KRS Managing Partner Maria Rollins Named to ROI NJ’s Power List

KRS Managing Partner Maria Rollins, CPA, MST, was named by ROI-NJ as one of the people who will have the biggest influence on everything affecting business in the state for the third year in a row.

PPP Loans Tax Exempt and Expenses Deductible for New Jersey

PPP loans given to New Jersey businesses during the COVID-19 pandemic will be exempt from state income taxes.

The federal government already stated PPP loans are exempt from federal taxes.

Join Us in Welcoming Thomas Farish!

One month into the new year and we welcome yet another new member to the KRS team!

Tom Farish joins us as a Senior Tax Accountant and will be involved in the preparation of income tax returns for business, individual, and fiduciary purposes.  He will also supervise and train staff.

NJEDA Small Business Emergency Assistance Loan Program Phase 2 Opens February 10

The New Jersey Economic Development Authority (NJEDA) will open pre-registration for Phase 2 of the Small Business Emergency Assistance Loan Program on Wednesday, February 10, at 9 am. The $10 million program expansion will support New Jersey small businesses and nonprofits impacted by the COVID-19 pandemic.

Get To Know Our New Interns!

We're grateful to be operating during these crazy times. We're even more grateful to continue our internship program, onboarding three new interns.

Get to know Jake, Sarah & Faith. They will be working with us to make the tax season a better experience for our clients.

Important Changes to the Employee Retention Credit

The Consolidated Appropriations Act, 2021 (CAA), was signed into law on December 27, 2020. Among many changes and updates to the prior legislation for COVID-19, this law clarifies and expands the Employee Retention Credit (ERC) that was created by the CARES Act.

If your business did not previously claim this credit due to eligibility, it may now qualify.  Also, if you have previously claimed this credit, you may now be eligible for an enhanced benefit.

New PPP Guidance Issued by SBA

The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). Under PPP2, businesses are eligible for a second PPP loan of up to $2 million, if they meet certain provisions.

The new bill also creates a simplified forgiveness application process for first round PPP loans of $150,000 or less.

NEW YEAR, NEW TEAM MEMBERS!

Please help us welcome Tahsin Islam and Alfonso Toxtli, who recently joined our firm as staff accountants - just in time for the start of the new tax season!

Congress Passes Long-Awaited Relief Bill

$900 billion package includes critical funding and policy changes to help small businesses and nonprofits recover from the pandemic.

Congress has passed and President Donald Trump is expected to sign a $900 billion coronavirus relief package. The legislation includes a $300 weekly unemployment supplement, $600 direct payments and nearly $300 billion in Paycheck Protection program loans.