IRS announced 401(k) limit increases to $20,500

On November 4th, 2021, the Internal Revenue Service announced 401(k) contributions for individuals have been increased to $20,500. For tax years 2020 and 2021, the maximum was contribution was limited to $19,500. The IRS also issued technical guidance regarding cost of living adjustments affecting dollar limits for pension plans and other retirement-related items for tax year 2022.

Tax Items To Check as the Year Winds Up

It's been a very busy year at the IRS, with many special tax changes.This article reviews some of the top issues you will want to discuss with your tax preparer as the year draws to a close and again when you meet to prepare your returns. These include coronavirus tax relief, job loss, and natural disasters.

2021 Tax Tips: A Look at the Future

The end of the year always means the possibility of last-minute tax changes, and this year, that's especially true. Some of the new legislation may mean major changes starting in the new year, but other proposed bills, such as new capital gains and qualified dividend tax rates, may take effect retroactively. And taxes on the wealthy may go up, too.These possibilities make it difficult to plan with certainty.

New Jersey Small Business Lease Grant Program

The New Jersey Economic Development Authority (NJEDA) plans to open applications for its Small Business Lease Grant Program on October 20, 2021. The $10 million pilot program will help revitalize downtowns and Main Streets by offsetting a portion of the cost associated with businesses and nonprofits leasing street-level space.

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.