KRS Publishes New Guide for Law Firms to the Tax Cuts and Jobs Act

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.

KRS CPAs Promotes Kelley DaCunha to Accounting Manager

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.

What Every Employer Must Know About State Unemployment Tax

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.

KRS CPAs Wins Inc. Magazine’s 2018 Best Workplaces Award

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.

Managing Tax Rules for Part-Time or Seasonal Help

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.

IRS Releases 2019 HSA and HDHP Limits

The Internal Revenue Service (IRS) has announced the 2019 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.

Leading Women Entrepreneurs’ “Making It to the Top”

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.

Social Security & Retirement Discussed at KRS Insights Breakfast

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.

New Jersey Passes Earned Paid Sick Leave Law

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.

Home Equity Loans May Still Be Deductible

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.

Are You Facing Multi-State Sales Tax Issues?

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.

What To Do When You Get an Audit Notification

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.

New Jersey Passes Equal Pay Law

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).

May 10 KRS Insights Breakfast: Social Security and Retirement

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.

Simon Filip to Join ROI’s NJ Real Estate Outlook Panel

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.

Maria Rollins to Teach Business U Course

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.

KRS Partner Jerry Shanker Quoted in ROI-NJ on Succession Planning

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."

Charitable Giving Under the New Tax Law

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.

IRS Releases New Form W-4 and Online Withholding Calculator

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.

Small Business Health Care Tax Credit Available for Tax Year 2017

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.

Join KRS as We Bowl for the Kids on March 11

Join KRS CPAs as we participate in Bowl for Kids’ Sake, hosted by Big Brothers Big Sisters of Northern NJ.

Diane Pineda and Marika Dugan Mentor Edison HS Students

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.

KRS Partner Jerry Shanker Appointed NJ NADP Treasurer

KRS partner Jerry Shanker has been appointed Treasurer of the newly formed New Jersey Chapter of the National Association of Divorce Professionals (NADP). 

As a founding member of the New Jersey Chapter, Jerry is excited about helping build the chapter, collaborating with other members, and most importantly, assisting people who are going through the divorce process.

Changes to Your Paycheck Withholding? Here’s What You Need to Know Now

The IRS released a statement on withholding under the new tax law. According to a statement released by the agency, it expects to issue the new guidance sometime this month. Until that guidance is finalized, your paycheck withholding will look the same as 2017.

We're following this issue closely, along with all the others associated with the new tax law.

NJBBC Holiday Happy Hour Features Ugly Sweaters

On Thursday, NJ Building Business Connections (NJBBC) held a Holiday Happy Hour networking event with an ugly sweater theme. The event was hosted by the founders, Diane Pineda and Lance Aligo, CPA, both of KRS CPAs.

NJBBC is a group of young professionals interested in sharing ideas, leads and referral sources. IT offers YPs the opportunity to make valuable connections with others in many different industries.

Time to Send Out Those 1099s

Tax season is almost here and along with it comes the requirement for businesses to send out 1099s. While this can be a tedious task – especially if you haven’t kept good records on your independent contractors – it is necessary to avoid penalties.

If you paid $600 or more to any “non-corporate” independent contractor or to an attorney, you need to know the rules for 1099s.

In Case You Missed It…Tax Reform Legislation Insights from the Recent KRS Breakfast Event

With tax reform pushed through, KRS partners Maria Rollins, Gerald Shanker, and Simon Filip analyzed the proposed changes in both the House and Senate versions of the bill at the December KRS Insights Breakfast.

Find out what individual and corporate taxpayers need to know.

Learn Social Security Strategies for a Better Retirement at the Feb 7 KRS Insights Breakfast

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 February 7th as Jarita Walker from the Social Security Administration takes us through the ins and outs of Social Security and what they all mean for your retirement.

KRS Contributes to a Worthy Cause on #GivingTuesday

"Giving back is ingrained in the KRS culture and Giving Tuesday is the perfect time for us to contribute to help those in Puerto Rico who lost their homes and livelihoods in the recent natural disasters," said KRS CPAs managing partner Maria Rollins.

The firm donated to United for Puerto Rico, which provides assistance to individuals and small businesses devastated by Hurricanes Irma and Maria.

Watch the Video! KRS Wins NJBIA Award for Excellence

KRS is proud to be the recipient of the 2017 NJBIA Award for Excellence.

Watch the award ceremony video and learn more about the KRS flexible work program.

Will Tax Reform Put More Money in Your Pocket? Find out on Dec 7

Is there a tax break in your future? While the crystal ball is still murky as Capitol Hill continues to negotiate the tax reform bill, there are things you should know and actions you can take to ready yourself and your business.

Join us on December 7th as we highlight the anticipated changes to federal and New Jersey tax policy. Our tax experts will provide you with some timely planning tips as well as what to watch out for as we prepare for this wave of change.

KRS CPAs Featured in New NJBIA Marketing Campaign

When KRS senior staff accountant Diane Pineda learned about the NJ Business and Industry Association’s new campaign to feature association members in its marketing, she was quick to get KRS involved.

That’s why our offices were abuzz last Friday when NJBIA’s creative director Mike Sanchez and his audio/visual team stopped by for a morning-long photo and video shoot.

KRS Partner Jerry Shanker Hits the Links for Nothing Is Impossible Fundraiser

KRS partner Jerry Shanker took to the fairway with clients Alvin and Andy Dietz, and Mark Kluger, longtime colleague and partner at Kluger Healey LLC.

The occasion was the 12th Annual Golf Outing for the Nothing Is Impossible Foundation, held at the Ballyowen Golf Course, Hamburg, NJ.

Resources for Foreign Companies in the U.S.

Opening a business in the U.S. as a foreigner can be complex. The U.S. tax code alone runs to over 17,000 pages and non-U.S. companies must abide by U.S. accounting rules as well as international operating and reporting standards.

KRS Experiences Latino Foods Trends at the World of the Latino Cuisine 2017

Diane Pineda, Catalina Echeverry and Marika Dugan recently attended The World of the Latino Cuisine 2017 at the Meadowlands Exposition Center. This is an important show in the metropolitan area, as the Latino food and beverage market is reaching $18 billion and growing at a pace of 4% annually.

“It was inspiring to meet the CEOs and faces behind the different specialty food exhibitors,” commented Dugan. She noted some of the trends they saw at the show...

Meet the Team – Tomasz Kotowski

Join us in welcoming Tomasz Kotowski, the newest staff accountant on the KRS team!

Tomasz graduated with a BS degree in Accounting, from Rutgers Business School, in Newark, N.J. He is currently working toward his CPA.

What attracted him to KRS was “the company culture, being part of a great and friendly professional team with a ‘let’s grow together’ attitude that encourages professional development.”

KRS Breakfast Insights Series Resumes with Hot Topics in HR

If your growing business is experiencing HR headaches, then join us on September 28 for the next KRS Business Insights breakfast.

We know it can be stressful for you as a business owner or executive to handle all the human resources tasks that arise from recruiting, hiring and retaining the employees you need to support your growth strategy.

That’s why we’re pleased to have Randi W. Kochman, an attorney and member of Cole Schotz P.C., joining us for the September 28 KRS CPAs Insights Breakfast.

Her talk, Hot Topics in HR: Avoiding Employer Pitfalls, will cover employer documentation, hiring considerations and family/medical leave.

KRS CPAs Wins Two Awards for Excellent Work Environment and Culture

The team here at KRS is excited to have been notified that we've received not one, but two, best employer awards: 2017 Award for Excellence in the Outstanding Employer category from the N.J. Business and Industry Association (NJBIA) and the 2017 Best Accounting Firms to Work For from Accounting Today magazine. These awards are in addition to our firm being recognized by NJBIZ as one of New Jersey's Best Places to Work for seven consecutive years.

YPs Get Personal Finance Advice at KRS Breakfast

Getting married, starting a family, buying a first home, finally paying off that student loan. These life changing events and more were the subject of the July 25 KRS and NJBIA Financial Planning for Young Professionals panel discussion.

Checking out the Summer Fancy Food Show

The future of food was what the Summer Fancy Food Show was all about and KRS partners Maria Rollins and Jerry Shanker were on the scene to learn firsthand about the latest food industry trends as well as meet food purveyors and distributors.

KRS Hosts NJBIA Young Professionals Networking Meeting

Join KRS CPAs as we host the New Jersey Business and Industry Association’s Young Professionals networking meeting on July 25, from 9:00 to 11:00 AM. The meeting will feature a panel discussion on personal finance planning for YPs.

KRS Guide and Checklist Help Small Business Owners Manage Cash Flow

Now that we're officially halfway through 2017, it's a good time to take stock of your company's cash flow. Since we're often asked by our small business and startup clients what they should be doing to manage their cash flow better, we've put together free resources to help you get a handle on the cash that is flowing into and out of your company. Get the KRS CPAs Cash Flow Checklist and more.

KRS Builds Relationships at Bergen Business Expo

On May 25th, KRS team members came together to have fun for a good cause and raised $355 for Red Nose Day.

KRS Team Dons Red Noses to Help End Childhood Poverty

On May 25th, KRS team members came together to have fun for a good cause and raised $355 for Red Nose Day.

KRS Hosts Students on Paramus Rotary Club Career Day

On Thursday, May 25, KRS hosted four Paramus High School juniors as part of the Paramus Rotary Club's 31st Annual Career Day. Senior accountants Diane Pineda and Lance Aligo gave students Andrew Del Monico, Parth Patel, Chloe Lee and Eric Abreu a tour of the KRS offices and a presentation about the accounting world.