Tax Memo – NJ Tax Amnesty 2018 Is Here!
This memo has been updated. Please click here to read the latest NJ Amnesty Information -----> Memo – NJ Amnesty Letter – Did You Get One? Do you, or [...]
Memo – Beware of Radio/Internet Ads Promising Tax “Relief”
It is extremely rare that the IRS, or any state, will reduce your tax liabilities when you have the ability to pay them in the future. The radio and [...]
Radio Interview – Crypto Currency, NJ Refunds, Payroll Deductions, Unreimbursed Expenses
Listen to this informative interview where Chris Whalen, CPA discusses: Cryptocurrency NJ Refunds Delayed Checking The Adequacy of Your Payroll Deductions Unreimbursed Expenses Get my memos in your inbox [...]
Tax Memo – Some NJ Refunds Are Very Delayed This Year
Some NJ refunds are severely delayed this year. I have inquired with The Division of Taxation several times, but they have yet to give me a definitive reason why. [...]
Interview – Crypto (Virtual) Currency and Income Taxes
NOTE: If viewing this memo on a phone or tablet, use landscape mode. I was featured in an article for ROI-NJ on Crypto (Virtual) Currencies and Income Taxes. Page [...]
Crypto Memo – Yes, You Should Report Your Cryptocurrency Trades On Your Tax Return
Purposefully not reporting or misreporting your Crypto related income is Tax Evasion at a minimum, and Tax Fraud at worst. I follow many crypto podcasts, forums and newsletters and [...]
Crypto Memo – Coinbase To Report User Information To The IRS, Other Exchanges Will Follow Suit
In response to a court order, Coinbase is reporting information on some of its users. If you have crypto transactions you haven't properly accounted for over the past several [...]
Memo – Can’t Pay Your Taxes? – There Are Options!
If you are going to attempt to use the IRS Website to establish an installment plan, I urge to call me before you start so I can give advice [...]
Memo – The Tax Savings From Tax Reform Could Offset The Rise in Mortgage Rates
We have seen an uptick in mortgage rates and this has people believing they can afford less of a house. This is quite often untrue, as the tax savings [...]
Watch my Youtube interview with Styxhexenhammer666
Watch my Youtube interview with Styxhexenhammer666 "A Chat With Chris Whalen, CPA Re: Trump Tax Plan, SALT, Income Tax Brackets, etc" Get my memos in your inbox by clicking [...]
Tax Scam Alert – Scammers Sending Erroneous Refunds Then Calling to Return Money to a Collection Agency
Red Bank, NJ — I wanted to warn taxpayers of a quickly growing scam involving erroneous tax refunds being deposited into their bank accounts. I will also provide a [...]
Tax Memo – Common IRS Tax Filing Myths
Red Bank, NJ — With the 2018 filing season in full swing, I wanted to offer taxpayers some basic tax and refund tips to clear up some common misbeliefs. [...]
Tax Memo – Mortgage Insurance Premiums ARE Deductible In 2017 – Legislation Was Passed Extending
NOTE: If viewing this memo using a phone or tablet, use landscape mode. Mortgage Insurance Premium (MIP) treated as qualified residence interest has been extended to 2017 so they [...]
Tax Memo – Check Your Pay Stubs For Accuracy! – Payroll Tax Tables Have Changed
President Trump's Tax Reforms will mean lower taxes for most of us. Part of this process is the changing of the payroll tax tables for the federal income tax [...]
Tax Memo – Mortgage Insurance Premiums May Still Be Deductible In 2017
This memo has been superseded. The legislation did pass extending this deduction into 2017. Please click below to read the updated memo. Tax Memo – Mortgage Insurance Premiums ARE [...]
Memo – Options For Paying Your Federal Taxes
There are many ways to pay your federal taxes. The best and most efficient method is to pay your taxes using a direct debit from a bank account when [...]
Tax Memo – Crypto (Virtual) Currency Income Tax Q&A
Are you concerned or confused about how to account for your crypto currency transactions for tax purposes? My firm specializes in analyzing these. Contact us so we can prepare [...]
Tax Reform Update – Child Tax Credit – In 2018, Millions More Are Now Eligible
Under tax reform, starting in 2018, each of your qualifying children may qualify for a Child Tax Credit of up to $2,000. That is double what it was in [...]
Interview – Tax Reform Update – Case Study – 100k Family of 4, Deduction Limitations, Mortgage Interest
Topics: Case Study - Family of 4, Two Parents, Two Children, 100K of wages, renters wondering if buying a home is worth it. SALT Deduction Limitations, Mortgage Interest, Home Equity [...]
Memo – Professional Relationship Inventory
All of us should have a REAL PERSON to contact in the significant areas of our lives shown below. If you have NO contact, or only a customer service [...]
Tax Reform’s Impact – Case Study #4
FACTS: Family of 4, Two Parents, Two Children, 100K of wages. In 2017 they were renters. This case study will analyze and compare the same financial facts based on the [...]
Tax Reform’s Impact – Case Study #1
FACTS: Family of 4, Two Parents, Two Children, 230K of wages, homeowners with itemized deductions. Are you concerned about how the new law will impact your family's or business’ [...]
New Tax Season Notes – Helpful Checklists And Filing Information
Hello and Happy New Year! Tax Season is here again! Tax Preparation Checklist OVERVIEW I prepared this checklist to assist you in gathering your end-of-year income tax information. [...]
Memo – NY and NJ Minimum Wage Changes for 2018
NOTE: If viewing this memo using a phone or tablet, use landscape mode. New Jersey: $8.60 an hour New York State: New York’s minimum wage rate depends on the geographic location [...]
Trump Tax Plan Final Version Issued – Highlights Inside
The House-Senate conference committee has issued their final version of the Trump Tax Plan. I expect this to become law when it finally comes to a vote before Christmas. [...]
Tax Memo – Seniors and Retirees – This Memo’s For You
My Retiree and Senior client base continues to grow, and with that comes special tax planning needs. There is so much information out there on taxes and from so [...]
Veterans’ Tax Memo – Military Family Tax Relief Act – Know Your Veteran Benefits
On Nov. 11, 2003, President Bush signed into law the Military Family Tax Relief Act of 2003. Among its provisions are these tax breaks related to military personnel: Death [...]
Tax Memo – 2017 Mileage Rate is 53.5 cents Per Mile
2017 Standard Mileage Rates for Business, Medical and Moving Announced WASHINGTON — The Internal Revenue Service today issued the 2017 optional standard mileage rates used to calculate the deductible costs [...]
Chris Whalen, CPA – Master Memos & Podcasts Listing
Click on the memo name to open. IRS Memo – How To Pay The IRS | Payment Plan Info | Offer In Compromise Trump Memo [...]
Tax Memo – Beware of Fake IRS Tax Bill Notices
Chris Whalen, CPA is issuing a warning to all taxpayers of fake IRS tax bills they may receive related to the Affordable Care Act. We have received numerous reports of [...]