EMD Tax and Financial Services

01/23/2026

https://bottomlinebrewcompany.com/

Had to create coffee for this upcoming Tax season. Store brands aren't cutting it anymore!

Buy coffee online and get it delivered to your door. Bottom Line Brew Company offers fresh-roasted beans with bold, smooth flavor

12/07/2024

We are collecting toys for Elfie’s House again this year. Elfie’s House gives toys to children in Barnegat, Manahawkin, and the surrounding area to make sure they have a magical Christmas. Please stop by any day this week (Monday-Friday 9-5) if you are able to donate a new, unwrapped toy! Thank you in advance!
🎄🎅🎁🤶⛄️❄️

01/14/2024

For Business Owners- Due to the new filing requirement to FINCEN for the Beneficial Ownership Information Reporting Requirement- be careful on solicitations, as there are scams going around.

FinCEN has been notified of recent fraudulent attempts to solicit information from individuals and entities who may be subject to reporting requirements under the Corporate Transparency Act. The fraudulent correspondence may be titled "Important Compliance Notice" and asks the recipient to click on a URL or to scan a QR code.

11/14/2023

EMD Tax and Financial Services is collecting unwrapped toys and gift cards for Elfie’s House. Please join us in helping Elfie’s House give the children in our community a magical holiday season!
🎄❄️🎅☃️🧤🎁

As most of you know last year we launched Elfie’s House and our 1st project was a Toy Drive. We were completely blown away by the outcome and generosity of our family, friends and community and were able to collect 1210 toys in just a few short weeks that were given to Barnegat PD and Stafford PBA and dispersed through our school systems. We are excited to announce that we will be doing it again this year. Now more than ever with the struggles of our economy less fortunate families will need help. We have been working on pulling together all of the details, dates and special events and more information will be coming soon! Stay tuned! “Because every child deserves a Magical Christmas”

01/22/2023

Tomorrow, the IRS opens up to allow electronically filed returns. Below are some facts for your reading enjoyment...

1) Roman emperor Vespasian placed a tax on urine in the 1st century A.D. Urine at that time was collected and used as a source of ammonia for laundering garments.

2) Russian Emperor Peter the Great placed a tax on beards in 1705. He hoped that the tax would encourage men to have a clean-shaven look.

3) In 1691, England taxed the number of windows on a house. Consequently, houses began to be built with very few windows or people would close up existing windows. When people began to suffer health problems from lack of windows/air, the tax was finally repealed in 1851.

4) Double amputees in Oregon get a $50 tax credit

5) The word “tax” is from the Latin taxo, meaning “I estimate

6) The Bible has about 700,000 words. The number of words in the Federal Tax Code: 3,700,000

7) England has a tax on televisions. Color TVs are taxed more than black-and-white TVs. However, if a blind person has a television, he or she has to pay only half the tax.

8) According to the IRS, the average time it used to take to complete a Form 1040 was 16 hours: In 2019, the IRS processed more than 154 million individual tax returns, equivalent to about 83.4 million days' worth of prep time.

9) The IRS pays people to provide information on someone who did not pay taxes. The whistleblower can get up to 30% of what the IRS collects in back taxes, penalties, and interest.

10) In New York, cutting a bagel turns it into prepared food, which means the store must add an 8.875% sales tax to the price.

Enjoy the Tax Season- EMD Tax and Financial Services

01/18/2023

WASHINGTON — The Internal Revenue Service today announced a delay in reporting thresholds for third-party settlement organizations set to take effect for the upcoming tax filing season.

As a result of this delay, third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as part of the American Rescue Plan of 2021.

08/29/2022

To help struggling taxpayers affected by the COVID-19 pandemic, the Internal Revenue Service today issued Notice 2022-36, which provides penalty relief to most people and businesses who file certain 2019 or 2020 returns late.

The IRS is also taking an additional step to help those who paid these penalties already. Nearly 1.6 million taxpayers will automatically receive more than $1.2 billion in refunds or credits. Many of these payments will be completed by the end of September.

Besides providing relief to both individuals and businesses impacted by the pandemic, this step is designed to allow the IRS to focus its resources on processing backlogged tax returns and taxpayer correspondence to help return to normal operations for the 2023 filing season.

Send a message to learn more

05/20/2022

If your 2020 Tax returns, refunds, or responses are not resolved yet....Please read below

IRS Comments on Destroyed Information Returns
According to a Treasury Inspector General for Tax Administration (TIGTA) report, in March 2021, due to the increasing backlog, the IRS destroyed 30 million 2020 paper-filed information return documents. The IRS uses these documents to conduct post-processing compliance matches to identify taxpayers who do not accurately report their income.
Since the release of the report, the IRS has issued a statement in which the agency defends the decision by noting that 99% of the information returns it received were matched to corresponding tax returns and processed. The remaining 1% was destroyed due to a software limitation and to make room for new documents relevant to the pending 2021 filing season. According to the IRS, there were no negative taxpayer consequences resulting from this action. The IRS also noted that taxpayers have not been and will not be subject to penalties resulting from this action