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Save on state and local income taxes

New Jersey SALT Cap Workaround

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.

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2020 KRS CPAS interns

KRS Welcomes 2020 Interns

KRS CPAs hires 3 interns for accounting and administrative roles (from left to right): Andrew Hurdman, Accounting; Lyndsey Farrell, Administration; and Adam Stoler, Administration.

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Eileen Geraldino joins KRS as bookkeeper

Eileen Geraldino Joins KRS CPAs

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.

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Kimberly Wilkinson joins KRS CPAs

Kimberly Wilkinson Joins KRS CPAs

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.

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Understand your 1099s

The Ins and Outs of Form 1099

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.

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Are itemized or standard deductions right for you?

Tax Deductions: What’s New?

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.

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IRS Releases 2020 Retirement Contribution Limits

IRS Releases 2020 Retirement Contribution Limits

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.

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Jerry Shanker to speak on business valuation

December 12 KRS Insights Breakfast to Discuss Business Transition Planning

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.

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Key Social Security Changes for 2020

Social Security: Note the Key Changes for 2020

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.

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KRS participates in Frosty's Friends

Help Us Spread Holiday Cheer to Kids in Shelters!

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.

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What's New With the Kiddie Tax?

What’s New With the Kiddie Tax?

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.

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Be vigilant against the rising threat of identity theft and W-2 scams

IRS Warnings About Payroll Scams

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.

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Kevin Taccad, KRS staff accountant

Meet Kevin Taccad, KRS Staff Accountant

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.

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Equifax breach leads to scams

Equifax Breach Settlement Leads to Scams

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.

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KRS Is Tops! Firm Recognized by Accounting Today for Creating a Quality Workplace

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.”

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Aligo promoted to accounting manager

Lance Aligo Promoted to Manager

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.

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Craig DeGennaro joins KRS CPAs

Craig DiGennaro joins KRS CPAs!

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.

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Employers: know your tax forms

Employers: Know Your Tax Forms

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.

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Josh Rollins, KRS Staff Accountant

Josh Rollins joins KRS CPAs!

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.

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Dirty dozen tax scams

The Dirty Dozen Tax Scams

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.

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Digitization is here to stay

Are You Prepared to Be a “ME” Enterprise?

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...

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new tax law changes expensing rules

Know the New Expensing Rules

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.

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KRS named one of Best Places to Work in NJ 2019

For the 9th Year: KRS CPAs Named among NJBIZ Best Places to Work in NJ

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.”

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Maria Rollins named to ROI Influencers

KRS Managing Partner Maria Rollins Named to ROI NJ’s Influencers Power List

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.

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Maria Rollins on Wise Women@Work podcast

Managing Partner Maria Rollins Interviewed on Wise [email protected] Podcast

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.

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identity theft and your taxes

Identity Theft: Stay Safe With Your Taxes

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.

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KRS welcomes new staff

KRS Welcomes New Staff Members

KRS CPAs welcomes a Senior Accountant, two Staff Accountants and two interns for the 2019 tax season!

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KRS acquires accounting and tax practice of Allan Lazaroff

KRS Acquires Bergen County-Based Accounting and Tax Practice

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.

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KRS named among the Best & Brightest to Work for in the Nation

KRS CPAs Named Among the Top 101 Best & Brightest Companies to Work for in the Nation

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.

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NJ Paid Sick Leave Law focus of KRS Breakfast, Dec 6

February KRS Insights Breakfast to Discuss NJ Paid Sick Leave Law

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.

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IRS disagreement

How to Handle Disagreements with the IRS

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.

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KRS Participated in Jersey Cares Frosty’s Friends

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.

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Rosi Ventura

Rosi Ventura Joins KRS CPAs!

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.

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Sean Faust joins KRS

Sean Faust joins KRS CPAs!

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.

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NJ Paid Sick Leave Law focus of KRS Breakfast, Dec 6

NJ Paid Sick Leave Law February KRS Insights Breakfast

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.

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KRS CPAs wins Accounting Today Best Workplaces Award

KRS Again Recognized Among Top 100 Employers by Accounting Today

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.

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New Jersey Society of Certified Public Accountants

KRS to Participate in NJCPA’s Annual Food Drive

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!

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NJ minimum wage to increase

New Jersey’s Minimum Wage to Rise in 2019

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.

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ACA Threshold to rise in 2019

ACA Affordability Threshold to Rise in 2019

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.

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NJ Paid Sick Leave in Effect 10/29/18

Are You Ready? NJ Paid Sick Leave Going into Effect 10/29

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.

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New York Mandates Anti-Sexual Harassment Policy & Training

NY Releases Final Model Sexual Harassment Prevention Training Program and Policy

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.

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NJBIA webinar - section 199 overview

Managing Partner Maria Rollins Discusses 199A Deduction in NJBIA Webinar

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.

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Qualified Retirement Plans: Know the Rules

Qualified Retirement Plans: Know the Rules

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.

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New IRS Guidance on State and Local Taxes

New IRS Guidance on State and Local Taxes

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.

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New York Mandates Anti-Sexual Harassment Policy & Training

New York Mandates Anti-Sexual Harassment Policy & Training

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.

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