disease,” said Bucco (R-25). “Businesses have shut down, and people are worried. The current deadline is April 15, just three weeks away. The extension is warranted and necessary, especially for taxpayers who may end up owing a tax payment to the state.”
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The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.
Continue reading IRS : Payment Deadline Extended to July 15, 2020
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TRENTON NJ, Legislation introduced in the New Jersey Senate would decimate the livelihoods of thousands of New Jerseyans who choose to work for themselves. Today, Fight For Freelancers NJ — a group of more than 1,000 independent contractors, creatives, and businesses — is launching a video series that will roll out in the upcoming weeks, educating lawmakers about the need to reject S863 and, instead, enact a modern labor law.
Continue reading Anti Business New Jersey Lawmakers Attack Independent Contractors
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NEWARK NJ, An Essex County, New Jersey, tax preparer today admitted her role in conspiring to defraud the IRS and filing false personal tax returns for a New Jersey business owner and two other individuals, U.S. Attorney Craig Carpenito announced.
Zenobia Williams, 52, of Maplewood, New Jersey, pleaded guilty before U.S. District Judge Kevin McNulty in Newark federal court to one count of conspiring to defraud the IRS by reporting false business expenses on the business owner’s tax return to fraudulently reduce his tax liability and by reporting those sham expenses as income on two other individuals’ tax returns to obtain unwarranted refunds for them.
Continue reading NJ Tax Preparer Admits Conspiring To Commit Tax Fraud Thru False Filing of 1099’s
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Hackensack NJ, A federal grand jury today indicted an orthopedic surgeon for failing to pay over payroll taxes to the IRS and failing to report a foreign bank account, U.S. Attorney Craig Carpenito announced.
Brian Mehling, 54, of Hackensack, New Jersey, was charged in an 11-count indictment with 10 counts of failing to collect, account for, and pay over payroll taxes for one quarter in 2014, three quarters in 2015, three quarters in 2016, two quarters in 2017, and one quarter in 2018, and one count of failing to report a foreign bank account holding more than $10,000 for calendar year 2018.
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Plainfield NJ, A Plainfield, New Jersey, tax preparer was sentenced today to 30 months in prison for conspiring to defraud the IRS, falsifying his tax returns, and witness tampering, U.S. Attorney Craig Carpenito announced.
Samuel Davis Jr., 54, previously pleaded guilty before U.S. District Court Judge Susan D. Wigenton to a three-count information charging him with conspiring to defraud the IRS, filing false personal tax returns, and witness tampering. Judge Wigenton imposed the sentence today in Newark federal court.
Continue reading Tax Preparer and NJ State Trooper Sentenced To 30 Months In Prison For Tax Fraud
Provides Clarity but Questions Remain
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ROSELAND NJ, The New Jersey Society of Certified Public Accountants (NJCPA) reminds taxpayers that the Internal Revenue Service’s newly released two-part guidance on the tax treatment of virtual currency — such as Bitcoin, Litecoin and Libra — helps to clarify many issues relating to accounting, financial reporting and distribution. However, questions still remain over addressing noncompliance as well as whether or not the IRS will differentiate hard forks (blockchain nodes that no longer accept the newest version of the blockchain and diverge from the existing distributed ledger) from airdrops (means of distributing units of a cryptocurrency to the distributed ledger addresses of multiple taxpayers). Soft forks do not generate a taxable event due to the lack of new cryptocurrency creation.
Continue reading New Jersey Society of CPAs Reminds Taxpayers of New IRS Guidance on Cryptocurrency
by Beata Savreski CPA, MST Individual and Business Tax
Upper Saddle River NJ, now that fall is here and school has started, many teachers are dipping into their own pockets to buy classroom supplies. Doing this throughout the year can add up fast. Fortunately, eligible educators may be able to defray qualified expenses they paid in 2019 when they file their tax return in 2020.
Continue reading What teachers should know about deducting out-of-pocket classroom expenses
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Saddle River NJ, A tax preparer from Bergen County, New Jersey, was sentenced today to 72 months in prison for filing false federal income tax returns, stealing client refunds, and committing identity theft in connection with refunds stolen from a deceased taxpayer, U.S. Attorney Craig Carpenito announced.
Wayne Dunich-Kolb, 54, previously pleaded guilty before U.S. District Judge Kevin McNulty to four counts of a second superseding indictment: aiding and assisting preparation of false tax returns; subscribing to false tax returns; mail fraud while on pretrial release; and aggravated identity theft. Judge McNulty imposed the sentence today in Newark federal court.
Continue reading Bergen Tax Return Preparer Sentenced To Six Years In Prison For False Tax Filing
