With all the recent bad weather, be sure you know the new regulations for claiming losses for home and personal property damages under the new tax laws.
Prior to the Tax Code and Jobs Act, you were able to claim losses related to damages to your home or personal property with certain limitations. As with many other areas of the tax code, TCJA has created new regulations.
For tax years beginning 2018 through 2025, individuals may only claim casualty losses from an event that is deemed a federally declared disaster by the President of the United States or to offset personal casualty gains. The deduction is reduced by $100 and limited to 10 percent of your Adjusted Gross Income (AGI).Read More
If you use part of your home for business, you may be able to deduct expenses for the business use of your home.
The home office deduction is available for homeowners and renters, and applies to all types of homes. This post can help you determine if you are eligible to take a home office deduction, the types of deductions available, and what you need to do to stay in compliance with IRS rules.Read More
Rules on the 20% Small Business Tax Deduction are finally released
This week the Treasury Department issued proposed regulations outlining the types of companies and professionals eligible to qualify as “pass-through” entities and get a 20% tax deduction. This tax break was included in last year’s $1.5 trillion tax overhaul, known as the Tax Cuts and Jobs Act (TCJA).
The 20% deduction is aimed at helping small businesses that pay income taxes instead of corporate taxes, such as partnerships, LLCs, S-corporations and sole proprietors. The rule has big implications for law firms, real estate trusts, family farms, and other companies that are structured so that their profits are taxed as individual income for their owners.Read More
Each year, thousands of New Jersey children attend their first day of school without basic educational tools, like notebooks and backpacks.
This year, KRS is participating in the Jersey Cares School Supplies Drive. We'll be collecting supplies until August 21. Students need backpacks, notebooks, pens and paper, rulers - anything you can donate helps! Don't have time to shop? Make a monetary donation and we'll do the shopping for you.Read More
The IRS has provided information about changes related to the Tax Cuts and Jobs Act on the rules for moving, vehicle and unreimbursed employee expenses.
The new tax law suspends the deduction for moving expenses for tax years after Dec. 31, 2017, through Jan. 1, 2026. Another suspension relates to all miscellaneous itemized deductions that are subject to the 2 percent of adjusted gross income floor.
The standard mileage rates for the use of a car, van, pickup or panel truck for 2018 have increased from 2017.Read More
KRS CPAs was recently named as one of the 2018 Accounting Today’s Best Accounting Firms to Work for. This marks the fifth time the Paramus-based firm has received this prominent award.
"KRS has been recognized for our positive, supportive culture which enables our employees to be their most productive," says Managing Partner Maria Rollins, CPA, MST.
Accounting Today, the leading media and digital resource for public accountants, recognizes the best 100 accounting firms in the United States that excel in their efforts to build quality workplaces for their staff.Read More
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