I graduated with a BS degree in accounting from Rider University and a Masters of Business Administration from Phoenix University. I worked for over 30 years in various New Jersey and New York accounting firm. Prior to joining KRS, I worked at a national accounting...
Are you worried about the likelihood of your business being audited by the IRS? If so, there are a lot of preventive red flags that you can keep an eye out for when looking to protect your business from being the focus of an audit. ...
It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. In this article, we explain why 2024 is an...
If you got married in June, in addition to thank-you notes, give some thought to the IRS to make filing your taxes easier: Report any name change to the Social Security Administration. Notify the United States Postal Service, your employers, and the IRS of any...
Do you outsource HR and IT but feel squeamish about letting someone else get too close to your numbers? You probably have a fluctuating need for a bookkeeper, an accountant, a controller and a chief financial officer. You could hire all these people, but outsourcing...
The reasons firms merge vary, but they include such objectives as increasing size or geographic reach, acquiring or expanding a specialty practice, and succession planning. Due Diligence Even if your firm isn't ready to think about a merger just yet, it's important to understand what firms...
The Inflation Reduction Act of 2022 has altered the requirements for the clean vehicle tax credit, particularly for electric vehicles, including fuel cell vehicles. The credit is available for eligible commercial clean vehicles in addition to vehicles that were previously owned. So, what is the clean...
With the rise of the gig economy, a lot of people have opted to turn their hobbies into profitable ventures. In turn, the lines are blurring between hobbies and small businesses, provoking many people to wonder what it means for their taxes. So, what is...
Have you ever wondered how you’re supposed to determine whether your organization is eligible for exemption from federal income tax? The possibility of being tax-exempt is permitted under section 501(a) of the Internal Revenue Code. But what about determining private foundation status? Well, that is covered...
In recent years, the security of tax payments has become an increasingly pressing issue for individuals and businesses alike. As CPAs, we have witnessed cases where estimated tax payments made by check have been intercepted and stolen, highlighting the vulnerabilities associated with traditional payment methods....
