Aug 25 The Inflation Reduction Act: What Does It Contain?
On August 12, Congress passed the Inflation Reduction Act, over 700 pages of economic changes. What does the act do? And just as important, what does it not do?...
Aug 12 Common FMLA Mistakes to Avoid
Officially called the Family and Medical Leave Act, the FMLA is a federal law that makes it a requirement for employers with at least 50 employees to offer unpaid though job-protected leave to any and all eligible employees. Here are common mistakes to be...
Aug 16 Lance Aligo Promoted to Partner
Accounting manager Lance Aligo, CPA, MSA, advances to a partner position at KRS. He will continue to provide his tax expertise to high net-worth individuals, real estate clients, and others in the firm’s growing client base. He will also continue to lead recruiting and staff...
Aug 10 Lease Accounting Standards Update
ASC 842 impacts all entities that lease property, plant or equipment and report under GAAP On February 25, 2016, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update, ASU 2016-02, Leases (ASC 842). For non-public entities, ASC 842 is effective for fiscal years beginning...
Jul 29 Tax Breaks for Older Couples Who Sell Their Homes
Consider Irene, who recently became a widow when her husband, Henry, died. Like most married couples, they held the title to their home in joint ownership with the right of survivorship. In plainer language, this means that co-owner Henry's death results in his loss of all...
Jul 29 Exempt vs. Nonexempt: Where the Dividing Line Is
Are you sure you know whether your employees are considered exempt or nonexempt? It's important to classify workers correctly because their status determines their eligibility to receive overtime pay. Even if you think you know the difference between exempt and nonexempt status, there are some...
Jul 15 If You Want to Be Successful, You Must Have Benchmarks
Have you given any thought to how your company stacks up? Are you thinking of purchasing a company, or selling your company, and need to see how you look against industry benchmarks?...
Jul 15 Cutting Costs During Inflationary Times
The inflationary cycle we are now in is causing anxiety for many consumers. Coming on the heels of the disruptions caused by the COVID-19 pandemic makes it feel even worse. And then there is the prospect of a future recession. It is enough to make...
Jul 01 How Small Business Owners Can Deduct Home Offices
The home office deduction allows qualified taxpayers to deduct certain home expenses when they file taxes. But it's fraught with confusion. To claim the home office deduction on your tax return, you must exclusively and regularly use part of your home or a separate structure...
Jun 29 KRS CPAs Named Among 2022 NJBIZ Best Places to Work
We’re on the list again! For the 11th year, we’ve received the NJBIZ Best Places to Work in New Jersey Award for companies with 15-49 employees. “We have a strong team environment, where managers spend time with junior staff, guiding them through different processes. We also...