The New Jersey Economic Development Authority (NJEDA) has created a Small Business Emergency Loan Program to assist with the continued economic impact of COVID-19. This $10 million program will provide working no-to-low interest capital loans of up to $100,000 to businesses with less than $5 million in revenues.Read More
The U.S. Small Business Administration (SBA) has issued interim regulations under the Paycheck Protection Program (PPP). These regulations have changed aspects of the program for independent contractors, includable and excludable payroll costs, and more.Read More
The application process for the NJEDA's Small Business Emergency Assistance Grant Program opens tomorrow, Friday, April 3, at 9am.The program includes seven initiatives to help businesses cope with the impact the coronavirus outbreak has had on the economy.Read More
The latest coronavirus relief fund established new loans to help employers pay workers and cover other employment-related expenses during the coronavirus crisis.
Lenders can start processing loan applications for small businesses and sole proprietors on April 3, 2020 and independent contractors and self-employed workers on April 10, 2020.Read More
The Department of Labor recently issued additional regulations and guidance regarding the Emergency Family and Medical Leave Expansion Act (EFMLEA) portion of the legislation. This guidance covered small business exemptions, office closures, intermittent leave, furloughs or reduced hours, and documentation.Read More
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion economic relief plan, which includes direct payments to many Americans, expanded unemployment benefits, and additional benefits for individuals and families during these difficult times.Read More
The newly enacted CARES Act provides for forgivable small business loans. This article shares details about loan amounts, loan forgiveness, and then shares additional resources where small business owners can go for additional guidance.Read More
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion economic relief plan which includes direct payments to Americans, strengthened unemployment insurance, loans to businesses, and increased health-care resources. The CARES Act was signed into law by President Trump on Friday, March 27, 2020.
We’ve summarized the aspects of the bill we believe most affect our clients. There are additional benefits to specific industries and states along with special provisions.Read More
The Department of Labor has determined that the effective date for the Families First Coronavirus Response Act (FFCRA) will be April 1, 2020. The text of the FFCRA states that the act takes effect “not later than 15 days after the date of enactment.”
In our previous communication on the FFCRA Update, we stated the effective date would be April 2, 2020. The DOL has made it clear that this is not the case and that the law will be effective April 1, 2020.Read More
The New Jersey Economic Development Authority approved a package of seven initiatives that can be worth an estimated $75 million to $100 million to help businesses cope with the impact the coronavirus outbreak has had on the economy.
All business owners who are interested in these and other programs should get documentation in order and begin to apply as soon as possible.Read More
What employers need to know about the new emergency family leave and paid sick leave laws
The Families First Coronavirus Response Act (H.R. 6201), which was signed into law on March 18, 2020, provides paid emergency family leave and paid sick leave for people affected by COVID-19.
These provisions take effect April 2, 2020 and expire on December 31, 2020. They will not be applied retroactively, according to the Department of Labor.Read More
If you are an owner of a corporation, or you own more than a five percent equitable or debt interest in the corporation, you will not be considered unemployed during your term of ownership. You aren't eligible for unemployment benefits.
Currently, owners are only entitled to unemployment benefits upon termination of corporate owner status or if corporate operations have permanently ceased because of impending dissolution of the corporation. However, the New Jersey Economic Development Authority (EDA) is expected to address the issue at a special board meeting. Fingers crossed, EDA announces some positive news for business owners.Read More
Small businesses are currently eligible to apply for an Economic Injury Disaster Loan (EIDL) through the Small Business Association (SBA) due to Coronavirus (COVID-19).
New York City and Philadelphia are offering financial relief to small businesses who are impacted by the pandemic. We believe New Jersey, New York, and Pennsylvania will soon offer relief grants and loans.Read More
The IRS has extended the federal filing deadline to July 15, 2020. New Jersey has also extended its filing deadline to June 30, 2020.
There is no guidance on an extended filing deadline from New York as of this notice, although we do expect one.Read More
KRS is committed to the safety and health of our staff and clients. To that end, we are following the recommendations of the Bergen County Executive and Governor Murphy by adopting a contingency plan to move our office to work remotely effective March 19th.
Our team will continue to give you the same service you have come to expect from us no matter where we work. Although you should continue to call our office and email our staff as you have in the past, there are some suggestions you can follow to assist in these efforts.Read More
We know there is a lot of concern and uncertainty due to the Coronavirus (COVID-19). KRS has been closely monitoring the situation for several weeks. The health and safety of our employees and clients is a top priority as is ensuring all tax requirements are met by the respective deadlines.
The IRS has yet to define who would be considered affected and determine the extension deadline. We are continuously following up with the IRS and state government for additional guidelines.
We encourage our clients who are able to file on time to send in their tax documents as soon as possible and file by April 15th, especially if they are expecting a refund.Read More
Cheers to Maria Rollins who is among ROI-NJ's Influencers in the Accounting Industry for a second year.
In naming Rollins to their accounting industry list, ROI noted KRS is a “boutique firm [that] continues to get it done for its clients — and its employees. Rollins, who preaches work-life balance, was thrilled when KRS was named one of the 101 Best & Brightest Companies in the Nation to work for — for the second consecutive year.”Read More
There has been an uptick in instances of carefully targeted phishing attacks in relation to Tax Season over the past week, specifically with the use of fake ShareFile links. KRS is hyper-vigilant about these attempts and uses the utmost caution. In light of this, we want remind our clients how KRS sends and requests sensitive documents.
KRS only uses ShareFile for document sharing. For security reasons, we cannot accept files sent through Google Drive, Dropbox, etc.Read More
We are extremely proud to be recognized among the 2019 Best and Brightest in the Nation for our dedication to building a great culture for our employees.
Best and Brightest winners represent the most exceptional places to work. They are the companies and organizations who push operational standards forward, foster constructive environments, and display a commitment to their team members and community. The National Association for Business Resources (NABR) awards this honor each year to a select number of companies. KRS CPAs had been a 2018 honoree as well.Read More
The Tax Cuts and Jobs Act (TCJA) made many amendments to the Internal Revenue Code and changed how we filed our income tax returns. One significant difference was the $10,000 cap on the State and Local Tax (SALT) deduction.
NJ's Pass-Through Business Alternative Income Tax Act, recently signed into law by Governor Phil Murphy, can help business owners save millions annually on SALT.Read More
KRS CPAs hires 3 interns for accounting and administrative roles (from left to right): Andrew Hurdman, Accounting; Lyndsey Farrell, Administration; and Adam Stoler, Administration.Read More
I became part of the KRS family this past November as a bookkeeper. I am currently servicing our clients with duties such as monthly reconciliations, write-ups and AP/AR. I am a senior at Montclair State University majoring in accounting and am looking forward to gaining exposure in all aspects of accounting at KRS CPAs.
What I love about working at KRS is its great work environment. Everyone is very welcoming and also willing to help in whatever you need. I really like the open door policy, which I believe is helpful in the success of its employees.Read More
I became a member of the KRS family in December of 2019 as a Tax Manager. While I recently joined KRS, I have over 15 years of tax compliance experience working with LLCs, corporations, foundations, and high net worth individuals.
Since KRS works with clients across several industries, it keeps my day interesting and I am continually learning. While my tax experience is heavier on the entity side, it is nice to work on an assortment of clients and assist with their tax planning and personal accounting needs.Read More
Not all 1099s are the same. This article covers what you need to know to understand how they fit into your tax picture.
You'll notice the forms have your Social Security number or taxpayer identification number, and that means the IRS will know that you've received money — and know whether you report that income on your tax return. Likewise, the IRS wants to keep tabs on the money you've paid contractors.Read More
As many taxpayers discovered with the last tax season, it was more beneficial to take the standard deduction and forgo itemized deductions. Then again, you may feel that your expenses exceed standard deduction amounts.
You will have to take a hard look at your expenses every year to see whether itemization or the standard deduction is the better choice.Read More
The employee contribution limit for 401(k) plans will be $19,500, up from $19,000 in 2019. The catch-up contribution limit for employees aged 50 and over will be $6,500, up from $6,000.Read More
You’ve built a successful business and now you’re thinking it’s time for you to move on. Where do you start? First, you need a solid transition strategy so your personal and financial future are not at risk.
You’ll learn the critical factors of business transition planning from business valuation expert and KRS partner Jerry Shanker, CPA/ABV/CFF, at the December 12 KRS Insights Breakfast.Read More
Every year, the Social Security Administration takes a fresh look at its numbers and typically makes adjustments. First, the basic percentages have not changed:
- Employees and employers continue to pay 7.65% each, with the self-employed paying both halves.
- The Medicare portion remains 1.45% on all earnings, with high earners continuing to pay an additional 0.9% in Medicare taxes.
- The Social Security portion (OASDI) remains 6.20% on earnings up to the applicable taxable maximum amount — and that's what's changing.
This holiday season, KRS CPAs is once again participating in Frosty’s Friends. This program 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, you will have 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. Please keep in mind that for each letter you are asked to purchase a gift between $25-$40.Read More
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