A SJBiz_Dept_Tax_Season_0124 - pic.qxp_Dept 1 / 12 / 24 2 : 52 PM Page 1 T A X S E A S O N Words of Wisdom As we head into the 2024 tax season , local professionals offer tips on how to tackle this year’s unique challenges . [ By Matt Cosentino ] or those in the accounting and payroll industries , tax season is kind of like The IRS is undergoing a massive the Super Bowl for an NFL franchise . Except , instead of two weeks of intense overhaul and promises this tax sea - preparation leading up to the big game , it stretches on for months ahead of son to be much smoother . Are you confident that some of the kinks F the April 15 deadline , and even after that date there are still questions to an - swer and clients to assist . have been worked out ? Adding to the chaotic nature of this time of year is that there is always a new set of regulations or updates to tax provisions that must be considered when preparing JW : I think it is still a dumpster fire . They are and filing either business or personal returns . still catching up from the pandemic . They “ Without a doubt : There’s always something new and every tax season has its have hired new people who are learning , but own challenges , ” says Reynold P . Cicalese III , associate partner at Alloy Silverstein they are still slow in responding and there Accountants and Advisers and the immediate past president of the Southwest Jersey are certain functions , like the Taxpayer Ad - chapter of the New Jersey Society of Certified Public Accountants . vocate Office , still overwhelmed by the vol - “ It’s really difficult to say what those challenges are going to be each year until ume of work . Now more than ever people you really get into it . Over the last few years , there have been issues with the IRS will benefit from representation . People do specifically where , since COVID , they’ve been really slow at getting things processed . not have to try to resolve these tax contro - … It’s gotten a little bit better — they’ve gotten caught up on that a little bit — but versy issues alone . Without a background in there’s always something new . ” tax law , rules and regulations , knowing the Fortunately , business owners in the region have access to a number of experienced different divisions , how programs work , what professionals who can help them overcome any obstacles , and South Jersey Biz spoke the timelines are , what the next step is , peo - to several of them to get their thoughts on the 2024 tax season for the 2023 tax year . ple will be hard pressed to find solutions . It In addition to Cicalese , the group includes Jo - Ann Weiner , a forensic accountant is easy to innocently say the wrong thing that who previously worked for the IRS for 35 years and is now the owner of J.L . Weiner & means something different to a taxing au - Associates , with a focus on tax controversy resolution , business litigation and matri - thority . monial matters ; Kirsten Toler , a CPA and the owner of KMT Consulting , which spe - cializes in small businesses in a range of industries , along with individual tax needs ; What are some of the key changes to and Frank Plum , president of Workplace HCM , a company whose services include this tax season that you want your payroll management and assistance with tax compliance . clients to be aware of ? KT : From a state perspective , New Jersey businesses still have the opportunity to elect something that allows them to pay state taxes at the business level , which actually gives in - dividuals an advantage because in states like New Jersey , we pay a lot in income tax . The way that the tax laws in 2018 shifted things , state taxes and real estate taxes used to be a big deduction for people if they itemized their deductions on their personal return . Well , that became capped at $ 10,000 , so peo - ple who live in states like New Jersey , Cali - fornia or New York , where the income tax rate and the real estate tax rates are higher , you kind of got the raw end of the deal . So several states , New Jersey included , now have the option for businesses — partnerships or S cor - porations where the income gets taxed to 10 | SOUTH JERSEY BIZ | VOLUME 14 ISSUE 1 | SouthJerseyBiz.net