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
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
You may need to determine the value of your business for many reasons, such as if you plan to sell it or leave it to family members.
The KRS CPAs Guide to Business Valuation is an excellent primer for the complex process of valuation.
This guide will bring you up to speed on some of the basics of business valuation, then provide you with additional insights into key factors to a valuation such as risk and cash flow.Read More
Many law firms are still scrambling to come to grips with the tax code changes and develop tax planning strategies around them.
That's why we published a free downloadable guide, 'The Tax Cuts and Jobs Act of 2017 – Considerations for Law Firms."
The Guide will help managing partners and other executives at law firms determine the best strategy for optimizing the firm’s and partners’ tax positions.Read More
KRS CPAs has promoted Kelley DaCunha, CPA, to Accounting Manager. She previously served as Senior Accountant.
Kelley joined the firm in 2009 after receiving a BS in Accounting from Rutgers University and her CPA license.
“Through her hard work and dedication, she has proven that she is ready to lead a team and continue to grow as a manager. Her training and support of KRS staff members is so beneficial to the firm’s commitment to provide excellent service. Kelley truly exemplifies what KRS is looking for in our team members,” says Maria Rollins, CPA, MST, and the firm's managing partner.Read More
Although most wages are subject to SUTA tax, certain wages may be exempt. In New York, for example, wages paid to babysitters under 18 years of age, church employees, and certain family members are exempt from SUTA tax. Therefore, it’s essential to check with your state unemployment agency to determine which wages are related to SUTA.
Every employer should be aware of two components of SUTA: the annual wage base and the SUTA tax rate.Read More
KRS CPAs has been honored with a 2018 Inc. Best Workplaces Award. This award recognizes successful small- and mid-sized businesses that value company culture, offer standout employee benefits, and prioritize employee well-being.
More than 1,800 companies (and 81,365 employees) of all sizes and industries were nominated for Inc.’s Best Workplaces Award.
KRS Partner, Gerald Shanker, explained, “We have created a relaxed environment. We’ve implemented a Flexible Work Program -- there are no mandatory hours during tax season. Employees can set their schedule for the work week as long as they are working the core hours of 10am to 3pm.Read More
As an employer, you normally have to file a quarterly Form 941 to report your employees' wages and withholding. Each quarter, if you pay wages subject to income tax withholding (including withholding on sick pay and supplemental unemployment benefits) or Social Security and Medicare taxes you must file Form 941, although there are some exceptions.
Here are some things you need to know to ensure you're on track with state and federal taxing authorities.Read More
The Internal Revenue Service (IRS) has announced the 2019 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.Read More
Marika Dugan and Diane Pineda were proud to attend The Leading Women Entrepreneurs’ “Making it to the Top” event at Fiddlers Elbow Country Club for the second year in a row.Read More
KRS’ latest Breakfast Insights series covered Social Security and retirement. Jarita Walker from the Social Security Administration discussed requirements for eligibility, strategies, and lesser known details about the program.
She strongly encourages everyone to create a My Social Security account to track their contributions and future eligibility. It’s the best resource available to individuals for frequently asked questions and strategizing for retirement.Read More
Gov. Phil Murphy signed legislation requiring employers to provide at least 40 hours per year of paid sick leave to their employees. The paid sick leave law does not take effect until October 29th, so employers have time to figure out what the law means for them.
Learn the facts about New Jersey's Paid Sick Leave Law.Read More
Contrary to early reports, the Tax Cuts and Jobs Act of 2017 allows taxpayers who buy, build or substantially improve their homes using either a home equity loan, home equity lines of credit (HELOC) or second mortgages to deduct interest on the loans.
That's the good news.
But if you take out the loan to pay for personal living expenses—credit card debt, for instance—you can't deduct the interest from your taxes.This article shares what you need to know about the latest guidance from the IRS on home equity loans.Read More
If your business is headquartered in one state but you sell your products across the border, do you have to pay taxes in the recipients' state?
The answer is, it depends.
Nexus determines whether you are liable for paying sales taxes in the other state, and each state's determination of what constitutes nexus is different.
This article will help you understand the concept of nexus and what you should do if you conduct cross-border work.Read More
You may be surprised to learn that not every audit notification you receive will be legitimate.
First, make sure you received an official audit notification. The Internal Revenue Service (IRS) will notify you either by letter or by a phone call followed by a letter.
The IRS does not notify taxpayers about audits through email, so if you do get an email saying you've been selected for an audit, it's probably fraudulent.Learn what an audit is, and what you should do if you receive an audit notification.Read More
New Jersey has passed an Equal Pay Law, which goes into effect on July 1, 2018.
The new law expands coverage of existing law to prohibit discrimination in wages. Current New Jersey law prohibits employers from discriminating in any job-related action, including compensation and the terms, conditions, and privileges, among other things, of employment on the basis of any of the law's specified protected categories (i.e., race, creed, color, national origin, nationality, ancestry, age, and sex).Read More
Did you know that taking the right Social Security benefits at the right time can make a huge difference to your living standard in retirement?
Join us on May 10 as Jarita Walker from the Social Security Administration takes us through the ins and outs of Social Security and what it all means for your retirement.Read More
ROI-NJ has invited KRS Partner Simon Filip to join their panel of industry experts for this month’s Thought Leadership Series on April 25. Attendees will learn about key topics, including what factors are impacting development in the state and what changes are occurring in the market that could directly affect your business.
Learn more about the panel and where you can register in this article.Read More
KRS Managing Partner Maria Rollins is slated to teach a 3-day Business U course.
This comprehensive course is designed to help business owners see the big picture and gain relevant insight about important business and financial concepts. Through Business U, you will become an advocate for your own needs and be better positioned to utilize the expertise of your existing team of advisors.Read More
KRS partner Jerry Shanker was interviewed about succession planning and business valuation for the March 26 ROI-NJ family-owned business article entitled "Planning Ahead.
Shanker, who leads the KRS business valuation and litigation support practice, noted that, "it's not uncommon for an acquiring business to want to review the books for several years. Those records may not speak for themselves - and, if the owner of the business is not there to answer questions, it can be more perceived risk."Read More
The new tax law nearly doubles the standard deduction for individuals and families, simplifying the filing process for millions of Americans, but complicating giving strategies for many who have made a habit of deducting their charitable contributions.
But there are tactics that can help the you with your tax returns while still providing charities with badly needed funds. This article discusses the two tactics you can use in your charitable giving.Read More
The Internal Revenue Service (IRS) has released new versions of Form W-4 and its online withholding calculator to help taxpayers check their 2018 tax withholding following passage of the Tax Cuts and Jobs Act in December 2017.
The IRS urges taxpayers to use these tools to make sure they have the right amount of tax taken out of their paychecks. This article shares links to the new W-4 and the withholding calculator.Read More
New and existing small employers should look into whether the Small Business Health Care Tax Credit can help them provide insurance to their employees. The credit can be worth up to 50% of the amount a small business contributes toward employees' premiums. Find out if your business can benefit.Read More
Join KRS CPAs as we participate in Bowl for Kids’ Sake, hosted by Big Brothers Big Sisters of Northern NJ.This is their annual event and this year they are adding a unique twist. It will be the first ever costume party Bowl-A-Thon and the theme is the 1980s.Read More
Last week KRS Staff Members Diane Pineda and Marika Dugan volunteered as mentors to Edison High School students through Junior Achievement of NJ’s Finance Park.Read More