It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could curb lifetime exemption limits even sooner. The opportunity is even more pressing because the current Read More…
Many homeowners and home improvement contractors themselves are not aware of the various requirements which contractors must comply with when conducting home improvements. Your house is probably your most valuable asset and unfortunately, there are a number of unscrupulous home improvement contractors who seek to take advantage of uninformed homeowners. According to the New Jersey Read More…
The Biden administration on March 9 unveiled a budget proposal for fiscal 2024 that would reduce the federal deficit by nearly $3 trillion over 10 years, primarily by raising taxes on high-net-worth individuals and large corporations. The proposed budget would increase the U.S. corporate income tax rate from 21% to 28%, and the top individual Read More…
Last week, in appreciation of National “Pi” Day, our number loving accountants relieved some tax season tension at BKC’s Pi-a-Partner Day! The firm’s partners were such good sports, providing lots of laughs, a fun happy hour, and of course, some delicious pie! Money raised through BKC’s Pi-a-Partner Day was donated to the National Multiple Sclerosis Read More…
SECURE 2.0 was signed into law on December 29, 2022, makes sweeping changes to retirement savings plans. Before plan sponsors can take advantage of the many provisions in SECURE 2.0, the DOL will need to provide additional regulations and guidance on some of the provisions. In other words, there is more to come on SECURE Read More…
The Inflation Reduction Act’s (IRA’s) expansion of key energy efficiency tax incentives – such as the 179D energy efficient commercial buildings deduction and the 45L new energy efficient home credit – is anticipated to have a significant impact on real estate and construction industry. The legislation could provide a significant financial boost for firms looking to utilize environmentally conscious Read More…
State and local taxes represent a key and often material part of a business’s total tax liability. Many states are reporting budget surpluses, reducing tax rates and offering new credits and incentives, but states are also looking to expand taxation of the digital and internet economy. With the calendar year 2022 tax reporting and filing season Read More…
Per IRS guidance issued on February 10, 2023, the IRS clarified the taxability of special state payments received by taxpayers, made by 21 states in 2022. Normally, payments made for the promotion of general welfare, or as a disaster relief payment, may be excluded from income for federal tax purposes under the General Welfare Doctrine Read More…
Here at BKC, we celebrated Valentine’s Day with a Make Your Own Bouquet Flower Bar, along with Employee Appreciation Hearts! Each heart had an employee’s name, and staff wrote their favorite qualities, complimenting each other. Assembled together this reminded us all, what an incredible team we have here at BKC! Wishing you and yours a Read More…
The Inflation Reduction Act of 2022 (IRA) that was signed into law on August 16, 2022, included $13 billion for electric vehicle incentives. The IRA amended the Qualified Plug-in Electric Drive Motor Vehicle Credit, now known as the Clean Vehicle Credit, and added a new requirement for final assembly in North America that took effect Read More…
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