Blog

ANDY ROSS SPEAKS ON HUNTERDON CHAMBER RADIO

Andrew D. Ross, CPA, Tax Manager at BKC, CPAs, PC spoke on Hunterdon Chamber Radio 10/10/17 in a group presentation regarding the Center for Education Advancement nonprofit organization, and the 2017 CEA/Johanna Foods Turkey Trot in Flemington celebrating its 25th year.  Listen to the podcast here.

YEAR-END INDIVIDUAL INCOME TAX PLANNING

On an annual basis, certain individuals should review their income tax situation at the end of each year, so as to minimize their income tax liability for the year.  Common planning techniques include deferring income and/or accelerating deductions to the following year.  With the current climate of dramatic tax reform in Congress, there is even Read More…

BKC-WARNER’S WHEELERS RAISES $19,000 TO FIGHT MS

We send our sincere thanks to each of our friends, clients and colleagues who have supported the BKC-Warner’s Wheelers Bike MS team by cycling and/or making donations.  Your generosity is remarkable!  As a result of these contributions, it is with great pride that we announce that we’ve raised $19,000 towards the Fight Against MS this year. Read More…

KICKING FOR KENZIE 10/8/17 WITH BKC KICKBALL TEAM

Join us to support “Kicking for Kenzie” 2017 Kickball Tournament at Chimney Rock Park on October 7th.  Fight Against Tay-Sachs Disease by donating in Mackenzie’s name at www.curetay-sachs.org   Contact us for more information.

BKC ANNOUNCES NEW PRINCIPAL, JOSEPH NESI, CPA

BKC, CPA’s, PC continues growth with the addition of Joseph Nesi, MBA, CPA to their Flemington, NJ office. Mr. Nesi brings over thirty years of experience to BKC in the area of accounting and tax compliance for individuals, small business, trusts & estates, and non-profits.  After over a decade in corporate accounting, Mr. Nesi started Read More…

WARNING – IRS IMPERSONATION SCAMS

We have noticed an increase in the frequency of fraudulent calls by individuals posing as IRS or United States Treasury officials.  This Client Alert summarizes important information on how to respond in the event you are contacted by someone stating they are from the IRS, United States Treasury or other state or local taxing authority. Read More…

JOIN THE BKC-WARNER’S WHEELERS TEAM TO FIGHT MS 9/23/17-9/24/17

BKC Supports the Warner’s Wheelers Fight Against MS View Event Flyer here Join our team or donate here.   Help us support our MS Champion, Michael Warner, and create a world free of MS.  We’ve formed a team for Bike MS because we want to experience a great ride and help the National MS Society Read More…

EMPLOYMENT TAX ISSUES DURING TAX-EXEMPT ORGANIZATION IRS AUDITS

The IRS has emphasized employment tax compliance during its tax-exempt audits for many years.  They believe that employment tax is a high risk area of noncompliance for non-profits.  Some of the main issues for IRS audit review include: Expense reimbursements and accountable plan compliance, Treatment of fringe benefits as taxable compensation, Independent contractor vs. employer Read More…

SCHEDULE G – SUPPLEMENTAL INFORMATION REGARDING FUNDRAISING OR GAMING ACTIVITIES

Many non-profit organizations supplement their gross income by holding fundraising events.  If your organization spends more than $15,000 during the tax year on professional fundraising services, has more than $15,000 of gross fundraising income, or has more than $15,000 of gross gaming income, you must attach Schedule G to the Form 990. If your organization Read More…

SCHEDULE B – SCHEDULE OF CONTRIBUTORS

When a tax exempt organization files its Form 990 or 990EZ, the tax return is public information (typically accessible through the internet) and must be available for public inspection for a three year period beginning with the due date (including extensions) of the tax return.  This includes all schedules and attachments to the tax return, Read More…

PUBLIC SERVICE LOAN FORGIVENESS PROGRAM FOR EMPLOYEES OF GOVERNMENT OR NOT-FOR-PROFIT ORGANIZATIONS

The Public Service Loan Forgiveness Program (PSLF) forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.  What does this mean for you?  We’ve answered the 5 questions that will help you determine if you qualify for Read More…

HUNTERDON COUNTY CHAMBER OF COMMERCE FOUNDATION HALL OF FAME

BKC, CPAs, PC is presenting sponsor for the Hunterdon County Business Hall of Fame established by the Hunterdon County Chamber of Commerce Foundation. Thee Foundation’s Mission is to advance the interests of the Hunterdon County business community through business resources, economic & workforce development, leadership development, tourism, philanthropy, and the promotion of civic, educational, cultural Read More…

TOOLS4SCHOOL, BKC PARTNERS WITH UNITED WAY

BKC, CPA’s supports the United Way of Hunterdon and the Tools 4 School program.  With your help, the program will provide more than 1,300 Hunterdon County children in need with the supplies they need to go back to school and learn. BKC is donating 400 Scientific Calculators to fill all of the Middle School Student Read More…

PARTNER, JOSEPH CARDUCCI PARTICIPATES IN SPARTAN RACE

Way to go Joe!   Joseph M. Carducci, CPA, PSA, Shareholder of BKC, CPAs, PC, participated with a team of good friends, or “fellow Spartans”, in the grueling 4 mile Spartan Race challenge with perseverance.  Last weekend, more than 12,000 people competed in the 8 mile course with 25 obstacles including rope nets, climbing walls & Read More…

CASUALTY & THEFT LOSSES

When an individual or a business incurs either a casualty or theft loss, questions often arise as to the deductibility of the loss, on their tax return.  A casualty loss occurs when property is damaged, destroyed, or lost from any unexpected or sudden event, such as a fire or hurriane.  A casualty loss does not Read More…

BUILDING A RESILIENT ORGANIZATION – A TOOLKIT FOR NONPROFIT BOARDS TO MANAGE TRANSFORMATIONAL CHANGE

By Laurie De Armond, CPA Many, if not most, nonprofit organizations will encounter board or leadership turbulence at some point in their lifecycles. Organizational transition, the evolution of mission or executive departures are inevitable. There are times when the board must make challenging decisions and protect the organization from financial and organizational risk, as well Read More…

JESSICA DISPENSA SHOWCASES BKC WORKPLACE WELLNESS ON RADIO SHOW

Jessica A. Dispensa, PAFM, Firm Administrator of BKC, CPAs, PC, spoke with host Kim Blanda, RN, on the inaugural Hunterdon Chamber Radio show of Hunterdon Living – Healthy Hunterdon on June 29, 2017.  Jessica shared many of the benefits of BKC’s Workplace Wellness program.  Reinforcing a culture of caring about our employees, BKC’s healthy initiatives Read More…

BKC SUPPORTING UNITED WAY NATIONAL DAY OF CARING

BKC, CPAs, PC supported the United Way’s National Day of Caring by volunteering to organize school supply donations for the Tools4School campaign by United Way of Hunterdon County.  To assist families, United Way of Hunterdon County created the Tools4School program, which provides students in need with the necessary basic school supplies so they are ready to learn Read More…

STATE TAX NEXUS

As businsses grow and mature, they start to acquire customers that are located in various states.  In this internet age, this can happen much easier than a generation ago.  Combined with  the fact that states are hungry for tax revenue and are becoming more sophisticated in tracking down companies doing business in their state, this Read More…

ED KUROWICKI FEATURED AT 2017 BUSINESS SUMMIT

Ed Kurowicki, Managing Partner of BKC, CPAs, PC spoke regarding the Hunterdon County Chamber of Commerce’s Advancing Hunterdon Initiative at Friday’s informative Business Summit Luncheon.  Keynote speaker Dr. Vijay Swarup, VP of Research and Development for ExxonMobil Research & Engineering Company in Clinton, NJ provided an energy outlook and highlighted potential breakthrough technologies.

BKC PET LOVERS WALK AT BARK IN THE PARK

BKC Pet Lovers paired their Pet Charity Collection for Associated Humane Societies with participation in Flemington Rotary’s 6/4/17 “Bark in the Park” dog walk event.  It was a great day of fun, exercise and fellowship in Historic Downtown Flemington.  All net proceeds of the event went to Rotary Charities and local animal rescue organizations. Donations for the Read More…

BKC PET CHARITY COLLECTION THROUGH 6/12/17

BKC, CPAs, PC will be collecting pet supplies in the Flemington & Woodstown offices to benefit “Associated Humane Societies” through June 12, 2017. BKC Pet Lovers will be pairing this collection with participation in Flemington’s 6/4 “Bark in the Park” dog walk event.  Join us for a great day of fun, exercise and fellowship in Read More…

PRESIDENT TRUMP’S TAX REFORM PROPOSALS

On April 26th, the White House announced the President’s Federal tax proposals, which include large reductions in corporate tax rates, flattening of the individual income tax brackets, and repeal of the estate and alternative minimum taxes.  Here are some highlights: Individuals The current seven graduated tax brackets (ranging from 10% to 39.6%) would be replaced Read More…

FORM 1023-EZ APPLICATION FOR 501(C)(3) EXEMPTION

Within the last couple of years, the IRS has made it much simpler for organizations to apply for Federal tax-exempt status by filing a Form 1023-EZ.  To qualify for this short-form application, the organization must not have annual gross receipts in excess of $50,000 in any of the past three years or projected in any Read More…

UNRELATED BUSINESS TAXABLE INCOME

Many tax-exempt organizations may have unrelated business units that are part of the organization’s tax-exempt purpose, and are used to fund the organization. These unrelated businesses, while not jeopardizing the organization’s tax-exempt status, could yield taxable income to the organization. If the business is run by paid employees and is not for the convenience of Read More…

TRANSPARENCY IN NON-PROFIT ORGANIZATIONS

Transparency, in the non-profit sense, is defined as the widespread availability of relevant, reliable information about the performance, financial position, and governance of an organization.  Transparency is a trust building tool; the more transparent your organization becomes, the more trustworthy you will be viewed by the public, donors, and regulators.  It is important for non-profit Read More…

WHAT’S THE DIFFERENCE BETWEEN NONPROFIT AND FOR-PROFIT ACCOUNTING, AND HOW DOES IT IMPACT THE FIDUCIARY DUTIES OF BOARD MEMBERS?

By Lee Klumpp, CPA, CGMA There are many opinions on what the fiduciary responsibilities of nonprofit board members are. The National Council for Nonprofits discusses that boards should: a) Take care of the nonprofit by ensuring prudent use of all assets, including facility, people and goodwill; and provide oversight for all activities that advance the nonprofit’s Read More…

IRS PARTNERSHIP AUDITS

When a partnership or an LLC filing as a partnership, files their Federal tax return, there is never any tax due at the entity level.  Instead, all income, deductions, and credits flow proportionally to the partners on their respective Schedule K-1’s.  As a result, if the IRS decided to audit a partnership tax return, taxes Read More…

OPERATION GRATITUDE EASTER CANDY DRIVE

Through April 21st, BKC, CPAs, PC will be collecting leftover Easter Candy, in addition to Care Package items & Letters to send to our Troops through “Operation Gratitude”.  BKC will utilize Dry Ice Cooler shipping boxes to withstand the heat, which should enable us to include chocolates!  Ideal candy items include Jelly Beans & Hard Read More…

QUICKBOOKS TRAINING COURSES – MAY 2017

CLICK HERE TO LEARN MORE ABOUT OUR MAY 2017 QUICKBOOKS TRAINING SERIES.

TAX TIDBIT: PA TAX AMNESTY

The Pennsylvania Department of Revenue will run a 60 day tax amnesty period from April 21, 2017 to June 19, 2017 for taxes due on or before December 31, 2015.  The tax amnesty will cover all taxes administered by the Dept. of Revenue, such as individual income taxes, corporate income/franchise taxes, sales taxes, inheritance taxes, Read More…

TAX TIDBIT: HOME MORTGAGE INTEREST INFORMATION RETURNS

All financial institutions and individuals that receive over $600 of mortgage interest in a calendar year must issue a Form 1098 to the mortgage payer.  In the past, the only information that was required on Form 1098 was the names and tax ID numbers of the payer and recipient and the amount of interest received.  Read More…

CODE BLUE DONATIONS NEEDED ASAP

Code Blue Donations Needed ASAP for NJ Emergency Cold Weather Shelters in Need Salem County is currently in need of the following items for homeless individuals.  Collection Ends Wednesday, February 22nd so that we can get our items in use ASAP. They have adequate blankets, but are in need of the following items: Gloves for men Socks Read More…

EXPIRING NJ URBAN ENTERPRISE ZONES

As of January 1, 2017, the following five NJ urban enterprise zones (UEZ) will expire.  This means that if you have a for-profit business client in the following UEZ’s: Bridgeton Camden Newark Plainfield Trenton The business will no longer be able to collect NJ sales tax at a 50% reduced rate and you will no Read More…

MERGER ANNOUNCEMENT – WARNER & COMPANY CPA’S JOINS BKC

We are very pleased to announce some exciting news about the firm!  Effective, January 3, 2017, the professionals of Warner & Company CPA’s have joined the team at Bedard, Kurowicki & Co., CPA’s, PC (BKC, CPAs, PC).  The merged firm will be known as BKC, CPAs, PC with offices in Flemington and now also in Read More…

SHAFFER EARNS EXCLUSIVE PERSONAL FINANCIAL SPECIALIST CREDENTIAL

Darlene Shaffer, a CPA, a financial planner with BKC, CPAs, PC has recently been awarded the Personal Financial Specialist (PFSSM) credential by the American Institute of Certified Public Accountants (AICPA), joining an elite group of professionals who have demonstrated advanced knowledge of tax, estate, retirement, investment and insurance planning.  The PFSSM Credential, established in 1987 Read More…

CHARITABLE CONTRIBUTIONS – SUBSTANTIATION & DISCLOSURE REQUIREMENTS

There are various requirements for both donors and charitable organizations as to substantiating charitable contributions.  The donor must have either a bank record or written communication from a charity for any amount of a charitable contribution before the donor can properly claim a charitable contribution deduction.  In addition, the donor is responsible for obtaining a Read More…

OVERTIME REGULATIONS NOT IMPOSED, FOR NOW

On May 18th, the U.S. Department of Labor released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties.  The new rules were to increase the mandatory overtime pay (time-and-a-half-pay) for hours worked in excess of 40 per week for workers who Read More…

NEW DEFERRED COMPENSATION REGULATIONS: WHAT NONPROFITS NEED TO KNOW

By Joan Vines, CPA The Internal Revenue Service (IRS) released proposed regulations that provide guidance for the nonqualified deferred compensation arrangements of tax-exempt organizations in June. The regulations, which have been anticipated by the industry since 2007, address the interplay between Internal Revenue Code Section 457 and Section 409A, which govern the nonqualified deferred compensation Read More…

GOV. CHRISTIE’S WAGE RECIPROCITY DECISION TO REMAIN

On September 2nd, Governor Christie signed an executive order, which would be effective on January 1, 2017, ending the Wage Reciprocity Agreement between New Jersey and Pennsylvania.  That order would have forced New Jersey residents working in Pennsylvania (and vice versa) to file both a resident tax return and a non-resident tax return, because the Read More…

HAPPY HOLIDAYS FROM BKC

The team at BKC wishes you peace, joy and prosperity for 2017. Thank you for your continued support and partnership.  We hope you enjoy a beautiful holiday season, and good health and happiness this new year!

THANK YOU FOR YOUR FOOD DONATIONS

Just in time for “Giving Tuesday” we’ve concluded our holiday Food Drive to benefit the Flemington Area Food Pantry. Thank you to everyone who generously contributed!

SCHOOL BOARDS – ASSA/DRTRS TIPS

ASSA/DRTRS tips/reminders for School Boards: Schools must maintain an “OFFICIAL NEW JERSEY SCHOOL REGISTER”.  The register should be used to submit the data for NJSmart and ASSA. The NJSmart register is not an official register.  If the NJSmart register is provided as the student register for ASSA purposes, we may ask for another register. School Read More…

DOCUMENT RETENTION RECOMMENDATIONS FOR NONPROFITS

Document retention for nonprofits (click here).

COATS TO BENEFIT LOCAL RESIDENTS IN-NEED

A warm thank you to everyone who donated coats & cold weather items in our Winter Coat Drive to benefit Hunterdon County residents in need,  through the United Way of Hunterdon & Hunterdon County YMCA’s programs.

BKC GIVES THANKS

Your business & friendship mean the world to us. Thank you for enabling us to do what we love every day. We are grateful for your patronage & confidence in us. May the good things of life be yours in abundance, not only at Thanksgiving, but throughout the year.

NJ TAX CUTS & TRANSPORTATION TRUST FUNDING

In October 2016, a new law was enacted to fund the New Jersey Transportation Trust Fund and to cut other New Jersey taxes.  Here is a summary of the new tax bill. ·         On November 1, 2016, the gas tax increased by 23 cents per gallon, to a new rate of $0.375 per gallon.  The Read More…

NEW IRS DUE DATES FOR 2016 FORMS W-2 & 1099

In an effort to reduce fraud the IRS has changed the deadline for the filing of Forms W-2 and Form 1099. The IRS now requires that Forms W-2 and 1099 be provided to recipients and filed with the IRS or Social Security Administration, by January 31st.  In the past the January 31st deadline only applied Read More…

CONGRATS TO THE RIDGE AT BACK BROOK

Congratulations to our client, The Ridge at Back Brook,  for being voted the “Best of the Best Private Clubs” by Golf Style Magazine.  Golfstyleonline.com states, “This Tom Fazio designed course has everything that a player could want in a private golf experience; a world-class design, perfect conditions, fine practice facilities, a fabulous clubhouse and a staff Read More…

WINTER COAT DRIVE DONATIONS DUE 10/31/16

A chill is in the air, leaves are falling, and winter’s on its way.  BKC would like to share the warmth with those in need, by partnering with the United Way of Hunterdon, and the Hunterdon County YMCA to collect new and gently used Winter Coats, Scarves, Gloves and Hats for Hunterdon County Residents (adults Read More…

2016 YEAR-END TAX PLANNING

2016 Year-end Strategies for Businesses & Individuals: Straddling Two Years of Significant Changes. Click to read here.  

PHONY IRS NOTICES & OTHER SCAMS

Unfortunately in this internet age, it has become easier for fraudsters to communicate fake IRS letters and other fake IRS communication to innocent taxpayers.   Our office is receiving an increasing number of calls from clients, inquiring if the phone call they received from “the IRS” are legitimate.   The latest scam that taxpayers are receiving is Read More…

ANDREW D. ROSS SPEAKING ABOUT ABLE ACCOUNTS

Andrew D. Ross, CPA of BKC will be speaking on October 6, 2016  on “Estate & Financial Planning ABLE Accounts”  at the Center for Educational Advancement (CEA) in an informative seminar geared towards parents of disabled children.   See the event flyer below:

TAX TIDBIT: END OF NJ-PA WAGE RECIPROCITY

On September 2nd, New Jersey Governor Chris Christie signed an executive order, which would be effective on January 1, 2017, ending the Wage Reciprocity Agreement between New Jersey and Pennsylvania. At this time, the executive order is not law, but it is expected to be enacted as law. If enacted, the executive order means that Read More…

EVENT: QUICKBOOKS TRAINING AVAILABLE IN SEPT-16 & DEC-16

QuickBooks Basic  & Advanced Training Courses have been scheduled for September and December 2016.  Learn more about the seminars here and Register Today!

FASB MODIFIES NOT-FOR-PROFIT ACCOUNTING RULES

The Financial Accounting Standards Board (FASB) recently issued ASU 2016-14 to improve the presentation of financial statements of not-for-profit entities such as charities, foundations, universities, and nonprofit health care providers, etc.  This is the first major change to the nonprofit financial statement model in over 20 years, which is intended to provide more useful information Read More…

UPCOMING CHANGE: NJ ANNUAL CHARITABLE REGISTRATION FILING

Traditionally, the initial and annual charity registration forms were filed on paper with the NJ Division of Consumer Affairs (DCA).  However, starting January 1, 2017, all New Jersey charitable filings must be done on-line.  The on-line filing with the Division of Consumer Affairs is to be done through the DCA Portal (https://njconsumeraffairs.state.nj.us).  You need to Read More…

HOW TO RETAIN, RECRUIT & ENGAGE GREAT BOARD MEMBERS

The nonprofit world has already seen a number of board shakeups this year— from board members resigning en masse from the Frost Science Museum following fundraising and cash-management woes, to the issues at the Northwest Museum of Arts and Culture in Spokane, in which a spiraling relationship with the board led to the firing of Read More…

HAPPY LABOR DAY!

Here at BKC, we believe in the dignity of labor whether head or hand, and we are proud to work with such dedicated, talented, and hard working individuals. This Labor Day, we hope you can enjoy the rewards of hard work with your family & friends.  We wish you a happy and safe Labor Day Read More…

VALUATION DISCOUNTS WILL NO LONGER BE AVAILABLE SOON

Currently, valuations of interests in family controlled entities for federal gift, estate and generation-skipping transfers can be reduced by discounts saving significant tax dollars, but this will change soon.  It may be too late after December 1, 2016 to take advantage of the more favorable rules currently in effect. Aggressive discounts were historically taken, thus Read More…

NJ CHARITABLE REGISTRATION INFORMATION

There are two key phrases when filing an annual NJ charitable registration form for Section 501(c)(3) non-profit organizations: “gross revenue” and gross contributions”. If a NJ charitable organization has over $500,000 of annual gross revenue, they must attach an audited financial statement prepared by a certified public accountant to the NJ Form CRI-300.  You cannot Read More…

NEW OVERTIME RULES FOR NONPROFITS

On May 18th, the U.S. Department of Labor (DOL) released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties.  The new rule takes effect on December 1, 2016.  Prior to this new ruling, such employees who made more than $23,660 per Read More…

THANK YOU FOR CONTRIBUTING TO UNITED WAY TOOLS4SCHOOL

Thank you to everyone at BKC who contributed to the Tools4School fundraiser for the United Way, and to those who volunteered to stuff back packs.  The program will provide more than 1,300 Hunterdon County children with the supplies they need to go back to school and learn. The United Way of Hunterdon County has helped Read More…

BKC NAMED AS ONE OF THE TOP 50 ACCOUNTING FIRMS IN NJ

NJBIZ has named BKC as one of the Top 50 Accounting Firms in New Jersey. The list is ranked by the number of CPAs located in the state. NJBIZ is a New Jersey business journal, which produces a weekly print edition with a circulation of more than 15,000 copies, as well as providing 24/7 business Read More…

TAX TIDBIT: IRS 1ST TIME PENALTY ABATEMENT

The IRS Tax Code provides numerous penalties that can be assessed against both individual and business filers.  These tax filings can range from income tax, payroll tax, excise tax or informational returns. By being aware of the filing and depository requirements, you can reduce your risk of being assessed an IRS penalty.  However, IRS penalty Read More…

EVENT: QUICKBOOKS BEST PRACTICES FOR SCHOOL BOARDS

Date:  Wednesday, September 21, 2016 Time: 10:15 am – 12:30 pm (Directly following the HWASBO Meeting) Location: Mountain View Chalet, 154 State Route 173, Asbury, NJ 08802 RSVP:  by September 14, 2016 by emailing info@bkc-cpa.com. Many Districts utilize QuickBooks software, but don’t fully understand all of the features available.  At this informative session, we would Read More…

SCHOOLS: NEW DRINKING WATER REGULATION

Per the new Drinking Water Regulation, schools will be required to test for lead in all drinking water outlets by July 13, 2017. Districts must make all test results available at the school facility and on the district’s website. Schools may seek reimbursement of testing costs through the Department of Education utilizing a form that Read More…

SICK & VACATION PAYOUTS TO RETIRED & RESIGNED EMPLOYEES

The NJ Department of Education (NJ DOE) is requiring that sick and vacation day payouts for the 15/16 fiscal year be posted to the new expenditure accounts as per this DOE notice, and the Summary of Line Item Changes.  Please take a few moments to ensure that your payments are reclassified to the proper individual function Read More…

TAX TIDBIT: OUT OF STATE SALES TAX ISSUES

Cash strapped states are always looking for methods of changing the tax laws, which will create more sales tax revenue.  As a result, states are trying to make more and more transactions subject to their sales tax.   Businesses must become more aware of sales and use tax regulations, both within the state that their business Read More…

BKC COLLECTING “TOOLS 4 SCHOOL”

BKC supports the United Way of Hunterdon and the “Tools 4 School” program.  To learn more and participate, see our program flyer here. With your help, the program will provide more than 1,300 Hunterdon County children with the supplies they need to go back to school and learn. Please provide donations to the BKC Drop Box available Read More…

BKC WELCOMES KELSEY BUTLER

BKC CPA’s welcomes Kelsey Butler, a recent graduate of Fairleigh Dickinson University with a Master of Science degree in Accounting.  Kelsey  is a current resident of Holland Township, NJ with three years of public accounting experience, previously working for William Colantano, CPA in Washington, NJ whose practice merged with BKC  in January 2016.  Kelsey is Read More…

HAPPY BIRTHDAY USA!

BKC wishes everyone a happy and safe holiday weekend!

ED KUROWICKI RECIEVES HUNTERDON COUNTY CHAMBER OF COMMERCE PILLAR AWARD

Edward J. Kurowicki was honored with the Hunterdon County Chamber of Commerce Pillar Award, which was give June 14, 2016 at the announcement of the establishment of the Unity Bank Center for Business & Entrepreneurship in Hunterdon.  Read more here.  Learn more about Ed Kurowicki here.              

FOREIGN BANK & FINANCIAL REPORTS DUE 6/30/16

All U.S. individuals and businesses must report their worldwide income on their U.S. income tax returns.  One way that the IRS tries to “capture” unreported foreign income is the requirement for certain taxpayers to file Form FinCEN (Financial Crimes Enforcement Network, Dept. of the Treasury) Form 114.  This form, which replaces the old Form TD Read More…

TAX TIDBIT: NEW DOL OVERTIME RULES

On May 18th, the U.S. Department of Labor (DOL) released new rules regarding the requirement for overtime pay for white collared salaried employees who do not primarily perform executive, administrative, or professional duties.  Prior to this new ruling, such employees who made more than $23,660 per year ($455 per week) were not entitled to time-and-a-half Read More…

DOL OVERTIME RULE CHANGES – HIGHER EDUCATION

May 18, 2016 the Department of Labor (DOL) released its final changes to regulations governing overtime exemptions under the Fair Labors Standards Act (FLSA).  Click here to read the DOL Overtime Rule Changes as they pertain to Higher Education. Please don’t hesitate to contact us to discuss how these changes impact your organization specifically.

DOL OVERTIME RULE CHANGES – NONPROFITS

May 18, 2016 the Department of Labor (DOL) released its final changes to regulations governing overtime exemptions under the Fair Labors Standards Act (FLSA).  Click here to read the DOL Overtime Rule Changes as they pertain to the Nonprofit Sector. Please don’t hesitate to contact us to discuss how these changes impact your organization specifically.

DOL OVERTIME RULES CHANGES – GOVERNMENT

May 18, 2016 the Department of Labor (DOL) released its final changes to regulations governing overtime exemptions under the Fair Labors Standards Act (FLSA).  Click here to read the DOL Overtime Rule Changes as they pertain to State & Local Government. Please don’t hesitate to contact us to discuss how these changes impact your organization Read More…

DOL OVERTIME FOR WHITE COLLAR WORKERS- OVERVIEW & SUMMARY OF FINAL RULE

May 18, 2016 the Department of Labor (DOL) released its final changes to regulations governing overtime exemptions under the Fair Labors Standards Act (FLSA).  Click here to read the Overview & Summary of the Final Rule. Please don’t hesitate to contact us to discuss how these changes impact your organization specifically.

ACTION REQUIRED FOR QUICKBOOKS DESKTOP USERS

If you use QuickBooks Desktop, here is an important announcement! Click here: QuickBooks Action Required Notice to Desktop Users Intuit has identified and is implementing an update to address a security vulnerability in QuickBooks desktop software.  This does not impact QuickBooks desktop for Mac or QuickBooks Online. This link outlines the steps required to install an update, Read More…

TAX TIDBIT: WORKPLACE WELLNESS TAX RAMIFICATIONS

Workplace wellness programs, if implemented correctly, will promote healthy lifestyles for the employees and thereby reduce certain health costs to the employer. Under the Internal Revenue Code, there are tax advantages for both the employer and the employee for various types of workplace wellness programs.  If the program is structured correctly, the benefit will be Read More…

TAX TIDBIT: TAX EXEMPT ORGANIZATIONS – UNRELATED BUSINESS TAXABLE INCOME

There are numerous organizations in this area that have received Federal tax-exempt status from the IRS. The most common of these are Section 501(c)(3) charitable organizations. There are other types of Section 501(c) organizations, such as social clubs and chambers of commerce. Both types of tax-exempt organizations must file an annual Form 990 to show Read More…

TAX TIDBIT: KEY AGE FACTS INVOLVED IN FILING FORMS 1040

When preparing your 2015 individual and New Jersey income tax return or planning to file a future year’s individual income tax return, there are key ages for either you or your dependent children that will affect your family. Age 13- when a child turns age 13, they are no longer eligible for the child and Read More…

TAX TIDBIT: EXTENSION OF EXPIRED TAX PROVISIONS

On December 18, 2015, a new tax law was enacted to retroactively reinstate a number of tax provisions for 2015 and beyond that would have otherwise expired after 2014. Some of these provisions were made permanent, while others were extended for a few years. The enactment of this legislation should help businesses plan with greater Read More…

FORM 1099 REQUIREMENTS FOR 2015

The IRS and the State of New Jersey annually require the filing of a Form 1099-MISC for all payments of $600 or more to unincorporated (sole proprietors, partnerships, or limited liability companies) service providers during each calendar year.  There is a late filing penalty of $50 per unfiled Form 1099 (the penalty increases to $260 Read More…

PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015

Just before recessing for the holidays, the House and Senate passed the Protecting Americans from Tax Hikes Act of 2015 (PATH Act). The Act does considerably more than the typical tax extenders legislation seen in prior years; it makes permanent over 20 key tax provisions, including the research tax credit, enhanced Code Sec. 179 expensing, Read More…

TAX TIDBIT: NEW ANNUAL HEALTH INSURANCE REPORTING

Starting in 2014, all individuals and their dependents had to be covered by health insurance, or be subject to a shared responsibility penalty. Starting in 2015, all employers who have over 50 full-time or full-time equivalent employees must offer all their full-time employees and their dependents “Minimal Essential Coverage” (MEC) with a minimum value and Read More…

HAPPY HOLIDAYS FROM BKC

Everyone at BKC CPA’s would like to wish you a happy and healthy holiday season and a prosperous new year!  

BKC CPA’S EXPANDS GOVERNMENTAL SERVICES PRACTICE

BKC will be expanding with the addition of the firm of William Colantano, CPA. BKC is a full service certified public accounting firm, currently the largest in Hunterdon County, NJ, founded in 1992. BKC helps privately-held companies and their owners reach their goals through pairing its strong financial knowledge with a deep understanding of its Read More…

SHAFFER NAMED TREASURER OF THE NJ COLLABORATIVE LAW GROUP

Darlene Shaffer, a CPA, forensic and valuation expert with Bedard, Kurowicki & Co., CPA’s, PC located in Flemington, New Jersey, has recently been elected Treasurer of Board of the New Jersey Collaborative Law Group. Darlene is trained in Interdisciplinary Collaborative Law and is also a member of the International Academy of Collaborative Professionals (IACP). Collaborative Read More…

HAPPY THANKSGIVING FROM BKC

Everyone at BKC CPA’s would like to wish you Happy Thanksgiving.

NASW PANEL DISCUSSING COLLABORATIVE LAW

Darlene Shaffer, a CPA, forensic and valuation expert with Bedard, Kurowicki & Co., CPA’s, PC participated in an evening presentation sponsored by a local unit of the National Association of Social Workers – NJ Chaper (NASW-NJ).  Other panelists included Mary Ann Bauer, Esq., Rosalyn A. Metzger, Esq. and Susan Friedman, LCSW, DVS, BCD.  Darlene’s focus Read More…

TAX TIDBIT: YEAR-END TAX PLANNING

For many business and individual taxpayers, it is a good idea to prepare a year-end tax projection to determine the estimated amount of their Federal and State tax for the current year.  The goal is to minimize your tax liability, but if you know that you will owe tax, you want to find out how Read More…

BKC TROTS FOR A CAUSE THANKSGIVING DAY

BKC is participating in the 23rd Annual CEA Turkey Trot.  As millions prepare to gather around the table in celebration of Thanksgiving, we will be particpating in a run/walk to raise money and awareness for the Center for Educational Advancement, a nonprofit (501c3) community based organization with the mission to Educate, Empower and Employ individuals with special Read More…

TAX TIDBIT: EMPLOYEE VS. INDEPENDENT CONTRACTOR

When businesses require additional staffing, they hire either an employee or an independent contractor. For an employee, the employer is required to withhold Federal and State income taxes, Social Security and Medicare taxes (which must be matched by the employer), and state unemployment/disability taxes. For an independent contractor, all that is necessary is for the Read More…

TAX TIDBIT: CHANGES IN BUSINESS TAX RETURN DUE DATES

For the past few years, partnership tax returns (which generally include multi-member limited liability companies), which almost always file on a calendar year basis, had an original due date of April 15th, with a five month extension period allowed.  Both regular C corporation and S corporation tax returns had an original due date of two Read More…

WHAT TO DO IF YOU’RE AUDITED BY THE IRS

Each year the IRS will select for examination, a small percentage of all tax returns filed.  The audit notification will occur more than one year after your tax return has been filed.  This is obviously a stressful situation for you.  Here are some suggestions to minimize that stress.  Please note that these suggestions also apply Read More…

TAX TIDBIT: SOLAR ENERGY TAX CREDITS

The Internal Revenue Code is full of provisions where expenses for socially desirable items receive favorable income tax  treatment.  So it is no surprise that considering the cost of fossil fuels, both in terms of money and in pollution, “clean” energy expenditures are held in high esteem by the IRS. Most taxpayers are aware of Read More…

NONPROFIT ORGANIZATIONS AND THE TANGIBLE PROPERTY REGULATIONS

What are the tangible property regulations?  These regulations were issued by the Internal Revenue Service (IRS) to provide guidance for the acquisition, production or improvement of tangible property—buildings, furniture, fixtures and equipment assets, typically—which must be capitalized and depreciated, deducted in the future or deducted immediately. On a more granular level, these rules dictate how Read More…

COMPENSATION COMMITTEE – DO WE REALLY NEED ONE?

Adoption of final regulations for the Internal Revenue Service (IRS) Intermediate Sanctions (Internal Revenue Code (IRC) 4958) in 2002 prompted many 501 (c)(3) and (c)(4) organizations to formally designate a board-level committee with specific responsibility for oversight of the compensation of their most senior-level executive position(s). This governance structure was a practice adopted long ago Read More…

ASSESSING FINANCIAL STABILITY

As part of sound financial management practices, management has a responsibility to evaluate its nonprofit organization’s ability to continue as a going concern (i.e., the organization’s ability to continue operating both financially and programmatically for a reasonable period of time). This review by management should occur every time the financial statements are prepared and made Read More…

PROTECT AGAINST IDENTITY THEFT

The IRS expects to receive more than 150 million individual income tax returns this year and issue billions of dollars in refunds. That huge pool of refunds drives scam artists and criminals to steal taxpayer identities and claim fraudulent refunds. The IRS has many protections in place to discover false returns and refund claims, but Read More…

TAX TIDBIT: TAX IDENTITY THEFT

In this face paced electronic world, it can be easy for unscrupulous people to use stolen Social Security numbers, to file tax returns claiming a fraudulent tax refund.  If you tried to electronically file your tax return and found out that someone had already electronically filed a tax return, with your social security number, you Read More…

NONPROFIT FACTS: DID YOU KNOW…

Data from a survey of 261 leading U.S. companies, including 62 Fortune 100 companies, reveals they contributed more than $25 billion in total giving in 2013, equivalent to around 1 percent of pre-tax profits, or more than $600 per employee, according to an article in The Conversation. According to the 2014 Fundraising Effectiveness Survey, 43 Read More…

CAREER CLOTHING DONATIONS

Do some Spring Cleaning and Help Your Community. Donate your Business Appropriate Clothing by 5/22/15, at our office,  to empower unemployed individuals in need, in establishing economic independence. Your donation could help someone make that momentous first step towards a new future. Accepted items include New or Gently Used: Men & Women’s Business Suits Dress Read More…

NONPROFIT – OTHER ITEMS OF NOTE (SPRING 2015)

Issuance of Uniform Guidance On December 19, 2014, the joint interim final rule was issued by the Office of Management and Budget (OMB) implementing the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards at 2 CFR 200 (Uniform Guidance) in the Federal Register. This joint interim final rule incorporates the implementing regulations Read More…

TAX TIDBIT: LIKE-KIND EXCHANGES

Taxpayers pay a tax when they sell their business or investment property, and realize a gain on the sale.  However, if the property is exchanged for “like-kind” business or investment property, the gain on the sale of the property will be deferred. Like-kind property is defined broadly.  Exchanging a rental property for another rental property, Read More…

ED KUROWICKI COMPLETES CERTIFICATE PROGRAM IN GOVERNMENT FINANCIAL MANAGEMENT

Edward J. Kurowicki, MBA, CPA/CFF, CVA, managing partner of Bedard, Kurowicki & Co., CPA’s (BKC) of Flemington, NJ has successfully completed the Certificate Program in Government Financial Management from Rutgers Business School – Graduate Division and the Department of Accounting and Information Systems. Ed founded Bedard, Kurowicki & Co., CPA’s, PC in 1992.  Ed has Read More…

R&D TAX CREDIT OPPORTUNITIES FOR FOOD, BEVERAGE AND NUTRACEUTICAL COMPANIES

Click here to see our formatted copy as released at the 2015 New Jersey Food Processor’s Annual Meeting

TECHNOLOGY’S EFFECT ON EVIDENCE

Technology has led to significant changes in the way we work, substantial efficiencies in time savings, and increases in accuracy.  Technology has also become the principal tool of fraudsters.  We have evolved to a state where a computer is a required tool for the perpetration of fraud.  That same technology offers challenges for the examiners Read More…

QUICKBOOKS FOR LAW FIRMS

If you ask most business owners, “what software do you use to run your business”, the answer will be QuickBooks.  The Desktop Version of QuickBooks is currently being used by thousands of small law firms.  QuickBooks offers a Professional Services version of this popular software. Law firms require special handling of Client Trust Funds and Read More…

NORMALIZATION ADJUSTMENTS, ONE STEP IN THE VALUATION PROCESS

Normalization adjustments are unique to business valuation engagements.  It is not uncommon for the valuator to make normalization adjustments.  Normalization adjustments are intended to change certain financial data of a subject business to make the historical financial operations look like normal conditions so as to be on a consistent basis with comparable companies and what Read More…

TAX TIDBIT: QUALIFIED TUITION PROGRAMS – “529 PLANS”

As we all know, cost of college tuition is going through the roof!  Therefore, planning for college costs is a very important financial decision.  529 Plans are Qualified Tuition Programs that allow for an investment account to be established, specifically funding a child’s future college costs.  Favorable tax results are achieved, regardless of the family’s Read More…

ANDREW ROSS, CPA DISCUSSING ABLE ACT AT CEA FAMILY NIGHT

Andrew D. Ross, CPA, Tax Manager at Bedard, Kurowicki & Co., CPA’s will be discussing the ABLE Act at the Center for Educational Advancement Family Information Night on March 11, 2015 at 6:30 pm.  The session will cover Adult Services in NJ update on the Changing DVRs and DDS systems with guest speaker Peggy Englebert, Executive Read More…

IRS PROVIDES WELCOME RELIEF FOR SMALL TAXPAYERS TO COMPLY WITH TANGIBLE PROPERTY (REPAIR) REGULATIONS

The Treasury Department and Internal Revenue Service released much-requested guidance, simplifying the procedures for small taxpayers to comply with the final tangible property regulations (T.D. 9636) and disposition regulations (T.D. 9689). The new procedures allow small businesses to change a method of accounting under the final tangible property and disposition regulations on a prospective basis Read More…

TAX TIDBIT: 2015 TAX CHANGES IN QUALIFIED RETIREMENT PLAN DISTRIBUTIONS

Starting in 2015, there have been two changes in the tax law regarding certain distributions from employer qualified retirement plans and from Individual Retirement Accounts (IRA). The first change is that an individual will be limited to one tax-free IRA rollover in any one year period.  The old law was that an individual was limited Read More…

NJ CLEAN ENERGY REBATES

This information qualifies as good-to-know, and not necessarily income tax related.  New Jersey’s Clean Energy Program offers rebates of the purchase price for Energy Efficient Clothes Washers, Clothes Dryers, and Refrigerators.  In order to qualify, specific makes and models must match the list maintained by the Bureau of Public Utilities.  Rebates for appliances range from Read More…

BKC ANNOUNCES MICHAEL A. HOLK AS SHAREHOLDER

Bedard, Kurowicki & Co., CPA’s, PC is pleased to announce that Michael A. Holk, CPA is now a shareholder in the firm. Mike has worked for Bedard, Kurowicki & Co., CPA’s for over 15 years.  He regularly performs tax planning, preparation and financial reporting for organizations and individuals, and provides impeccable service and leadership to Read More…

BKC ANNOUNCES NEW PRINCIPALS

Bedard, Kurowicki & Co., CPA’s, PC is pleased to announce that Edward P. Portice, CPA and Darlene Shaffer, CPA/ABV/CFF, CVA have been promoted to Principals within the firm. Edward P. Portice, a resident of Hope, NJ, joined BKC in 2007 and is a graduate of Bloomfield College with Bachelor of Science in Accounting. Ed brings Read More…

HOW TO PROTECT YOUR NONPROFIT’S TAX EXEMPT STATUS

Although it is not common to have a tax-exempt status revoked, it does happen.  Decrease the chance that your organization’s tax-exempt status could be revoked by following these rules: Corporate Records:  All nonprofit organizations must keep good records.  These records should consist of, at a minimum, the original articles of incorporation, including any amendments, bylaws, Read More…

THE IMPORTANCE OF COST ALLOCATIONS: WHAT’S A DONOR’S PERCEPTION OF YOUR ORGANIZATION?

A donor’s perception of your organization is very important in making the decision on where to contribute their hard earned dollars. It is useful to think about how donors view your non-profit organization.  Some questions donors may consider include the following: Are the organization’s resources allocated in the most efficient manner in order to fulfill Read More…

IS YOUR BUSINESS COMPLIANT WITH FORM 1099 REQUIREMENTS?

The requirements for preparing and filing information returns, such as Forms 1099 and W-2, apply to all businesses, including owners of rental properties.  Current IRS Regulations require that information returns be issued to all non-corporate businesses that provide goods or services, to your business or rental activity, aggregating $600 or more during the year.  The Read More…

ARE EXEMPT ORGANIZATIONS EXEMPT FROM 1099 FILING REQUIREMENTS?

The requirements for preparing and filing information returns, such as Federal Forms 1099 and W-2, apply to all businesses, including Exempt Organizations.  In fact, on page 5 of the Form 990, Return of Organization Exempt from Income Tax, there are questions that must be answered as to the number of Forms W-2, W-2G and 1099 Read More…

TAX TIDBIT: EARLY DISTRIBUTION FROM QUALIFIED PLANS & IRA’S

Funds deposited into qualified retirement plans, such as 401(k) plans and pension plans, and into traditional IRA’s are intended for retirement purposes.  As a result, the IRS generally imposes a 10% excise tax penalty (in addition to paying regular tax on the amount of the distribution) from distributions from either type of plan prior to Read More…

TAX TIDBIT: OBAMACARE UPDATE – PART 2

Previously we detailed provisions of the Affordable Care Act that came into effect for 2014 for individuals, families, and small businesses.  We’d now like to detail provisions of the Affordable Care Act that will come into effect for 2015 and 2016 for “large” businesses. Starting in January 2015, “applicable large employers” (ALE) must report their Read More…

TAX TIDBIT: OBAMACARE UPDATE – PART 1

There are certain provisions of the Affordable Care Act (universal health care) that came into effect for 2014.  These provisions affect individuals, families, and small businesses. Starting in 2014, each individual must have either minimum essential health insurance coverage (in each month of the year), have a coverage exemption, or make a “shared responsibility” payment Read More…

BKC MANAGER, DARLENE SHAFFER, APPOINTED TO BOARD OF NJ COLLABORATIVE LAW GROUP

Darlene Shaffer, a CPA, forensic and valuation expert with Bedard, Kurowicki & Co., CPA’s,  has recently been appointed to the Board of the New Jersey Collaborative Law Group as a Member at Large.  Darlene is trained in Interdisciplinary Collaborative Law and is also a member of the International Academy of Collaborative Professionals (IACP). Collaborative Law Read More…

BKC MANAGER, DARLENE SHAFFER, PARTICIPATES IN BAR ASSOCIATION PANEL

Darlene Shaffer, a CPA and forensic and valuation expert with Bedard, Kurowicki & Co., CPA’s located in Flemington, New Jersey, participated in an all-day CLE Training Marathon on Election Day sponsored by the Hunterdon County Bar Association.  Other panelists included Mary Ann Bauer, Esq., Rosalyn A. Metzger, Esq., Susan Friedman, LCSW, DVS, BCD and Robert Read More…

10/24/14 IDENTITY THEFT SEMINAR

Identity Theft Seminar Friday, October 24, 2014 12:00 Noon – 2:00 PM Hampton Inn – Flemington 14-B Royal Road Flemington, NJ  08822 Many victims are unaware of their own victimization. Be able to spot the warning signs your data has been compromised.  Know what to do if it happens to you.  Learn online strategies to Read More…

FOOD DRIVE DONATIONS DUE MONDAY 10/20/14

The Flemington Food pantry is asking for help, as they are battling bare shelves.   BKC is collecting nonperishable food items to donate by Monday, October 20th.   Please see the recommended items list below, and drop off items in our entranceway at 114 Broad Street, Flemington, NJ, or deliver directly to the Flemington Food Pantry. Thank Read More…

TAX TIDBIT: EXPIRED TAX BREAKS

On January 1, 2013, the U.S. Congress and President Obama agreed to retroactively extend certain tax breaks that had expired on December 31, 2011 for 2 years.  These extensions gave both individuals and businesses these tax breaks on their 2012 and 2013 tax returns.  However, due to recent Congressional inactivity, these tax breaks have not Read More…

TAX TIDBIT: NON-CASH CHARITABLE CONTRIBUTIONS

Many individual taxpayers overlook the benefit of deducting “non-cash” charitable contributions.  These are donations of property, rather than donations of money (cash, check, or credit card).  You are entitled to deduct the current fair market value of the property as a charitable contribution.  However, the problem is that for the most part, the charitable organization Read More…

TAX TIDBIT: NEW RULES FOR APPLYING NON-PROFIT CHARITABLE STATUS

If a business entity wants to become a tax-exempt organization, it is not enough to incorporate the organization in a state as a non-profit organization. In the past, if you wanted to apply to the Internal Revenue Service to become a Section 501(c)(3) charitable organization (which is required for individuals to be able to deduct Read More…

BKC JOINS BDO ALLIANCE USA

Bedard, Kurowicki & Co., CPA’s (BKC) has joined the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals. As an independent member of the BDO Alliance USA, Bedard, Kurowicki & Co., CPA’s can expand the services offered to clients by drawing on Read More…

TAX TIDBIT: BUSINESS MEALS & ENTERTAINMENT

Most business people who incur expenses relating to “entertaining” clients are familiar with the phrase “T&E” (travel and entertainment).  However, for income tax purposes, the proper phrase should be “M&E” (meals and entertainment).  That is because while business travel is generally fully deductible to the business or to the individual incurring the expense, meals and Read More…

TAX TIDBIT: HEALTH SAVINGS ACCOUNTS

With the advent of the Affordable Care Act, many small business owners and their employees who don’t have conventional health care coverage through their spouse’s employer are looking for affordable health care plans.  To save premium dollars, many of these business owners opt for high deductible health plans.  The IRS provides tax benefits for such Read More…

BKC WELCOMES CHERYL KEAY

Bedard, Kurowicki & Co., CPA’s welcomes Cheryl Keay to their administrative team. Cheryl attended Rutgers University and has over 20 years of professional experience.  Cheryl’s responsibilities at BKC include benefits administration, internal bookkeeping, payroll administration, collections and more.  Cheryl and her two sons are residents of Flemington, NJ.  Cheryl also serves as a Board Member Read More…

TAX TIDBIT: DEDUCTION FOR CHARITABLE VOLUNTEER WORK

Many individuals who are active volunteers for charities may not be aware that there are tax deductions available for their unreimbursed out-of-pocket expenses incurred while acting as a volunteer.  These tax deductions are considered to be cash charitable contributions.  They include the following: Away-from-home travel expenses while performing services for a charity, such as airfare, taxis, Read More…

BKC COLLECTS SHOES TO FIGHT POVERTY

 Attention anyone with a closet:  Those shoes you no longer want are desperately needed to fight the human tragedy of global poverty.  That’s the message being delivered by Bedard, Kurowicki & Co., CPA’s (BKC), who has launched their second drive to collect 50 pairs of shoes to help the poor.  Used and new shoes can Read More…

BKC MANAGER, ANDREW ROSS, APPOINTED TO CEA BOARD

Andrew D. Ross, CPA, Tax Manager at Bedard, Kurowicki & Co., CPA’s, was appointed to the Board of Directors for the Center for Educational Advancement (CEA).  CEA provides caring support and guidance to people with special needs through programs that empower, enrich and inspire. Andy has been a senior tax manager at Bedard, Kurowicki & Read More…

TAX TIDBIT: DOMESTIC PRODUCTION ACTIVITIES DEDUCTION

The domestic production activities deduction (DPAD) is a deduction available to businesses that produce goods in the U.S.  The deduction is not limited to manufacturers, however.  It includes the production of computer software, film, or utilities; the leasing, licensing or sale of property you produce, grow, or extract; as well as construction, engineering, and architectural Read More…

QUICKBOOKS TRAINING 2014

Many organizations use QuickBooks software, but don’t fully understand or utilize all of the features available.  At this informative seminar, we will teach you ways that your software can be customized to generate reports specific to your business, make the preparation of your tax returns and financials easier, and provide reports that are meaningful for Read More…

RULES OF THUMB: DO THEY HAVE A PLACE IN BUSINESS VALUATION?

For many types of businesses, you can find a rule of thumb for valuing it. Rules of thumb are quick, easy to understand and use, and inexpensive. However, because they’re generally based on industry averages, they fail to capture the specific characteristics of a business that drive its value. Rules of thumb may offer a Read More…

TAX TIDBIT: STATE TAX NEXUS

When a business starts to expand, it may naturally extend beyond New Jersey for customers.  This may cause the business to develop “nexus” with another state.  Nexus is a tax term meaning “taxable connection”.  For both sales tax and business income tax purposes, each state has its own definition of nexus.  However, there are some Read More…

CHANGES IN NEW JERSEY LIMITED LIABILITY COMPANY LAW

In 2012, New Jersey enacted the Revised Uniform Limited Liability (LLC) Act. The revised Act governs all LLC’s formed in New Jersey after March 18, 2013, and will govern all New Jersey LLC’s formed prior to that date, beginning on March 1, 2014. The Revised Act governs the rights and obligations of all LLC members, Read More…

TAX TIDBIT: CHANGES IN NJ LIMITED LIABILITY COMPANY LAW

In 2012, New Jersey enacted the Revised Uniform Limited Liability (LLC) Act.  The revised Act governs all LLC’s formed in New Jersey after March 18, 2013, and will govern all New Jersey LLC’s formed prior to that date, beginning on March 1, 2014.  The Revised Act governs the rights and obligations of all LLC members, Read More…

TAX IMPLICATIONS: ALIMONY VS. CHILD SUPPORT

If you are facing a divorce or legal separation, remember that in addition to the difficult personal issues involved with the process, you need to understand the tax issues. Planning is very important when deciding whether payments qualify as alimony or child support for tax purposes. Both are payments made to a spouse or former Read More…

IMPACT OF FRAUD ON BUSINESS VALUATIONS

Occupational fraud occurs when someone uses his or her job for personal enrichment through the deliberate misuse or misapplication of an employer’s resources or assets. Such activity can skew financial results and lead to erroneous value conclusions – unless a valuator adjusts the financial statements for fraud. Fraud affects companies of all sizes, in all Read More…

ARE DRAFT REPORTS DISCOVERABLE?

Federal courts have loosened the restrictions on the discoverability of draft reports. But don’t be lulled into complacency. Many exceptions exist, so it’s prudent to remain cautious when exchanging documents with expert witnesses. In 1993, Congress revised Federal Rule of Civil Procedure (FRCP) 26 to allow discovery of all communications between attorneys and testifying expert Read More…

BKC CPA EARNS EXCLUSIVE CREDENTIAL AS BUSINESS VALUATION EXPERT

Darlene Shaffer, a CPA, forensic and valuation expert with Bedard, Kurowicki & Co., CPA’s, PC, has recently been awarded the Accredited in Business Valuation (ABV) Credential by the American Institute of Certified Public Accountants (AICPA).  The ABV Credential, established in 1998 by the AICPA, is granted to qualified CPAs with considerable professional experience in business Read More…

BKC CPA TRAINED IN THE COLLABORATIVE LAW PROCESS

Darlene Shaffer, a CPA, forensic and valuation expert with Bedard, Kurowicki & Co., CPA’s, PC has recently completed training for Interdisciplinary Collaborative Law and has become a member of the International Academy of Collaborative Professionals (IACP) and the New Jersey Collaborative Law Group. Collaborative Law is an alternative to a litigated divorce where both parties Read More…

WHEN DIVORCE ENTERS THE PICTURE: A QUALIFIED VALUATION EXPERT CAN MAKE A HUGE DIFFERENCE

When a married couple parts ways and one or both spouses own an interest in a business, it’s critical that they retain valuation experts – or perhaps a joint expert – to value not only the business interests, but also other marital assets. Without such information, the monied spouse may end up losing too much Read More…

THE 990: MORE THAN JUST TAX COMPLIANCE

It has been more than 5 years since the IRS released the redesigned Form 990 for the 2008 filing season. Has your organization been using the new form to its full potential? The Form 990 is used by the IRS as the primary tax compliance tool for tax-exempt organizations. Additionally, most states rely on the Read More…

QUICKBOOKS FOR NONPROFITS

Ask most business owners what software they use to run their business, and the answer will be QuickBooks. QuickBooks also has an edition of their highly popular software which is tailored specifically for Not-for-Profit Organizations. That edition is the QuickBooks Premier Not-for-Profit Edition. The software is available in both the desktop version and the online Read More…

NONPROFIT MYTHS & LEGENDS: PART II – FINANCIAL REPORTING

Every day we hear questions and concerns from people in the nonprofit community about financial reporting. Some common questions are: Do all nonprofits need to have an independent audit performed on their financial statements? Are there any more affordable methods of evaluating a nonprofits’ financial position, rather than an independent audit? Is there any reason Read More…

TAX TIDBIT: DEDUCTING & CAPITALIZING BUSINESS EXPENSES

The Internal Revenue Service has recently issued final tax regulations regarding the deducting and capitalizing of business expenses. These regulations are effective for tax years beginning on or after January 1, 2014. As of that same date, 50% bonus depreciation will be eliminated and Section 179 depreciation will be drastically reduced, so tax planning for Read More…

TAX TIDBIT: RESEARCH & DEVELOPMENT TAX CREDIT

If your business is involved in developing or improving your products, you may be eligible for a federal research and development (“R&D”) tax credit. The requirements for expenditures that qualify for R&D tax credits have changed over the years. No longer must your product be new to the market place, the experimental process related to Read More…

TAX TIDBIT: YEAR-END TAX PLANNING

At the end of each calendar year, taxpayers should think about year-end tax planning, so they can minimize their tax liability for the current year and the next year. This is typically done by accelerating deductions and deferring income. For 2013, there are some brand new Federal individual income tax rates that have been enacted Read More…

TAX TIDBIT: INTEREST CHARGE DOMESTIC INTERNATIONAL SALES COMPANY (IC-DISC)

The IRS has created an IC-DISC as a Federal tax incentive for exporters, whether or not they are manufacturers or service providers. If you sell some of your products or services that are shipped outside of the U.S. borders, you may want to seriously consider setting up an IC-DISC. The IRS has created an IC-DISC Read More…

TAX TIDBIT: HEALTH INSURANCE – 2014 CHANGES IN THE LAW

INDIVIDUALS This past July, the Obama Administration announced a delay in the compliance with the employer mandate provisions of the Patient Protection and Affordable Care Act (ACT) from January 1, 2014 to January 1, 2015. This covers employers who have over 50 full-time equivalent employees. However, the compliance date for the individual Minimum Essential Coverage Read More…

TONE FROM THE TOP

The primary defense against fraud is a robust series of internal controls. Internal controls can be defined as a series of activities whereby employees in the normal course of their duties identify errors or irregularities that may occur. As a practical matter internal control procedures add a level of bureaucracy to the activities of an Read More…

6 SIMPLE TIPS TO PREVENT FRAUD

Maintaining strong internal controls over an organization’s cash and bank accounts is critical. A key control in this area is to segregate the duties of the accounting staff. Unfortunately, in today’s economic environment nonprofit organizations often find themselves understaffed in many key areas. One particular area that is often lacking in manpower is the accounting Read More…

NONPROFIT MYTHS & LEGENDS: PART I – FORM 990

Every day we hear questions, comments and misconceptions from people in the nonprofit community about their Form 990s, especially in light of the recent IRS news. Some common concerns are: Do all nonprofits need to file a Form 990? What is the filing deadline? Is the Form 990 an income tax return? Do all nonprofits Read More…

TAX TIDBIT: HOME OFFICE EXPENSE DEDUCTIONS FOR SELF-EMPLOYED TAXPAYERS

If you’re self-employed and work out of an office in your home, and if you satisfy the strict rules that govern those deductions (portion of a residence exclusively used on a regular basis for business purposes), you will be entitled to favorable “home office” deductions – that is, Schedule C business expense deductions. These home Read More…

INSIGHT INTO BUY-SELL AGREEMENTS

Operating a business without a valid buy-sell agreement is like driving a car without insurance. Buy-sell agreements provide much-needed protection when an owner involuntarily leaves – or voluntarily wants out of the business. A comprehensive agreement not only defines the term “value,” but it also incorporates buyout terms and includes provisions for various buy/sell scenarios Read More…

FRAUD MOTIVATIONS

  One officer of a Company said, “If I had known he needed money, I would have loaned it to him”. Another asked, “How could this happen”? And yet another exclaimed, “We are ruined! We can’t make payroll!” All of these are reactions to the discovery of fraud in their Company. Hindsight will eventually bring Read More…

CALCULATION VS. CONCLUSION OF VALUE: A CRITICAL DIFFERENCE

Attorneys and their clients sometimes ask professional valuators to provide preliminary estimates, called “calculations”, rather than full-fledged business appraisals, formerly known as a conclusion of value. While such requests might save money up front, a recent Iowa case, In re Marriage of Hagar, illustrates why calculations are not a substitute for valuations. Dry cleaners divorce Read More…

TAX TIDBIT: RETIREMENT PLANS FOR SMALL BUSINESSES

You may be thinking about setting up a retirement plan for yourself and your employees, but are concerned about the financial commitment and administrative burdens involved in providing a traditional pension or profit-sharing plan. An alternative program you may want to consider is a “simplified employee pension,” or SEP. SEPs are intended as an alternative Read More…

NEW FEE UNDER THE AFFORDABLE CARE ACT DUE JULY 31, 2013

On July 31, 2013 you can expect the first of several fees that are enacted by the Affordable Care Act on self-insured group health plans and/or issuers of insured health policies providing accident and health coverage. The Affordable Care Act establishes the creation of the Patient-Centered Outcomes Research Institute to assist patients, clinicians, purchasers and Read More…

TAX TIDBIT: GIFT TAX ANNUAL EXCLUSION

Taxpayers can transfer substantial amounts free of gift taxes to their children or other donees through the proper use of this exclusion. The amount of the exclusion for 2013 is $14,000. The exclusion covers gifts an individual makes to each donee each year. Thus, a taxpayer with three children can transfer a total of $42,000 Read More…

TAX TIDBIT: MEDICAL DEDUCTIONS

For 2013, the medical deduction can only be claimed to the extent your unreimbursed costs that exceed 10% of your adjusted gross income (AGI), up from 7.5% of AGI in 2012. However, the more favorable 7.5%-of-AGI threshold continues to apply through 2016 if you or your spouse has reached age 65 before the end of Read More…

TAX TIDBIT: RECORDKEEPING REQUIREMENTS

Tax season is here! As people begin shuffling through their current year receipts, they often will ask “how long should I keep my records?” The answer to that question is really “it depends”. You will want to keep copies of your filed tax returns indefinitely. They help in preparing future returns and making certain computations Read More…