If you are subject to NJ state employment insurance, New Jersey will be mailing you the annual Combined Assessment Bill and Rate Computation notice (SUI) in early July. This is a combined bill for seven different assessments levied by the state.
Payment is due 30 days from the mailing date of the notice. The only notification that you will receive about the amount due is on this notice.Read More
In a 5-4 decision, the Supreme Court swept away the nexus rule in South Dakota v. Wayfair, Inc., saying states could collect sales tax even if there is no physical presence.
The brick-and-mortar stores are happy with the ruling, because it levels the sales tax playing field. The states are ecstatic because they can collect more sales tax. But there are complexities, and no one is entirely sure how it will play out in the long run.
First of all, the Supreme Court did not say that states must collect sales tax or how, only that they could. It is up to the 45 states that impose a sales tax to decide how they'll take it from here.Read More
One of the greatest challenges facing a family business is planning for business succession. Properly coordinating your business and estate planning is a must, but where do you get started?
Join KRS partner Jerry Shanker, CPA/ABV, MST, as he co-presents the Business Succession Planning Workshop with George Lee, Vice President of MassMutual NJ-NYC, and Jeff Hollander, Attorney and Assistant Vice President of MassMutual.
They will present best practices for family business owners on business valuation and succession planning in two separate workshops on July 9 and July 23.Read More
You may need to determine the value of your business for many reasons, such as if you plan to sell it or leave it to family members.
The KRS CPAs Guide to Business Valuation is an excellent primer for the complex process of valuation.
This guide will bring you up to speed on some of the basics of business valuation, then provide you with additional insights into key factors to a valuation such as risk and cash flow.Read More
Many law firms are still scrambling to come to grips with the tax code changes and develop tax planning strategies around them.
That's why we published a free downloadable guide, 'The Tax Cuts and Jobs Act of 2017 – Considerations for Law Firms."
The Guide will help managing partners and other executives at law firms determine the best strategy for optimizing the firm’s and partners’ tax positions.Read More
KRS CPAs has promoted Kelley DaCunha, CPA, to Accounting Manager. She previously served as Senior Accountant.
Kelley joined the firm in 2009 after receiving a BS in Accounting from Rutgers University and her CPA license.
“Through her hard work and dedication, she has proven that she is ready to lead a team and continue to grow as a manager. Her training and support of KRS staff members is so beneficial to the firm’s commitment to provide excellent service. Kelley truly exemplifies what KRS is looking for in our team members,” says Maria Rollins, CPA, MST, and the firm's managing partner.Read More
Although most wages are subject to SUTA tax, certain wages may be exempt. In New York, for example, wages paid to babysitters under 18 years of age, church employees, and certain family members are exempt from SUTA tax. Therefore, it’s essential to check with your state unemployment agency to determine which wages are related to SUTA.
Every employer should be aware of two components of SUTA: the annual wage base and the SUTA tax rate.Read More
KRS CPAs has been honored with a 2018 Inc. Best Workplaces Award. This award recognizes successful small- and mid-sized businesses that value company culture, offer standout employee benefits, and prioritize employee well-being.
More than 1,800 companies (and 81,365 employees) of all sizes and industries were nominated for Inc.’s Best Workplaces Award.
KRS Partner, Gerald Shanker, explained, “We have created a relaxed environment. We’ve implemented a Flexible Work Program -- there are no mandatory hours during tax season. Employees can set their schedule for the work week as long as they are working the core hours of 10am to 3pm.Read More
As an employer, you normally have to file a quarterly Form 941 to report your employees' wages and withholding. Each quarter, if you pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or Social Security and Medicare taxes you must file Form 941, although there are some exceptions.
Here are some things you need to know to ensure you're on track with state and federal taxing authorities.Read More