Most of you have already received your refunds for 2008. With the economy and financial losses affecting all of us, Now, is time to start planning for 2009! With new Tax Law and less available income and financial investments, any economic stimulus that is available to you is more important. The Social Security Service will start mailing out checks, for $250.00, to everyone over 65 years of age. The rest of us should benefit from lower tax withholding rates and slightly larger net payroll checks. Please review the "Tax and Helpful Hints" and the “ARARA - TAX ACT OF 2009" Links, to see if any of the Tax Law changes will apply to you. Again, I want to Thank you all for being timely and organized, this past Tax Season and look forward to being able to help you, with any questions or thoughts you may have, thru this year. Certainly, do not hesitate to call me so we can discuss any provisions that maybe available to you! Enjoy the Summer months, they always seem to pass us by too quickly. Best Regards, Craig R. Bolotsky CPA  Craig R. Bolotsky CPA |
BREAKING NEWS: The IRS has granted a Temporary Moratorium on any pension distributions for 2009. Due to the tremendous loses incurred in investments, they do not feel that the taxpayers should have to be forced to sell your assets at a loss in a down market. So, you can elect not to make any distributions from any retirement plan in 2009, whether required or not. New Jersey Tax Amnesty Program Governor Jon S. Corzine recently signed a bill into law that requires the Director of the Division of Taxation to establish a tax amnesty period, not to exceed 45 days in duration, which shall end no later than June 15, 2009. As a result, the Division of Taxation has announced the Tax Amnesty program will begin on May 4, 2009, and end on June 15, 2009. In accordance with the law, amnesty “…shall apply only to State tax liabilities for tax returns due on or after January 1, 2002 and prior to February 1, 2009 and shall not extend to any taxpayer who at the time of payment is under criminal investigation or charge for any State tax matter, as certified by a county prosecutor or the Attorney General to the director.” In accordance with the provisions of the law, the program will offer a waiver of all penalties, referral cost fees, and one-half of the balance of the interest that remains due as of May 1, 2009, provided payment of all tax owed and one-half of the balance of the interest that remains due is paid in full during the amnesty period. In addition, all filing requirements must be satisfied for delinquent returns |