New Regulations for Casualty Loss Claims under TCJA

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).

How to Manage the Home Office Deduction

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.

Is Your Business Eligible for the Small Business Tax Deduction?

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.

KRS Participating in Jersey Cares School Supply Drive

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.

Moving and Mileage: Roundup of TCJA Changes

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.

KRS CPAs Recognized as One of Nation’s Top 100 Employers by Accounting Today

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.

New Jersey Bill and Rate Notice – Payment Due

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.

Supreme Court Ruling on Online Sales Tax Sows More Confusion

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.

KRS Partner Jerry Shanker to Co-Present Business Succession Planning Workshops

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.

KRS Publishes Business Valuation Guide for Business Owners

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.

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...