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....
Advantage Plans are offered by private companies, such as UnitedHealthcare and Humana, approved by Medicare. They are all-in-one programs that may appear to provide advantages over original Medicare, such as reduced or nonexistent premiums. But it is a balancing act, as they may require higher...
For the 13th year, we have received the NJBIZ Best Places to Work in New Jersey Award for companies with 15-49 employees. We are thrilled to have won again. “We pride ourselves on our ‘work hard, play harder’ culture that keeps everyone motivated through tax seasons...
The SECURE — Setting Every Community Up for Retirement Enhancement — Act was passed in 2019. After that, SECURE Act 2.0 was passed in December 2022 and went into effect Jan. 1, 2023. The secondary SECURE Act establishes new rules regarding the timeline that individuals must...
KRS CPAs will be CLOSED July 4th and 5th, 2024 in observance of Independence Day. We will resume normal summer hours Monday, July 8th. Our summer hours are Monday- Thursday 8:30 AM to 5 PM and Friday between 8:30 AM and 1 PM....
For a third time in a row, KRS managing partner Maria Rollins, CPA, MST, has been named to the Accounting Power 50 list. Rollins understands the daily challenges businesses face and ensures the KRS team gets the training and resources they need to help clients...
