Fiorentino, CPA LLC

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NJ to Offer Tax Amnesty in 2018 The 2018 New Jersey Tax Amnesty will provide an opportunity for eligible taxpayers to file and pay their past due taxes with reduced interest and no penalties. Take advantage of Amnesty while you can: Eligible periods cover State tax liabilities for tax returns due on or after February 1, 2009 through September 1, 2017. Some restrictions apply.... The program may not begin until after November 1, 2018 and will end by January 15, 2019. Exact dates are to be determined. To receive amnesty, a taxpayer has to make full payment of any tax owed and one-half of any interest due as of November 1, 2018. If the taxpayer has not previously filed a tax return to report the tax due for which the taxpayer is seeking amnesty, the taxpayer must file the required return(s) on or before the last day of the amnesty period. Amnesty is not available to any taxpayer who at the time of payment is under criminal investigation or charge for any state tax matter. If you do not take advantage of Amnesty: An additional 5% non-abatable penalty is imposed on any eligible debts not resolved during the Amnesty period. Details of the program are still forthcoming. We will publish the program’s eligibility information once it’s released. You can also check the NJ Division of Taxation’s Amnesty page for updates here: https://www.state.nj.us/treasury/taxation/amnesty.shtml

In case you're looking into a Home Equity Line of Credit to pay off credit card debt in 2018, the IRS has changed the rules about being able to deduct the interest on your tax return. Take a look at this notification from the IRS website. If you have any questions, feel free to contact me. https://www.irs.gov//interest-on-home-equity-loans-often-s

https://www.irs.gov//irs-advisory-prepaid-real-property-ta

This if for all my fellow tax preparers out there. https://www.accountingtoday.com//irs-loses-lawsuit-over-pt