All posts by Jessica Dispensa

BKC PASSES PEER REVIEW

BKC announces the successful completion and accepted report of their 9th Peer Review examination since their inception in 1992.  Peer review is a mandatory inspection required by the American Institute of Certified Public Accountants where an outside CPA firm thoroughly examines the company’s accounting and auditing services to verify that quality controls and procedures are Read More…

2020 MILEAGE RATES

New mileage rates announced by the IRS Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to 17 cents per mile. Charitable mileage rates remain unchanged at 14 cents per Read More…

2019 TAX EXTENDERS & SECURE ACT

On December 20, 2019, President Trump signed into law, two appropriations bills that extended government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes. The most broadly applicable tax law changes in the bills are in connection to the tax extenders provisions.  The bills reinstate many of the Read More…

2019 NJ HEALTH INSURANCE MANDATE

Starting in 2019, there is no longer a  Form 1040 penalty for not having health insurance for every month of the year.  However, starting in 2019, New Jersey is now requiring minimum health insurance coverage for NJ residents.  Here are details for the new NJ Health Insurance Mandate: https://www.state.nj.us/treasury/njhealthinsurancemandate/employers.shtml. Read more helpful tax tidbits here. Read More…

TAXATION OF EMPLOYEES’ PERSONAL USE OF COMPANY VEHICLES SIMPLIFIED BY NEW IRS REGULATIONS

Personal use of a company vehicle generally results in taxable wages for the employee. But sorting out the amount to tax can be confusing. The following provides a high-level summary of the Internal Revenue Services’ (IRS) current rules for taxing employees for their personal use of a company vehicle.[1] The Tax Cuts and Jobs Act Read More…