All posts by Jessica Dispensa

HAPPY LABOR DAY!

We hope you enjoy some peaceful time to reflect on the innovation, strength & resilience of the American Workforce and business community this holiday weekend. Let all your accomplishments fill your heart with pride this Labor Day! Thank you to all our employees for their hard work! We wish you a relaxing and happy Labor Read More…

CAN PARTNERS’ ARM’S LENGTH AGREEMENTS ON VALUATION SURVIVE IRS SCRUTINY?

In a recent Tax Court case, the IRS attempted — unsuccessfully — to supplant the fair market value agreed to by unrelated parties in a partnership transaction with its expert’s higher estimate, asserting that the taxpayer received a taxable capital interest in exchange for services provided to a partnership, not a nontaxable profits interest. If Read More…

NEW JERSEY ENACTS COMPREHENSIVE CBT OVERHAUL

On July 3, 2023, New Jersey Gov. Phil Murphy signed budget bill A.B. 5323, altering several aspects of the state’s corporation business tax (CBT) regime. Among many other changes, the bill imposes an economic nexus threshold for CBT purposes, switches the state’s combined reporting sales factor sourcing method from “Joyce” to “Finnigan,” treats global intangible Read More…

BEST PRACTICES IN SUBRECIPIENT RISK ASSESSMENTS AND MONITORING FOR FEDERAL GRANT RECIPIENTS

Subrecipient risk assessments and monitoring are critical aspects of federal grants management. These practices ensure that funds are used in accordance with federal regulations, that grant objectives are met and that the risk of fraud, waste and abuse is minimized. The federal government has set forth guidelines in the Uniform Administrative Requirements, Cost Principles, and Read More…

BKC RANKS IPA TOP 500 ACCOUNTING FIRMS IN U.S.

BKC, CPAs, PC has been ranked one of the Top 500 Public Accounting Firms in the Nation! INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession. IPA has assisted firms across North America to grow and thrive since 1987.  The one-of-a-kind IPA 500, recognizes the top U.S. based Read More…