New Jersey SALT Cap Workaround

The Tax Cuts and Jobs Act (TCJA) made many amendments to the Internal Revenue Code and changed how we filed our income tax returns. One significant difference was the $10,000 cap on the State and Local Tax (SALT) deduction.

NJ's Pass-Through Business Alternative Income Tax Act, recently signed into law by Governor Phil Murphy, can help business owners save millions annually on SALT.

KRS Welcomes 2020 Interns

KRS CPAs hires 3 interns for accounting and administrative roles (from left to right): Andrew Hurdman, Accounting; Lyndsey Farrell, Administration; and Adam Stoler, Administration.

Eileen Geraldino Joins KRS CPAs

I became part of the KRS family this past November as a bookkeeper. I am currently servicing our clients with duties such as monthly reconciliations, write-ups and AP/AR.  I am a senior at Montclair State University majoring in accounting and am looking forward to gaining exposure in all aspects of accounting at KRS CPAs.

What I love about working at KRS is its great work environment. Everyone is very welcoming and also willing to help in whatever you need. I really like the open door policy, which I believe is helpful in the success of its employees.

Kimberly Wilkinson Joins KRS CPAs

I became a member of the KRS family in December of 2019 as a Tax Manager.  While I recently joined KRS, I have over 15 years of tax compliance experience working with LLCs, corporations, foundations, and high net worth individuals.

Since KRS works with clients across several industries, it keeps my day interesting and I am continually learning. While my tax experience is heavier on the entity side, it is nice to work on an assortment of clients and assist with their tax planning and personal accounting needs.

The Ins and Outs of Form 1099

Not all 1099s are the same. This article covers what you need to know to understand how they fit into your tax picture.

You'll notice the forms have your Social Security number or taxpayer identification number, and that means the IRS will know that you've received money — and know whether you report that income on your tax return. Likewise, the IRS wants to keep tabs on the money you've paid contractors.

Tax Deductions: What’s New?

As many taxpayers discovered with the last tax season, it was more beneficial to take the standard deduction and forgo itemized deductions. Then again, you may feel that your expenses exceed standard deduction amounts.

You will have to take a hard look at your expenses every year to see whether itemization or the standard deduction is the better choice.

IRS Releases 2020 Retirement Contribution Limits

The employee contribution limit for 401(k) plans will be $19,500, up from $19,000 in 2019. The catch-up contribution limit for employees aged 50 and over will be $6,500, up from $6,000.

December 12 KRS Insights Breakfast to Discuss Business Transition Planning

You’ve built a successful business and now you’re thinking it’s time for you to move on. Where do you start? First, you need a solid transition strategy so your personal and financial future are not at risk.

You’ll learn the critical factors of business transition planning from business valuation expert and KRS partner Jerry Shanker, CPA/ABV/CFF, at the December 12 KRS Insights Breakfast.

Social Security: Note the Key Changes for 2020

Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. First, the basic percentages have not changed:

• Employees and employers continue to pay 7.65% each, with the self-employed paying both halves.
• The Medicare portion remains 1.45% on all earnings, with high earners continuing to pay an additional 0.9% in Medicare taxes.
• The Social Security portion (OASDI) remains 6.20% on earnings up to the applicable taxable maximum amount — and that's what's changing.