January 31, 2024
Another tax season is officially underway, and the editors at South Jersey Biz magazine spoke to several experienced professionals to get their thoughts on the 2024 tax season for the 2023 tax year. Associate Partner Ren Cicalese III, CPA, MST offered his thoughts in the article titled, “Words of Wisdom: Navigating Tax Season.”
“Without a doubt: There’s always something new and every tax season has its own challenges,” says Reynold P. Cicalese III, associate partner at Alloy Silverstein Accountants and Advisers and the immediate past president of the Southwest Jersey chapter of the New Jersey Society of Certified Public Accountants.
“It’s really difficult to say what those challenges are going to be each year until you really get into it. Over the last few years, there have been issues with the IRS specifically where, since COVID, they’ve been really slow at getting things processed. … It’s gotten a little bit better—they’ve gotten caught up on that a little bit—but there’s always something new.”
[…]
Are there certain developments you’re especially keeping an eye on this tax season for your clients?
RC: We do a lot of tax projections here at our firm, and one thing I can tell you that a lot of people—both business and individuals—are probably going to be surprised about come April is that if you didn’t manage your cash correctly in the business or individually, you’re going to have a higher amount of interest due than prior years just because interest rates are higher. As a quick example, I had a client who had a business account that was a money-market account, so it was earning some high-yield interest, and their interest from 2022 to 2023 tripled. When that happens, because your income is higher, you’re going to have higher tax than the previous year. So if you didn’t plan for that properly in your business or your personal life, you may have a surprise tax bill when your tax return is finalized because you didn’t expect that specific type of income.
To read the full article and January 2024 issue, visit SouthJerseyBiz.net.
About South Jersey Biz
South Jersey Biz is the South Jersey region’s premier business-to-business glossy publication, providing hyper-local content in an engaging format – with far more than just facts and figures. The monthly magazine publishes timely, entertaining and informative stories dedicated to businesses and industries in Burlington, Camden and Gloucester counties, offering unprecedented insights into Philadelphia’s affluent New Jersey suburbs. Whether documenting innovations in health care, focusing on finance and the economy, or exploring how companies are “going green,” their editorial vision is in touch with what matters most to business leaders today.
About Alloy Silverstein
Alloy Silverstein is a regional accounting and advisory firm providing quality tax, accounting, auditing, bookkeeping, financial, and outsourcing solutions to the individuals and businesses of the South Jersey community since 1959. With over 50 professionals in Cherry Hill and Hammonton, NJ, Alloy Silverstein’s team of CPAs, business advisors, and payroll specialists work together to help small and medium sized businesses achieve their personal and professional goals. A 5-Year Best of Accounting™ Diamond Award Winner for client service excellence, the firm was also recognized by Forbes as a Best Accounting and Tax Firm three years in a row. Learn more at AlloySilverstein.com.
