IRS Form 1040-ES
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.Read More
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).Read More
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.Read More
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.Read More
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.Read More
We're excited to announce the promotion of Adriane Montemayor to Senior Accountant. She previously served as a Staff Accountant.Adriane joined the firm in 2017, after graduating Summa Cum Laude with a BS in Accounting from William Paterson University.Read More
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.Read More
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.Read More
Employers that provide full pay for employees who take time off to get and recover from a COVID-19 vaccination are eligible for a paid-leave tax credit.
The tax credit is available to organizations with fewer than 500 employees and covers up to $511 per day for each vaccinated employee.Read More