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.

Help Us Spread Holiday Cheer to Kids in Shelters!

This holiday season, KRS CPAs is once again participating in Frosty’s Friends. This program is organized by Jersey Cares and aims to spread holiday cheer to children in shelters or transitional housing facilities.

As a volunteer for Frosty's Friends, you will have the opportunity to provide a child between the ages of 3-16 with what may be the only gift they receive for the holidays this year. Please keep in mind that for each letter you are asked to purchase a gift between $25-$40.

What’s New With the Kiddie Tax?

The Tax Cuts and Jobs Act made some changes to the so-called kiddie tax.

The kiddie tax — around since 1986 — came about as an effort to close a tax loophole for the wealthy. The idea was that taxing children's passive income at the same rate as their parents would eliminate a sneaky reallocation of money just to avoid taxes.

It was difficult to calculate the kiddie tax when the parents had a different tax year than the child did. So, the good news is that these problems vanish with the TCJA's modifications.

IRS Warnings About Payroll Scams

The IRS has warned small businesses to be vigilant against the rising threat of identity theft and W-2 scams.

By the time these scams come to light, it's too late to start implementing controls. Indeed, last tax season saw a surge in phishing emails targeting payroll direct deposit and wire transfers.

Don't wait until next tax season to get yourself ready. Learn about the types of threats out there and how you can protect yourself and your employees.

Meet Kevin Taccad, KRS Staff Accountant

I became a part of the KRS family in January as a Staff Accountant after graduating this past December with my Masters in Accounting.

Since joining the firm shortly before tax season, I quickly gained exposure in learning how to prepare tax returns and compilations for individuals and small businesses. In addition, I have gradually transitioned to assisting our bookkeepers with duties such as routine write-ups and payroll for our business-owning clientele.

Equifax Breach Settlement Leads to Scams

The Equifax Data Breach resulted in a settlement and those affected have a choice between free credit monitoring or a $125 payment.

Now, bad actors are targeting victims of the Equifax breach with phishing attacks and spoofing Equifax’s settlement page.

Here's what you can do if you have a claim to file.

KRS Is Tops! Firm Recognized by Accounting Today for Creating a Quality Workplace

KRS CPAs was named as one of the Accounting Today’s 2019 Best Accounting Firms to Work for. This marks the seventh time the Paramus-based firm has received this prominent award.

“The firms on this list represent the best workplaces in the accounting profession,” says Accounting Today Editor-in-Chief Daniel Hood. “They are outstanding places to build a career.”

Lance Aligo Promoted to Manager

KRS is pleased to announce the promotion of Lance Aligo, CPA, MSA, from senior accountant to accounting manager. Aligo looks forward to the new opportunities this position will bring, while still working with clients to help them achieve their goals.  He will continue to assist clients with business growth, tax planning, and business succession strategies. Aligo will also play a larger role in staff training and development and on-campus recruitment.

“I’m very excited about the opportunity to work with the younger staff accountants and provide training to them.  I always felt that KRS had a great support system and now I get to be a part of it,” says Aligo.

Craig DiGennaro joins KRS CPAs!

Craig DeGennaro joined KRS as a Senior Accountant in January 2019 after spending nearly four years at a different public accounting firm. Born and raised in Paramus, Craig says it's great to be back in his hometown.

Being at a full service firm like KRS allows Craig to get involved with all areas of the practice, and he is most passionate about tax work.

Outside of work, Craig likes to stay active by walking in the park and playing golf and tennis.