Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative. The projected start date will be April 1 and the effort will initially run through July 15, 2020. During this period, to the maximum extent possible, in-person contact will be avoided; however, the IRS will continue to take steps where necessary to protect all applicable statutes of limitations.

Some of the highlights affecting taxpayers include:

Installment Agreements

Existing Installment Agreements. For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020, are suspended. Taxpayers who are currently unable to comply with the terms of an Installment Payment Agreement, including a Direct Deposit Installment Agreement, may suspend payments during this period if they prefer. Furthermore, during this period, Installment Agreements will not be defaulted on. By law, interest will continue to accrue on any unpaid balances.

New Installment Agreements. Taxpayers unable to fully pay their federal taxes can resolve outstanding liabilities by entering into a monthly payment agreement with the IRS. Please contact the office if you need assistance with this.

Offers in Compromise (OIC)

Several steps are available to assist taxpayers in various stages of the OIC process:

• Pending OIC applications – Taxpayers have until July 15, 2020 to provide requested additional information to support a pending OIC. In addition, any pending OIC request before July 15, 2020, will not be closed without the taxpayer’s consent.
• OIC Payments – Taxpayers have the option of suspending all payments on accepted OICs until July 15, 2020, although by law interest will continue to accrue on any unpaid balances.
• Delinquent Return Filings – The IRS will not default an OIC for those taxpayers who are delinquent in filing their tax return for tax year 2018. However, taxpayers should file any delinquent 2018 return (and their 2019 return) on or before July 15, 2020.
• New OIC Applications – Taxpayers facing a liability that exceeds their net worth can resolve outstanding tax liabilities through “Fresh Start.” Don’t hesitate to call if you have questions about this.

Non-Filers

If you have not filed a return for tax years before 2019, it is in your best interest to file any delinquent returns as you may be owed a refund. More than 1 million households that haven’t filed tax returns during the last three years are actually owed refunds and there is still time to claim these refunds. Once delinquent returns have been filed, anyone with a tax liability should consider taking the opportunity to resolve any outstanding liabilities by entering into an Installment Agreement or an Offer in Compromise with the IRS to obtain a “Fresh Start.” Please call if you need help filing delinquent tax returns.

Field, Office, and Correspondence Audits

During this period, generally, no new field, office and correspondence examinations will be started and the IRS will continue to work refunding claims where possible. New examinations may be started, however, where deemed necessary to protect the government’s interest in preserving the applicable statute of limitations.

In-Person Meetings. In-person meetings regarding current field, office, and correspondence examinations will be suspended. Even though IRS examiners will not hold in-person meetings, they will continue their examinations remotely, where possible. Taxpayers are encouraged to respond to any requests for information they already have received – or may receive – on all examination activity during this period if they can do so.

Unique Situations. There may be instances – particularly for some corporate and business taxpayers – where the taxpayers desire to begin an examination while people and records are available and respective staff are available.

General Requests for Information. In addition to compliance activities and examinations, taxpayers are encouraged to respond to any other IRS correspondence requesting additional information during this time if possible.

Help is Just a Phone Call Away

Specific information about the implementation of these provisions is forthcoming; however, if you have any questions or if any of these situations affect you, please call.

Accounting Service : As a business owner in New Jersey, you know how hard it is to start your brand. What’s even harder is to prevent it from falling. What’s more? 75-80% of start-ups in the States fail within the first year of their inauguration. This is not a joke; due to several factors, many start-ups and brands just fail to make an impact. 

One such reason is the lack of proper financial management. You see many times; new entrepreneurs do not take the initiative to hire a business startup services New Jersey. Rather, they take it upon themselves to handle the finances of their company and this isn’t always such a smart idea.

Now, we aren’t saying that brand owners aren’t capable of monitoring and handling finances. However, most of these people are new to managing businesses. Therefore, these entrepreneurs should focus on their business growth and leave the finance handling part to trusted accountants. 

A good accountant has years of experience, work ethics and insight on the right way to handle and monitor finances. As a result, these accountants can prevent a company from spending excess money and channel it towards profitable growth. Want to know other ways in which an accounting firm can help you out.

Let us tell you! We are Thomas Ross Financial Group, one of the best business startup services New Jersey that provide accounting and business valuation services. 

Today, we are here to highlight a few reasons why hiring accounting services can benefit a brand in many ways.

1. Taking the Burden off

Hiring reputed accounting services will mean entrepreneurs have to pay extra money to accountants. This is one of the prime reasons why businesses do not hire entrepreneurs. However, when the CEO’s take the burden of financial management on their plate, they fail to fully focus on their business. 

Therefore, even if the cost of hiring an accountant might seem big, it is better entrepreneurs do so. These accountants are experienced and smart; as a result, when it comes to saving money, these accountants can help the entrepreneur in an invaluable way. 

2. Perfect Future Planning

One of the best reasons to invest in an accounting service is that your accountant will help you with optimal future planning.  

As your accountant collects data and makes financial reports, you can go over these with him/her. These statements and reports will help you plan your future finances optimally and steer your company towards profitable growth. 

3. Get Tax Deductions Timely

Entrepreneurs are on their guard on tax-season. Most are trying their best to save up money during tax deductions. However, most end up waiting till the end of the year to save up, and this is where they mess.

Often when they wait till the end, the opportunity to save up money is gone. However, if these entrepreneurs hire trusted accounting services New Jersey they can solve this issue. Experienced accountants monitor finances all year long. As a result, they know exactly where to hit to save finances.

The reason being these accountants keep track of excessive expenses and depreciation that help them understand a company’s finances. Therefore, based on collected data these accountants help in availing tax deductions timely.

4. Prevent Succumbing to Fraud

One of the biggest threats faced by brands is becoming a victim of fraud. Many times when a brand owner is busy monitoring other aspects of business there can be unscrupulous people at work who secretly deplete the company finances.

This is something an accountant can prevent. How? Well, your accountant is continually monitoring your finances all year long. Therefore, if he witnesses any suspicious activities, he will instantly report it to you. After that, your accountant will make sure to take the steps necessary to protect your finances from unethical frauds.

5. Quick Decision Making

Often business entrepreneurs face a predicament that involves decision making. There are so many choices to pick from and taking a wrong decision means hampering the company finances. This is why entrepreneurs should opt for hiring accounting services New Jersey.  

Skilled accountants are very good at giving financial advice to clients. The reason being they monitor the company finances all year long. So, they know exactly how much a company can profit and what are its shortcomings.  

Therefore, the advice given by accountants is invaluable. Firstly, they will save you money, and secondly, these accountants will prevent you from investing too much in unnecessary things. 

On that note, now that you’re aware of the many perks of hiring reputed accounting services, why don’t you consult us at Thomas Ross Financial Group? We have some of the best accountants in New Jersey who can help your brand reach new heights. We also offer business start-up services and more. So, hurry! Contact us today and let us protect your finances the smart way.

Want to start a Business in New Jersey ? Are you thinking of being your own boss in New Jersey? If so, great choice! New Jersey is one of the most successful cities for small businesses. In fact, it is ranked as the 3rd most popular city associated with start-up growth.

So, if you have the right mindset and the resources, you can succeed in your business endeavor in no time. However, starting your business is no easy task. If you do not undertake the right procedures and plan right, you might end up in deep waters. Nevertheless, you do not need to worry about that because we at ThomasRoss Financial Group are here to assist you.

We have experienced business analysts who are here to guide you for your business startup services New Jersey. So, sit tight and check out our 5 tips by experts to start your business in New Jersey like a pro!

Beginning with,

1) Be Firm and Passionate

Business isn’t child’s play! So, chances are when you come up with the idea to pursue a business you might like certain parts and dislike others. Now, it’s okay to not like certain aspects of the business. Just make sure that you are fired up about it.

Make a plan, build up and idea and look for ways to grow your enterprise by encompassing that idea. The best advice we have for you is to pick a niche you’re passionate about. For example, you like making clothes, so center your business on a fashion brand and so on. Just ensure that whatever niche you pick, excites you and entices you to do better.

2) Build an Idea

This isn’t a surprise, to build a powerful business you need a strong idea. So, think of an idea no one has ever come up with. Find what excites you and based on that prepare an innovate idea that helps you stand out from the crowd.

To check the strength of this idea you should consult your trusted friends and family. For a more professional insight, you can even contact a business startup services New Jersey. These services can help you understand the strength and weaknesses of your idea, and even undertake a business evaluation service.

3) Pick a Powerful Name and Logo

Once you have decided on a business idea, your next task is to create a powerful brand name and logo. Remember, your brand name should be easy to pronounce, catchy and describe the essence of your brand.

Similarly, your brand logo needs to be concise, crisp and very powerful. So, use colors that reflect your brand image best and work on the name and logo. Additionally, ensure that your brand name is strong enough to compete with your market opponents.

4) Undertake Business Evaluation

Conducting market research is of primary importance when you’re about to start a business. So, the best thing to do is to consult a reputed business startup services New Jersey. These people will help you undergo business evaluation, which is very crucial for analyzing the value of your business in the economy.

Via business evaluation, you can find out the current value of your brand in the market. So, once you have the current value, you can plan a business module for your future endeavors. This will help you improve your finances, help manage resources effectively and steer your brand towards good profit.

5) Sketch the Business Module 

If you have an idea and understand the current value of your business, it’s time to plan your business module. Additionally, once you start planning your business module, you might even come across shortcomings that you failed to notice earlier.

Therefore, to plan the business module you need to do these 4 things:

A ) Focus on Product Development 

Plan out the service/products you’ll deliver to your clients and sign up with a wholesaler. However, if you’re the one manufacturing the product/service, ensure that you use high-quality raw materials for delivering the best products to your customers.

B ) Sales and Advertisements

To do this, ask your business startup services New Jersey to help you with understanding your demographics. You can use tools or other means to analyze the needs of your target audience. Once you have an idea of what your target audience wants, invest some money on digital advertisements.

With the right kind of advertisement campaigns, you can easily get your product and services to reach your required clients.

C ) Employment staff

Understand the number of staff you require and determine their wages in advance. This will prevent you from having issues with salary payment and management.

D ) Financial Policy

You should plan how much you wish to invest in your brand. Therefore, determine the salary of your employees, the cost of your service/product etc.

Well, that’s about planning the business endeavor in New Jersey. So, once you’re done with all this, focus on registering your business with an LLC or corporation. Once done, you’re set to be your boss.

So, for more insight into business startups, you can always take the help of our experts at ThomasRoss Financial Group. Just visit our website to know more!

Not long ago you set up a business in the States and over the years your peers keep suggesting that you take up business valuation services New Jersey. Now, you might wonder what this business valuation is and why is there so much hype about it.

Well, we at ThomasRoss Financial Group are going to tell you. So, take a seat and read this blog to understand the whole deal on business valuation.

Let’s Begin:

Understanding Business Valuation

In simple terms, business valuation means understanding the market value of your business. So, suppose you wish to sell your business in the long run but have no idea about the accurate worth of your brand as per the economy, business valuation can help you.

To understand that value of your brand, your business valuation service will look into several aspects of your business in its tenure and decipher its accurate brand value. Once you understand your brand’s accurate worth, you won’t have to worry about being fooled by buyers. Some of the common aspects considered for business valuation are future earnings, the company’s financial structure and assets.

On that note,

Let’s understand the benefits of business valuation in detail.

1. Analyzing Resale Value of an Enterprise 

When you’ve set up a company you might have planned to turn it into something big before you decide on selling it. However, to do that you must understand the current value of your company. The reason being only when you know the estimated value of your company can you implement plans boost its value more. This way you can easily procure a higher selling price for your enterprise.

This is why you must take the help of business valuation services New Jersey to find your enterprise’s resale value.

2. Understanding Company Assets 

Regardless of the business you own, it is evident that you use a few assets for the betterment of your company. However, often in the rush to make your business successful, you might overlook the health and status of your assets. As a result, this can lead to several shortcomings that might hamper the health of your business. This is where undergoing business valuation can offer you good ROI. You can use business valuation for understanding the health and status of your company’s assets. Once you do, you’ll know how much insurance coverage you can procure for the company assets.

Apart from this, you will understand, which device or machinery needs servicing and care. This way, the health of your assets will improve and thus, your company’s productivity will double.

3. Grasping Company’s Market Value 

One of the prime reasons you should go for business valuation is that you’ll understand the current position of your company in the global market. Now, you might have a basic insight into your company’s value from available data like stock market valuations and more. However, business valuation goes deeper than this and helps provide accurate numbers that determine the worth of a company.

This additionally, helps brands predict the valuation growth of a company over the years to come. As a result, you can formulate your business module and plans to increase the resale value of your brand.

4. More Investors Here We Come!

At certain times investors are crucial for boosting the health of a company. These investors can either save a company from the brink of extinction or push it towards more profit. Either way, the investors don’t normally want to step into uncharted territories.

Therefore, it is natural that the investors would want to see a complete business valuation of your company to know what they are getting themselves into. Thus, if you undergo a business valuation services New Jersey your investors will have a piece of complete knowledge on where their money is going. So, once they are satisfied that your company will give them substantial ROI, they’ll most likely invest in yours.

On that note, now that you’re aware of the benefits of undergoing business valuation, let’s quickly review a few of the methods used in the process.

Read on,

1) Asset and Previous Earning Valuation 

For assets, your business valuation services New Jersey will calculate cash, real estate, equipment, patents, stocks, trademarks and more to decipher the complete value of assets.

For previous earning valuation, the things to be noted are current earnings, monetization of cash flow, debts and gross income. Now, once all these factors are skimmed through your business valuation company can find out the previous earning valuation with ease.

2) Future Earning Valuation

The calculation of current profits often helps brands in understanding how profitable their enterprise will be in the long run. Therefore, to calculate this, business valuation companies analyze gross profits, sales, and expenses of the past 3 years to find a current value.

On that note, now that you have a concrete idea on business valuation and what it entails, ensure to invest in this now. For the best services, you can always contact us at ThomasRoss Financial Group for an accurate business valuation. Thank you!