Meet the newest member of KRS!

Please meet Antoinette Borkowski! She joined our team on September 8, 2021. 

“As a tax manager, I will be preparing and reviewing various types of tax returns and training our staff. I look forward to working with clients and assisting them with their business needs.”

Managing Your Business and Staff After the Pandemic

The pandemic foisted changes on society that reset the context for your company, its employees and professionals, but just because the crisis is over doesn't mean you shouldn't incorporate the changes you made into your future strategy. In responding to COVID-19, you publicly and unambiguously elevated employees' health and well-being to a high priority. Even after lockdowns are lifted, that change in emphasis is not easily reversed.

As the pandemic recedes, can you create a new work world to keep employees happy and productive? The pandemic has challenged conventional thinking about work.

IRS Provides Tax Relief to Hurricane Ida Victims in NJ, NY

The IRS has extended deadlines for certain taxpayers affected by Hurricane Ida to file individual and business tax returns and make tax payments. The IRS, New Jersey and New York are offering tax relief to areas designated as disaster areas by the Federal Emergency Management Agency (FEMA).

New Jersey Ends COVID-19 Teleworker Nexus and Withholding Policies

On August 3, 2021, the New Jersey Division of Taxation announced that its COVID-19 temporary guidelines for establishing sales tax/Corporation Business Tax (CBT) nexus and income tax withholding liability in connection with teleworkers will expire on and after October 1, 2021.

Meet the newest KRS team members!

Please join us in welcoming Gionna Pacelli and Alyssa Flowers to the KRS team. Gionna joined us on July 26 as our new receptionist/admin assistant. Alyssa joined on August 2 as a staff accountant.

S Corporations and PPP Loan Forgiveness

Attaining S corporation status has certain tax advantages. S corporations are treated as passthrough entities for tax purposes and the protection of shareholder assets.

However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual shareholders is taxed. Two of the most relevant issues are discussed in this article.

KRS CPAs Promotes Adriane Montemayor to Senior Accountant

We're excited to announce the promotion of Adriane Montemayor to Senior Accountant. She previously served as a Staff Accountant.

2021 Child Tax Credit Advanced Payments

More money is coming to more families — and soon.That’s the main takeaway of the changes implemented to the Child Tax Credit (CTC) this year. As part of the March 2021 stimulus bill, the value of the credit as well as the age limit have been increased. The CTC is now fully refundable, which means you can receive the credit even if you don’t owe the IRS.

The Advantages of ABLE Accounts and Saver’s Credits

Achieving a Better Life Experience Act, ABLE, accounts help people with disabilities and their families save and pay for disability-related expenses. They allow states to create tax-advantaged savings programs for eligible people with disabilities, and distributions are tax free if they are used for qualified disability expenses.