Many tax rates are inflation adjusted each year. The IRS recently announced 2019 inflation adjusted amounts. Here are some of the key changes from 2018 to 2019: Cents per mile for business mileage- 54.5 cents to 58 cents Cents per mile for medical mileage- 18 cents to 20 cents Annual IRA contribution limit – $5,500 Read More…
The New Jersey Division of Taxation has just announced a new tax amnesty program offering the opportunity to file and pay certain tax obligations without penalties and with a reduced interest rate. The Amnesty program covers tax returns due from February 1, 2009 through September 1, 2017. The tax amnesty program begins on November 15, Read More…
BKC’s BikeMS Team, “Warner’s Wheelers”, had another very successful year with 18 cyclists, raising over $23,000 for the National MS Society in the name of their MS Champion, the late Michael Warner. There was a great turnout September 30th at the finish line with family, friends and BKC employees cheering on the riders as they Read More…
The 2017 Tax Cuts and Jobs Act changed the law to deny income tax deductions for entertainment, amusement, or recreation expenses. However, the Act did not directly address the deductibility of business meals at the time of enactment. In response to this confusion, the IRS has issued interim guidance about the deductibility of business meals, Read More…
On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers. The new guidance—FASB ASC 606 or IFRS 15, the IASB’s comparable standard—replaces substantially all existing U.S. Generally Accepted Accounting Principles (GAAP) on this topic. While the compliance deadline Read More…
In a 5-4 ruling the Supreme Court issued their decision opening the door for states and localities to collect sales tax on interstate purchases made on the internet. This decision overturns the long-standing decision in Quill, issued by the Supreme Court in 1992, requiring a physical presence test be met by sellers in the jurisdiction Read More…
Darlene Shaffer, CPA/ABV/CFF/PFS, CVA, Principal at BKC, CPAs, will be presenting “The Tax Cuts and Jobs Act Legislation Impact on Alimony” at the October 23rd New Jersey Collaborative Law Group’s breakfast meeting hosted by Norris, McLaughlin & Marcus, P.A. This presentation will: Cover significant changes to taxation of alimony effective January 1, 2019 under the Read More…
Thank you to everyone at BKC who contributed to the Tools4School fundraiser for the United Way. BKC donated over 50 backpacks and 100 pencil cases, among other items, to fill student kits. The program will provide more than 1,300 Hunterdon County children with the supplies they need to go back to school and learn. The Read More…
Effective October 1, 2018, New Jersey sales and use tax will be imposed on “transient accommodations”. Transient accommodations include a room, a group of rooms, or other living /sleeping space for the lodging of occupants, which can include residential buildings. The following situations do not constitute a transient accommodation: • Places of assembly • Health Read More…
BKC welcomes Lily Bradow as a member of the firm’s Audit & Assurance Group. Lily is a graduate of The College of New Jersey with a Bachelor of Science degree in Accounting. Lily has over 15 years of experience in public accounting, with specialization in accounting and auditing for companies in various industries, employee benefit Read More…
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