The Tax Cuts and Jobs Act made some changes to the so-called kiddie tax.
The kiddie tax — around since 1986 — came about as an effort to close a tax loophole for the wealthy. The idea was that taxing children's passive income at the same rate as their parents would eliminate a sneaky reallocation of money just to avoid taxes.
It was difficult to calculate the kiddie tax when the parents had a different tax year than the child did. So, the good news is that these problems vanish with the TCJA's modifications.Read More
The IRS has warned small businesses to be vigilant against the rising threat of identity theft and W-2 scams.
By the time these scams come to light, it's too late to start implementing controls. Indeed, last tax season saw a surge in phishing emails targeting payroll direct deposit and wire transfers.
Don't wait until next tax season to get yourself ready. Learn about the types of threats out there and how you can protect yourself and your employees.Read More
I became a part of the KRS family in January as a Staff Accountant after graduating this past December with my Masters in Accounting.
Since joining the firm shortly before tax season, I quickly gained exposure in learning how to prepare tax returns and compilations for individuals and small businesses. In addition, I have gradually transitioned to assisting our bookkeepers with duties such as routine write-ups and payroll for our business-owning clientele.Read More
The Equifax Data Breach resulted in a settlement and those affected have a choice between free credit monitoring or a $125 payment.
Now, bad actors are targeting victims of the Equifax breach with phishing attacks and spoofing Equifax’s settlement page.
Here's what you can do if you have a claim to file.Read More
KRS CPAs was named as one of the Accounting Today’s 2019 Best Accounting Firms to Work for. This marks the seventh time the Paramus-based firm has received this prominent award.
“The firms on this list represent the best workplaces in the accounting profession,” says Accounting Today Editor-in-Chief Daniel Hood. “They are outstanding places to build a career.”Read More
KRS is pleased to announce the promotion of Lance Aligo, CPA, MSA, from senior accountant to accounting manager. Aligo looks forward to the new opportunities this position will bring, while still working with clients to help them achieve their goals. He will continue to assist clients with business growth, tax planning, and business succession strategies. Aligo will also play a larger role in staff training and development and on-campus recruitment.
“I’m very excited about the opportunity to work with the younger staff accountants and provide training to them. I always felt that KRS had a great support system and now I get to be a part of it,” says Aligo.Read More
Craig DeGennaro joined KRS as a Senior Accountant in January 2019 after spending nearly four years at a different public accounting firm. Born and raised in Paramus, Craig says it's great to be back in his hometown.
Being at a full service firm like KRS allows Craig to get involved with all areas of the practice, and he is most passionate about tax work.
Outside of work, Craig likes to stay active by walking in the park and playing golf and tennis.Read More
As an employer, you're responsible for submitting to the IRS a myriad of tax forms throughout the year. The W-2, W-3, and W-4 are probably ones you already know about.
But do you know about Forms 940, 941, and 944 and their respective deadlines?
Here's what you need to know.Read More
Josh Rollins, KRS staff accountant, works on audits, compilations, bookkeeping, taxes, tax planning, forensic accounting, and business valuations alongside senior KRS staff. He enjoys the flexibility and variety of work KRS offers.
In his spare time, Josh enjoys staying active. In summer, that means golf, disc golf, and hiking. In the winter (before tax season starts), Josh loves to travel to various mountains on the east and west coast to snowboard.Read More
Phishing tops IRS list of top 12 tax scams, so you must watch for fake emails, text messages, websites, and social media attempts to steal your personal information. Phone scams come in at #2. Here, criminals make threatening phone calls to innocent taxpayers, demanding money or personal information.
Knowing about these scams can help you take steps to protect your personal and financial information.Read More
Ashok Shah presented at the June 6th KRS Insights breakfast, based on “Emergence of the ‘Me’ Enterprise,” the book he co-authored with G. Ross Kelly. The book discusses the major trends such as digitization, Uberization, and disintermediation that are transforming the workplace and affecting our careers, whether we realize it or not.
After his talk, we had the opportunity to chat with him in more depth about the ‘Me’ Enterprise and what it means for our careers.
What is different from the past and how is it impacting our careers?
Four major events occurred that changed the landscape dramatically: 9-11 and its economic impact, the 2008 economic downturn, the emergence of technology as a new economic driving force, and global competition...Read More
Rules regarding expensing and deduction are complex. Managers should keep an eye on the latest rules to make sure their businesses are in compliance and are taking full advantage of the provisions.
This article offers an overview of new rules for section 179 property, bonus depreciation and qualified improvement property.Read More
Paramus-based KRS CPAS has been named for the ninth year in a row as one of the NJBIZ Best Places to Work in New Jersey.
“We’re proud to be recognized by NJBIZ for creating a positive work environment so our employees can prosper both professionally and personally,” said Maria Rollins, CPA, MST, and the firm’s managing partner. “It’s the ninth time we’ve been honored and we couldn’t be more thrilled.”Read More
The ROI-NJ Influencers list — what is often called the ultimate power list in the state – includes the top 12 influencers in New Jersey’s accounting world. KRS managing partner Maria Rollins was chosen for this exclusive list.
While Rollins credits KRS’s success to having a strong team, the firm’s partners and staff know she is the driving force. “When Maria was appointed managing partner, she took charge and began to get everyone moving in the same direction. She is liked and respected as a leader by everyone in the firm. With Maria at the helm, we’ve built a firm relentlessly focused on understanding client needs and exceeding their expectations. This has led to our upward trajectory,” comments partner Jerry Shanker.Read More
Managing partner Maria Rollins was a guest on the Wise [email protected] podcast, hosted by Felicia Garland of Krietzberg Wealth Management.
She shared with Felicia how she chose accounting as a career and then started KRS CPAs with her partners about 15 years ago. “We built the firm focused on relationships – those with clients, staff, and centers of influence – and we’ve been going strong ever since,” noted Maria.Read More
Identity theft is a challenge we all face — as individuals, businesses, organizations, and government agencies. The IRS says it's making progress against tax-related identity theft using an aggressive strategy of prevention, detection and victim assistance. In fact, the agency notes that this is one of its highest priorities.
The IRS, representatives of the software industry, tax preparation firms, payroll and tax financial product processors, as well as state tax administrators are joining together to combat identity theft. However, you shouldn't rely on them to protect your information. This article lists 10 steps you can take to keep your personal and business tax data safer.Read More
KRS CPAs welcomes a Senior Accountant, two Staff Accountants and two interns for the 2019 tax season!Read More
KRS CPAs is pleased to announce it has acquired the accounting and tax practice of Allan Lazaroff, who served clients in the New York/ New Jersey metropolitan area from his office in Tenafly, NJ.
“Allan’s practice is comprised of businesses and individuals who benefit from plain language accounting consultation and tax planning. He has developed long-time relationships with his clients as a result of his care and advice as trusted advisor. We hold the same core values in this regard and anticipate an easy transition,” commented Maria Rollins, CPA, MST, and KRS managing partner.Read More
We’re very happy to be among 2018’s top 101 Best and Brightest Companies to Work for in the Nation. The National Association for Business Resources (NABR) awards this honor each year to a select number of companies.
In 2018, over 2,400 companies from across the US were nominated for this award, and out of the 512 national award winning organizations, KRS was ranked in the top 20%. Criteria included compensation and benefits benchmarks, as well as work-life balance and employee engagement.Read More
The KRS Insights Breakfast Series resumes on February 6 with a review and update of the newly effective New Jersey Paid Sick Leave Law.
Join us on February 6 as Mark F. Kluger, Partner, Kluger Healey, LLC provides an overview of the NJ Paid Sick Leave Law including new regulations that have been issued since the law was initially passed and what employers need to know to stay in compliance.Read More
If you get stuck in a tax audit, you have several options once the IRS makes its decision regarding your return. One option is to appeal the decision. Almost all decisions made by IRS agents have appeal rights.
IRS appeals officers are independent of IRS examinations and collections divisions. They are charged with being fair and impartial while resolving taxpayer disputes with the IRS. They look at cases differently than an IRS auditor or collection agent would. Here's what you need to know if you decide to appeal an IRS audit decision.Read More
Frosty’s Friends is organized by Jersey Cares and aims to spread holiday cheer to children in shelters or transitional housing facilities.
As a volunteer for Frosty's Friends, we had the opportunity to provide a child between the ages of 3-16 with what may be the only gift they receive for the holidays this year.Read More
Rosi Ventura became a member of the KRS family in January of this year.
She is the receptionist and first point of contact at the firm. She also has been given more responsibilities from publications to assisting the controller.Read More
Sean Faust became a member of the KRS family in February as a Senior Accountant.
He assists clients in a variety of aspects, from preparing income tax returns for individual and businesses to consulting for clients on year-end tax planning strategies.Read More
The KRS Insights Breakfast Series resumes on February 6 with a review and update of the newly effective New Jersey Paid Sick Leave Law.
Join us on December 6 as Mark F. Kluger, Partner, Kluger Healey, LLC provides an overview of the NJ Paid Sick Leave Law including new regulations that have been issued since the law was initially passed and what employers need to know to stay in compliance.Read More
KRS CPAs was named as one of the Accounting Today’s 2018 Best Accounting Firms to Work for. This marks the sixth time the Paramus-based firm has received this prominent award.
“KRS is a growing firm and we offer our employees competitive salaries and many opportunities for them to grow in their careers,” 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
Please join KRS CPAs in collecting non-perishable food for the NJCPA annual food drive to benefit the Community FoodBank of New Jersey! Bring any non-perishable food to our offices by November 14.
There are all too many people here in New Jersey who have been left behind despite economic growth. The assistance that the Community FoodBank provides would not be possible without our help!Read More
Effective January 1, 2019, New Jersey employers will generally be required to pay a minimum wage of at least $8.85 per hour to their employees, up 25 cents from 2018.Read More
The ACA requires that employers with 50 or more full-time-equivalent employees provide minimum essential coverage that is affordable — or face a penalty for not complying.
Each year, the affordability percentage for health coverage is adjusted for inflation. For 2018, the rate is 9.56 percent of the employee's household income, down from 9.69 percent in 2017.
Starting in 2019, the affordability percentage will increase to 9.86 percent — the highest amount since the ACA's passage. This means that employees' premiums for the lowest-cost self-only coverage cannot be more than 9.86 percent of their household income.Read More
New Jersey’s Paid Sick Leave goes into effect on Monday, October 29th. NJ employers must be prepared and provide notice to their employees on or before that date.
This article summarizes some key provisions. It is recommended you review your current policies in comparison to the entire law.Read More
New York State has released finalized versions of its model sexual harassment prevention training program and model sexual harassment prevention policy.
Within 12 months of October 9, 2018, and annually thereafter, all New York employers must provide training to all employees using either the state's model training program or one that equals or exceeds the state program.
Starting October 9, 2018, all New York employers must adopt either the state's model sexual harassment prevention policy or one that equals or exceeds the standards of the state policy, and provide it to employees in writing.Read More
You are running out of time to maximize the tax deduction for pass-through business income enacted by Congress last year.
In this webinar, Maria Rollins of KRS CPAs explains what exactly "qualified business income" is, and the moves you can and can't make to get the most out of your Section 199A deduction.Read More
The IRS annually releases its Required Amendments (RA) list, which includes changes that individually designed retirement plans may need to make to remain qualified under the Internal Revenue Code.
The most recent RA list was released via Notice 2017-72, which contains changes not only to the qualification requirements for individually designed plans but also to the deadline for amending the plans. There are two categories: Part A and Part B.Read More
The IRS is expected to issue regulations to help taxpayers understand the relationship between federal charitable contributions and the new statutory limitations on the deduction of state and local taxes.
The Tax Cuts and Jobs Act limits the amount of state and local taxes one can deduct in a calendar year to $10,000. Some state legislatures are proposing that taxpayers make payments to specified entities in exchange for a tax credit against state and local taxes owed.
The Treasury Department and IRS are saying that they won't allow local governments to find creative ways to help deduct these taxes.Read More
New York legislators have passed a number of initiatives in the wake of the #MeToo movement and widespread allegations of sexual harassment in the workplace, including a law requiring employers to provide sexual harassment training to all workers.
In addition to providing training, New York employers must adopt a written sexual harassment prevention policy and distribute it to employees. As with the training, state agencies will provide a model policy that employers may elect to use. The written policy and interactive training provisions take effect on October 9, 2018.Read More
The tax reform laws passed at the end of 2017 added some benefits for people with disabilities, raising the amount of money they can put into their Achieving a Better Life Experience (ABLE) accounts.
They may even be able to roll a limited amount of money from 529 plans into ABLE accounts. Finally, many will also qualify for the Saver's Credit for low- and moderate-income workers.Read More
Maria Rollins, CPA, MST has been invited by Kim Luthy of Allied Wealth Partners to participate as an instructor for Business University, which will be held September 20th and 26th in Parsippany.
The goal of this two-part educational series is to help align the business owner's personal and business goals. If you are a busy business owner who wants to learn how to get the most out of their business, this course is for you!Read More
The KRS Insights Breakfast Series resumes on September 21st with an in-depth look at proposed legislation to legalize marijuana in the State of New Jersey.
Join us on September 21st as Joshua S. Bauchner, Partner, Ansell Grimm & Aaron Counsellors at Law, discusses the new bills that, if passed, will dramatically expand the legalization of medical marijuana in the state.
This is a must-attend event if you are, or are planning on becoming, involved in any aspect of Cannabusiness.Read More
KRS partner Jerry Shanker, CPA/ABV, CFF, recently authored "Significant Provisions of the Tax Cuts and Jobs Act Affecting Closely Held Businesses and Their Owners," in the August 2018 edition of the New Jersey State Bar Association's Business Law Section Newsletter.
Shanker's article provides a general overview of the three provisions that affect closely held businesses, and examples to help business owners understand what they should consider in their tax planning.Read More
The Trump administration rejected attempts by New Jersey and other high-tax states, including New York, Connecticut, and California, to get around the federal cap on deducting state and local taxes by setting up charitable funds.
Taxpayers will not be allowed to fully deduct charitable contributions in lieu of property taxes under new rules released by the IRS and U.S. Department of Treasury.Read More
The IRS is urging two-income families and folks who work multiple jobs to complete a paycheck checkup to verify that they're withholding the right amount of tax from their paychecks.
If you are a two-income family or if you work multiple jobs — you may be more vulnerable to being under-withheld or over-withheld following the tax law changes. A paycheck checkup can help you see whether you're having the correct amount withheld for your personal financial situation.
You can check out the IRS Withholding Calculator to help navigate the complexities of multiple employer tax situations and determine the correct amount of tax for each employer to withhold.Read More
Each year, thousands of New Jersey children attend their first day of school without basic educational tools, like notebooks and backpacks.
KRS teamed up with Jersey Cares to collect school supplies with the goal that no child will have to experience a first day of school without these basic necessities.
“Community is very important here at KRS. We all understand that we can do more to contribute beyond our office walls. This is a small gesture that can have a deep impact on a child starting school,” said Managing Partner Maria Rollins.Read More
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