Did you know that FEMA is providing financial assistance for COVID-19 related funeral expenses? To be eligible for this assistance, you must meet the following criteria: The applicant must be a U.S. citizen, non-citizen national, or qualified alien who incurred funeral expenses on or after January 20, 2020. The death must have occurred in the U.S., but the deceased person does not have to be a U.S. citizen, non-citizen national, or qualified alien. The death certificate must

As of January 2022, the IRS now requires reporting of payments for goods and services exceeding $600 in a calendar year. Anyone who receives $600 or more in payments for goods and services through Venmo (or any other payment app) can expect to receive a Form 1099-K with their year-end tax documents. Please note that this new reporting requirement does not apply to transactions between family and friends. This only affects payments received for goods and services. Senders can

New Jersey no longer has its own estate tax. There is a federal estate tax, but the exemption against this tax is about $12 million per person, which means that it does not apply to the vast majority of people. However, New Jersey does have an inheritance tax. The inheritance tax will only apply to NJ residents whose heirs are not spouses, parents, or children. The inheritance tax rates can be as high as 16%. Feel free to contact us with any questions. #trusts #tax #IRAs #tax

To all parents: once your children turn 18, you, as a parent, no longer have any control over your children's medical care, or even access to their medical records. It's a good idea to have your children execute simple medical directives when they turn 18 to allow you to continue making medical decisions for them and to access their medical records in the event they are in an accident or otherwise need medical care. If they are going away to college, you should consider takin

If you extended your 2020 federal income tax return until October 15 and have not filed yet, you should know that the IRS may have automatically extended the due date for your return until January 3, 2022. The automatic extension only applies to residents of the following counties Bergen, Essex, Gloucester, Hudson, Hunterdon, Mercer, Middlesex, Morris, Passaic, Somerset, Union and Warren. New Jersey has adopted the same rule for extended 2020 NJ income tax returns. Certain

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