Blog

BKC ANNOUNCES DIANE TESTA AS SHAREHOLDER

BKC, CPAs, PC is pleased to announce that effective January 1, 2024, Diane C. Testa, CPA became a shareholder in the firm. Diane has worked for BKC, CPAs, PC for over 17 years.  She regularly performs tax planning, preparation and financial reporting for organizations and individuals, and provides impeccable service and leadership to our clients Read More…

TREASURY BEGINS MAILING APPLICATIONS FOR 2023 SENIOR FREEZE ON PROPERTY TAX REIMBURSEMENT PROGRAM

On Monday, February 12, 2024, the Department of the Treasury’s Division of Taxation began mailing applications for the 2023 Senior Freeze Property Tax Reimbursement program, which has been significantly expanded for the 2023 filing season to increase the income eligibility limit substantially and simplify residency requirement for new applicants.  The deadline to file 2023 applications Read More…

CORPORATE TRANSPARENCY ACT IMPOSES NEW BENEFICIAL OWNERSHIP INFORMATION REPORTING OBLIGATIONS

Effective January 1, 2024, U.S. and foreign entities doing business in the U.S., may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented under the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA) passed by Read More…

2023 YEAR-END TAX PLANNING FOR INDIVIDUALS

With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is the time for individuals, business owners and family offices to review their 2023 and 2024 Read More…

BKC EXPANDS WITH MERGER OF DEO, LAMANNA, DEO & CO., P.C.

We are pleased to announce the merger of Deo, LaManna, Deo & Co., P.C. of Denville, NJ.  Our combined firm will continue as BKC, CPAs, PC with offices in Flemington and Woodstown, NJ. Since 1993, Deo, LaManna, Deo & Co., P.C. (DLD) has provided accounting, tax and financial services with a “quality above all” approach, and Read More…

2023 YEAR-END GUIDE – CORPORATE AND M&A

Corporations face a variety of unique tax rules and challenges – from the new alternative minimum tax and excise tax on stock repurchases to special limitations on deductions and losses, as well as complex tax rules when buying or selling a business. To minimize taxes payable, corporations should strive to identify and plan for tax Read More…

THANK YOU VETERANS

BKC is collecting items to ship to our Troops to make them feel more at home and appreciated, through November 30, 2023 and Operation Jersey Cares.

NJ DOE ANNOUNCED ADDITIONAL SCHOOL DISTRICTS RECEIVING PRESCHOOL EXPANSION AID

The New Jersey Department of Education (NJDOE) announced funding for Preschool Expansion Aid (PEA) programs for the 2023-2024 school year. The program is aimed to offer high-quality preschool programs and create opportunities for young students. A total of 26 additional school districts are now also receiving funds for the PEA program, of which 7 are Read More…

HAPPY HALLOWEEN

Happy Halloween from everyone at BKC, CPAs!   The team here celebrated with some fun friendly competitions for best costumes & best decorating! Read more firm news here. Interested in joining the BKC Team!   Learn more here.

NJDOE & SDA APPROVE $450 MILLION IN SCHOOL CONSTRUCTION FUNDS

New Jersey Department of Education (NJDOE) and the New Jersey Schools Development Authority (SDA) announced the approval of nearly $450 million in school construction funds to address critical facilities needs in 261 school districts throughout the state. The NJDOE provides additional funding for school districts for the 23-24 school year. The funding will provide relief Read More…

FIREFIGHTERS GRANT OPPORTUNITY FOR CLEANING & PROTECTIVE EQUIPMENT

Earlier this week, the New Jersey Department of Community Affairs’ (DCA) Division of Local Government Services (DLGS) announced their application process is now open for the American Rescue Plan Firefighter Grant (ARPFFG) Program. Local New Jersey fire departments are encouraged to apply by December 8th, 2023, at 5 PM EST through the NJDCA SAGE Portal. Read More…

IRS ANNOUNCES RELIEF FOR INDIVIDUALS AND BUSINESSES IMPACTED BY THE TERRORIST ATTACKS IN ISRAEL

On Friday, October 13, 2023, the IRS announced tax relief for individuals and businesses affected by the terrorist attacks in the State of Israel.  IRS Notice 2023-71 provides relief to certain taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation.   These taxpayers now have until October 7, Read More…

BUSINESSES, HAVE YOU APPLIED FOR YOUR 2020 & 2021 EMPLOYEE RETENTION TAX CREDIT? IF NOT, THERE’S STILL TIME!

Don’t leave money on the table! If you qualify for the ERTC you may be eligible to receive up to $26,000 per employee! An eligible employer is an employer that actively carries on a trade or business during calendar year 2020 or 2021, and meets one of the following two tests: Government Order Test: An Read More…

BKC EMPLOYEES CELEBRATE NATIONAL WAFFLE WEEK!

BKC celebrated National Waffle Week with freshly prepared assorted waffles with all the fixings. Some delicious fun courtesy of our “fun committee”!

BKC’S DOG DAYS OF SUMMER

BKC celebrated the Dog Days of Summer again this year as employees brought in their 4 legged pals to the office during the month of August, and showcased their favorite pet photos!  Read more Firm News here and learn about opportunities to join our dynamic team at our Careers Page.           Read More…

IRS ANNOUNCES SECURE 2.0 CATCH-UP CONTRIBUTIONS BEING DELAYED UNTIL 2026

On Friday, August 25, 2023, the IRS announced that the section of SECURE 2.0 with respect to Catch-Up Contributions, is being delayed until 2026. This provision stated that all employees who earned compensation greater than $145,000 in the prior year must have their 401(k) elective deferral catch-up contributions be designated as Roth. This was originally Read More…

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…

BKC CARES, SUPPORTING UWHC TOOLS4SCHOOL

BKC supports the United Way of Hunterdon County and the Tools 4 School program.  BKC employees volunteered their time, and BKC donated over 50 backpacks with school supplies. The Tools 4 School program provides more than 1,300 Hunterdon County children in need with the supplies they need to go back to school and learn. Learn 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…

NJ CONVENIENCE OF EMPLOYER RULE EFFECTIVE 1/1/23

On July 21, 2023, New Jersey enacted a “Convenience of Employer” rule that is retroactively effective as of January 1, 2023.  The new law will apply to nonresidents who have compensation from a “New Jersey employer” unless such services are required by the employer to be performed outside of New Jersey.  The new Convenience of 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…

BKC, CPAS NAMED NJBIZ BEST PLACES TO WORK IN NJ

We are proud to announce that BKC, CPAs, PC has been named one of the 2023 Best Places to Work in New Jersey by NJBIZ.   View the full article here. NJBIZ Best Places to Work in NJ is an awards program dedicated to identifying and recognizing the state’s best employers and providing organizations with valuable Read More…

EMPLOYEE RETENTION TAX CREDITS – TIME’S RUNNING OUT!

Have you applied for your Employee Retention Tax Credit (ERTC) for 2020 and 2021? THERE IS STILL TIME. If you qualify for the ERTC you may be eligible to receive up to $26,000 per employee. An eligible employer is an employer that actively carries on a trade or business during calendar year 2020 or 2021, Read More…

LET FREEDOM RING

We wish you a sparkling fourth of July celebration of our nation’s freedom.  We honor the men & women dedicated to preserving it.  We hope your long weekend is filled with pride, honor & lots of fun!   BKC’s offices will be closed July 3rd & 4th.

CITY OF PHILADELPHIA DECREASES VARIOUS TAX RATES STARTING JULY 1, 2023

Starting July 1, 2023, the City of Philadelphia is reducing its business income and receipts, wage and earnings and net profits, and school income, tax rates. Business Income and Receipts Tax (BIRT) For tax year 2023, the net income portion of the BIRT will drop to 5.81% from its current 5.99% rate. The BIRT applies to gross Read More…

THREE TAX CREDIT OPPORTUNITIES FOR MANUFACTURERS UNDER THE INFLATION REDUCTION ACT

In 2022, Congress passed the Inflation Reduction Act (IRA), a broad piece of legislation featuring provisions to advance clean energy production and domestic manufacturing capacity. Changes to tax credits and incentives under this new law offer manufacturers significant opportunities to fund new renewable energy projects and investment in domestic manufacturing of equipment such as electric Read More…

ERTC OPPORTUNITY FOR START UP BUSINESSES

There is a great opportunity for businesses who started, or purchased a business, after February 15, 2020. These recovery startup businesses can qualify for an Employee Retention Tax Credit (ERTC) without demonstrating a loss of revenue or shutdown.  Clients should contact our office right away to discuss this limited opportunity. Learn more about our Tax Read More…

WE MAY NEVER SEE A BETTER ENVIRONMENT FOR TRANSFERRING WEALTH… HERE’S WHY

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…

HOME IMPROVEMENTS BY CONTRACTORS & NEW JERSEY CONSUMER FRAUD ACT

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…

BIDEN ADMINISTRATION RELEASES 2024 BUDGET, GREEN BOOK

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…

BKC Pi-A-PARTNER DAY!

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…

PLAN SPONSOR ALERT: DEPARTMENT OF LABOR UNVEILS REGULATORY AGENDA FOR 2023

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…

INFLATION REDUCTION ACT: COSTS & BENEFITS FOR REAL ESTATE & CONSTRUCTION

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 & LOCAL INCOME TAX ISSUES TO CONSIDER BEFORE MAKING YOUR NEXT TAX PAYMENT

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…

IRS ISSUES GUIDANCE ON THE TAXABILITY OF “SPECIAL” STATE PAYMENTS & STATE TAX REFUNDS

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…

HAPPY VALENTINE’S DAY FROM BKC

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 AND THE NEW REQUIREMENT TO QUALIFY FOR THE CLEAN VEHICLE TAX CREDIT

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…

PARTNER/SHAREHOLDER WHO WANTS TO REQUEST A SCHEDULE K-3 WITH THEIR YEAR-END SCHEDULE K-1

Schedule K-2 is an extension of Schedule K of Forms 1065 and 1120S and is used to report items of international tax relevance from their operations. Schedule K-3 is an extension of Schedule  K-1 and is generally used to report to partners their share of the items reported on Schedule  K-2. Schedule K-3 will not Read More…

PLANNING TO DEDUCT FOR LOSSES THIS TAX SEASON? BE SURE TO READ THE FINE PRINT.

Deducting losses is a high-priority item for taxpayers in the highest marginal income tax bracket. The topic will be especially relevant during the 2022 tax compliance season because of recent declines in the stock market and a challenging overall business environment. With that said, you shouldn’t assume that every business operating loss or capital loss Read More…

IRS ISSUES 2023 STANDARD MILEAGE RATES

On Thursday, December 29th, the Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.                                Beginning on Jan. 1, 2023, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:  Read More…

2022 YEAR-END TAX PLANNING FOR INDIVIDUALS

With rising interest rates, inflation and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year-end, now is the time for individuals, business owners and family offices to review their 2022 and 2023 tax Read More…

6 MISTAKES MANUFACTURERS MAKE DURING POST-MERGER INTEGRATION

Manufacturers leave value on the table by failing to properly integrate acquisitions. Although 2021 was a record year for M&A, many of those deals have not reached their full potential. According to the 2022 BDO Manufacturing CFO Outlook Survey, 31% of manufacturers say recent deals have failed to achieve expected synergies. Manufacturers who have completed acquisitions in Read More…

2022 YEAR-END TAX PLANNING FOR BUSINESSES

U.S. businesses are facing pressure to drive revenue, manage costs and increase shareholder value, all while surrounded by economic and political uncertainties. Disruptions to supply chains brought about by the pandemic have continued into 2022. Inflation and rising interest rates have made the cost of debt, goods and services more expensive and cooled consumer spending. Read More…

BKC EXPANDS SOUTH JERSEY PRACTICE WITH PLECZYNSKI & CO. MERGER

We are very pleased to announce the expansion of BKC, CPAs, PC with the merger of Pleczynski & Company, PA into our Woodstown, NJ office.  The combined firm will continue as BKC, CPAs, PC with offices in both Flemington and Woodstown, NJ. Pleczynski & Co. was founded in 2006, and has grown significantly over the past Read More…

BKC FIRM GOLF OUTING

BKC staff shared a beautiful afternoon filled with food, drinks & golf.   The team gathered between the Flemington & Woodstown, NJ offices at Top Golf.   

INSTITUTIONAL DATA STEWARDSHIP: PROACTIVE MEASURES FOR ADDRESSING RISKS AND CREATING VALUE

Institutional data can be one of a college or university’s greatest assets. Institutions with a focused commitment to the integrity and maintenance of their data – and a strategy for efficiently communicating it to external stakeholders – can enhance their reputations, drive fundraising, increase student recruitment and retention, and diminish operational risks. What Qualifies as Read More…

HAPPY HALLOWEEN FROM BKC!

Wishing everyone a fun & safe Halloween!   Here at BKC we had lots of laughs showcasing our creativity with our fun costume & workspace decorating contests!  Interested in joining our awesome team at BKC?  Learn more about career opportunities here. Read more BKC firm news here.  

WHAT SEMICONDUCTOR ORGANIZATIONS NEED TO KNOW ABOUT THE CHIPS FOR AMERICA ACT

And how you can prepare to capture the opportunities it presents. The CHIPS for America Act is poised to provide significant opportunities for semiconductor organizations. Additional guidance from the Departments of Commerce and Defense is needed around the application process for the program, but there are steps semiconductor organizations can take now to prepare. Below Read More…

IRS EXTENDS INDIVIDUAL, BUSINESS & PAYROLL TAX FILING DEADLINES FOR HURRICANE IAN VICTIMS

On September 29, 2022, the IRS issued news release 2022-168 regarding Hurricane Ian. This release  extends all tax return filing and tax payment deadlines starting on September 22, 2022 for individuals and business located in any area designated by the Federal Emergency Management Agency (FEMA), until February 15, 2023.   As of this date, all counties Read More…

TAX EXEMPT ORGANIZATIONS: NAVIGATING THE EXECUTIVE COMPENSATION EXCISE TAX

Section 4960 of the Internal Revenue Code imposes a 21% excise tax on remuneration in excess of $1 million as well as excess “parachute payments” paid by applicable tax-exempt organizations (ATEOs) or their related entities to any “covered employee.” Tax-exempt employers that compensate their executives over $1 million per year or that pay separation-related compensation Read More…

BKC WELCOMES HUMAN RESOURCES DIRECTOR, TINA PECKMAN, SHRM-SCP

BKC, CPAs, PC is pleased to announce that Tina Peckman, SHRM-SCP has joined the firm as Human Resources Director.  Tina’s responsibilities encompass employee relations and benefits administration, including firm culture, DEI strategy, policies, programs and compliance, as well as talent management. Prior to joining BKC, Tina served as Senior Director at ExtensisHR leading a team Read More…

TODAY’S PROFESSIONAL SERVICES INDUSTRY PRIORITIZES ITS PROFESSIONALS

Recent years have seen a surplus of headlines forecasting and preparing for a post-2020 work environment. In 2022, companies are still facing COVID-19 concerns, and the reality is that professional services firms face new and continued challenges that include navigating the tax implications of various work arrangements and attracting and retaining talent amid shifting labor Read More…

IRS PROVIDES BROAD PENALTY RELIEF FOR SOME 2019, 2020 RETURNS

The IRS on August 23, 2022, announced it will grant automatic penalty relief for late-file penalties imposed with respect to certain returns required to be filed for the 2019 and 2020 tax years. Notice 2022-36 provides systemic penalty relief to taxpayers for certain civil penalties related to 2019 and 2020 returns. Penalty relief is automatic, Read More…

FEMA INCREASES SMALL PROJECT MAXIMUM TO $1M

What are the benefits and risks? On August 3, FEMA implemented a regulatory change to increase the small project maximum in the Public Assistance (PA) program to $1 million from $139,800. The increase aims to simplify the application process and reduce the administrative burden on nonprofits and government entities that receive a FEMA grant following Read More…

THE GREAT REGRET URGES PLAN SPONSORS TO REVIEW THEIR BENEFITS LINEUP

We have all heard of the Great Resignation, a term coined to describe the millions of employees that left their jobs since the onset of the COVID pandemic in 2020. Many employees who moved on to another job are having second thoughts about their decision – a new phenomenon that is being referred to as Read More…

HOW TO GET STUFF DONE

Businesses face disruption on multiple fronts, and they are struggling to get things done. Company leaders must contend with and the challenges of managing a remote workforce, as well as supply chain disruptions, demand shifts, resource constraints and more, all while devising critical plans for the road ahead. Combined with uncertainty about how long the Read More…

NEW YORK CITY: FACTOR PRESENCE NEXUS ADOPTED; PTET ELECTION AVAILABLE FOR 2022 WITH IMMINENT IMPLICATIONS

Governor Kathy Hochul on August 31, 2022, signed into law a bill (S.B. 9454) that, among other things, accomplishes two important tax changes for New York City (NYC): (1) adopting an economic nexus threshold of $1 million and (2) retroactively allowing the NYC pass-through entity tax (PTET) election to be made for tax years beginning Read More…

BKC COMMUNITY OUTREACH

Thank you to the BKC employees who volunteered for this year’s United Way of Hunterdon County’s Tools4School.  BKC donated over 50 backpacks and employee volunteers sorted and organized school supplies donated for distribution to local children in need.  All together, the United Way of Hunterdon County’s Tools4School program will provide more than 800 Hunterdon County Read More…

THE STAKEHOLDER VALUE MANDATE

From stakeholder buy-in to supply-chain transparency and beyond, companies across the globe face a variety of challenges when developing and implementing ESG (environmental, social, and governance) strategies. But this has not deterred CEOs from incorporating ESG principles into their core business strategy, embracing corporate visions that: Deliver long-term value for all stakeholders; Contribute to the betterment of Read More…

BKC WELCOMES NEW PROFESSIONAL AND ADMINISTRATIVE STAFF THIS SUMMER

A warm welcome to our newest BKC Team Members including Julia Sinkbeil & Alicia Lodato to our Governmental Assurance Group, Claudia Cummings, MSA to our Audit & Assurance Group, and Tracey Baranek to our Administrative Support Team.  BKC is excited to gain the talents, enthusiasm and fresh perspectives of these professionals to our firm’s growing Read More…

INFLATION REDUCTION ACT BECOMES LAW

President Biden signed the Inflation Reduction Act into law at a White House ceremony on August 16, finalizing a legislation intended to address inflation by paying down the national debt, lower consumer energy costs, provide incentives for the production of clean energy, and reduce healthcare costs.  The bill moved through the legislative process in near-record Read More…

INFLATION REDUCTION ACT PASSES THE SENATE

On Sunday, August 7, 2022, the Senate cleared the amended bill referred to as, The Inflation Reduction Act, for passage with a 51-50 vote, with all Democrats voting in favor, and Vice President Kamala Harris breaking the tie in favor. The bill now awaits passage by the House, which is set to convene on August 12, 2022 Read More…

NJ BUSINESSES WITH AT LEAST 25 EMPLOYEES REQUIRED TO OFFER RETIREMENT PLANS

In New Jersey, employers who have been in business for at least two years, and have at least 25 employees will be required to offer their own workplace retirement savings program or be automatically enrolled in a state-run plan called the Secure Choice Savings Program. Now is the time to evaluate your options. Working with a Read More…

IRS ADMITS “SYSTEMIC” PROBLEM: ERRONEOUS UNPAID TAX NOTICES BEING SENT

On Wednesday, July 27th, the Internal Revenue Service acknowledged that some tax payments made for 2021 tax returns had not been correctly applied to joint taxpayer’s accounts, and these taxpayers were receiving erroneous balance due notices (CP-14 notices), or notices showing the incorrect amount. Generally, the misapplied payments were made by the spouse (second taxpayer Read More…

BKC NAMED IN NJBIZ TOP 50

BKC, CPAs is honored to be included on NJBIZ 2022 Top 50 Accounting Firms list.  Thank you to NJBIZ for its continued work on showcasing top NJ Businesses and Professionals. 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 Read More…

BKC EMPLOYEES BEAT THE HEAT

BKC Employees Break the Heatwave, Channeling Cool Vibes with Frozen Hot Chocolates, Festive Fruit Salad & Other Treats for “Christmas in July”! #bkccpas #beattheheat #christmasinjuly #bestplacestowork2022 #bkcwealth   Read more BKC Firm News here. Explore Career Opportunities with BKC here.

CONSTRUCTION AHEAD: OPPORTUNITIES AND CHALLENGES IN 2022

The Infrastructure Investment and Jobs Act (H.R. 3684) will inject approximately $3 trillion into upgrading and expanding U.S. infrastructure, presenting a long horizon of opportunity for the construction industry. But to what extent will ongoing supply chain disruption, labor shortages and competition for materials continue to pose challenges for developers and project owners? Investors, project Read More…

BKC PARTNERS WITH UNITED WAY OF HUNTERDON WITH TOOLS4SCHOOL

BKC supports the United Way of Hunterdon County and the Tools 4 School program.  With your help, the program will provide more than 800 Hunterdon County children in need with the supplies they need to go back to school and learn. BKC is donating 50 Backpacks towards this effort and collecting donations at our office.   Read More…

PENNSYLVANIA CHANGE TO IRC SECTION 179 DEDUCTION & IRC SEC 1031 LIKE-KIND EXCHANGES

Pennsylvania Personal Income Tax has made updates to their provisions regarding IRC Sec 179 expense deduction and IRC Sec 1031 Like-Kind Exchanges. These changes will be applicable for property placed in service and like-kind exchange transactions occurring after December 31, 2022. What is the change to the Sec 179 expense deduction? Currently Pennsylvania limits the Read More…

IS YOUR BUSINESS ELIGIBLE FOR THE EMPLOYEE RETENTION TAX CREDIT?

The Employee Retention Tax Credit (ERTC) is a refundable payroll tax credit for wages paid by an employer whose operations were affected by COVID-19. Employers may use ERTCs to offset the employer’s federal payroll tax deposits. Employers are eligible if they actively carried on a trade or business during the calendar years 2020 or 2021, Read More…

PRIVATE EQUITY: EXIT PLANNING TAKES PRIORITY IN SOFTENING MARKET

As valuations soften amid ongoing market volatility, private equity fund managers are turning to more strategic exit planning. Coming off a year of explosive M&A and exits in a high-valuation environment, fund managers absorbing inflation and interest rate data may delay exits: U.S. private equity exit value declined to $90.1 billion in the first quarter Read More…

BKC KICKS OFF SUMMER WITH COOL TREATS

Celebrating the start of summer at BKC, CPAs, PC with Kona Ice & Coolattas.     

NJ GOVERNOR PHIL MURPHY ANNOUNCES BACK TO SCHOOL SALES TAX HOLIDAY

On June 22, Governor Phil Murphy, Senate President Nicholas Scutari and Assembly Speaker Craig Coughlin announced that they have reached an agreement on a back-to-school sales tax holiday.   The plan is part of the Year 2023 Budget. The sales tax holiday which will take place from Aug. 27 to Sept. 5, 2022 and will treat Read More…

CULTURE OF LEARNING AT BKC

Here @BKCCPAs, we work hard to foster a supportive and encouraging culture of learning as a key benefit to our employees. Our professionals gain valuable knowledge & build confidence, with exposure to diverse clients and specialty services, and state of the art technology, which help them grow professionally. In addition to extensive in-person and virtual continuing Read More…

IRS MID-YEAR CHANGE TO STANDARD MILEAGE RATE

Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…

OPTIMIZE CASH POSTING WITH ASSESSMENT AND AUTOMATION

The healthcare provider revenue cycle consists of several key components, but one that often warrants a critical assessment is cash posting. In some systems, cash posting simply includes insurance and patient receipts. However, in many healthcare systems, cash posting includes other department receipts (e.g., dietary, birthing classes, sports physicals) and a number of balancing and Read More…

IMPLEMENTATION OF GASB 87, LEASES

Implementation Of GASB 87, Leases By: Sam Thompson, CPA In 2017, the Governmental Accounting Standards Board (GASB) issued GASB Statement (GASBS) No. 87, Leases (GASBS 87). GASBS 87 represents a significant change in accounting and financial reporting for leases by governments. After an 18-month postponement provided by GASB Statement No. 95, Postponement of the Effective Read More…

SALARY INCREASE BUDGETS JUMP FOR NONPROFITS

In the face of the “Great Resignation” and rising inflation, organizations are taking a second look at the size of their salary increase budgets. For the last decade, budgets for merit increases have hovered around 3%. Now, salary increase budgets are on the rise to levels not seen in years, according to BDO’s first-quarter 2022 Read More…

HAPPY WORLD CULTURAL DIVERSITY DAY!

Happy World Cultural Diversity Day! Thank you to all our staff who participated in our potluck lunch today.  

HAPPY INTERNATIONAL ACCOUNTING DAY!

Happy International Accounting Day to all our staff, clients and colleagues.

CONGRATULATIONS ALEX KLEINERT ON MBA

Congratulations to Alexander P. Kleinert, Staff Accountant at BKC, CPAs, on earning his Master of Business Administration from Shippensburg University of Pennsylvania.  Alex previously received his Bachelor of Science in Business Administration, Major Accounting from Shippensburg and has been with BKC since 2020.  Read more BKC Firm News here. Learn more about Careers at BKC, Read More…

HOW TO ENSURE YOUR FUNCTIONAL EXPENSE ANALYSIS ACCURATELY DEPICTS YOUR ACTIVITIES

By: Amy Guerra, CPA The financial statement presentation for not-for-profit entities (NFP) experienced an overhaul with Accounting Standards Update (ASU) 2016-14, “Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities.”  Prior to the ASU, only voluntary health and welfare organizations had a requirement to include the statement of functional expenses as part of Read More…

BKC TAKE YOUR CHILD TO WORK DAY

BKC Kids had a great day at our office yesterday!  May have a few future accountants in the mix! Read more BKC Firm News here.  Interested in joining our team?  Learn about Career Openings at BKC here.    

CHARLES “ROB” WOODELL WILL BE DEARLY MISSED

Charles “Rob” Robin Woodell, Principal at BKC, CPAs, PC, sadly passed away on Thursday, April 21, 2022 at age 62. Husband of 33 years to Sandra Jane Woodell (nee Haynicz) Father of Christine Pernsteiner (Kristoffer) and Jacob Woodell (Kelly). Grandfather of Jersey Mae, Opal Marie, and Wyatt Lucas. Brother of Deborah Woodell (Frances Clark). Son Read More…

THE BIDEN ADMINISTRATION’S 2023 BUDGET TAX PROPOSALS: THE “GREEN BOOK”

On March 28th 2022, President Biden released his “FY2023 Budget”, and the U.S. Treasury released the “Green Book,” which provides details related to the revenue provisions in the FY2023 Budget. The revenue proposals in the FY2023 Budget rely on a baseline that generally presumes the enactment of the revenue provisions in the Build Back Better Read More…

BKC CPAS WELLNESS; TAX SEASON MASSAGES

At BKC, the wellness of our employees is first and foremost.  Big thanks to Martin & Michelle of Main Street Massage Therapy for bringing some greatly appreciated stress relief to our hard working professionals this tax season!  #bkccpas #bkcbrand #bkccares #corporatewellness

EIDL BORROWERS RECEIVE ADDITIONAL DEFERMENT

On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans).  The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…

RECENT CHANGES TO THE NJ BAIT, PASS THROUGH ENTITY TAX (PTE)

During the New Jersey legislative Session on March 15, 2022, a last-minute change was made to the filing deadline. The original deadline to file the 2021 Forms PTE-100 Tax Return and the 2021-PTE-200-T Extension of Time to File was midnight on March 15, 2022. Under the new legislation passed, the deadlines were extended until June Read More…

CONGRATULATIONS TO LAURA ATWELL ON BECOMING A REGISTERED MUNICIPAL ACCOUNTANT

Congratulations to Laura Atwell, CPA, RMA, PSA, Manager in our Governmental Entity Group, for becoming a Registered Municipal Accountant! We are proud to have her on our BKC Team!   This certification is issued from the New Jersey State Board of Accountancy and requires extensive knowledge of governmental accounting & auditing practices, rules, regulations, and passing Read More…

BKC WELCOMES NEW PROFESSIONAL & ADMIN STAFF THIS SEASON

BKC, CPAs, PC is proud to welcome the following individuals to our growing team. M. Lynn LaMonte as Supervisor with our Governmental Entity Group Tharushi Koggala-Hewage as Bookkeeper with our Small Business Services Group Lori Hatch as a Seasonal Tax Preparer with our Tax Services Group Gabriella Cannarozzi as Tax Season Intern with our Tax Read More…

NONPROFITS GEAR UP FOR SUSTAINED OPPORTUNITY IN 2022

2021 was undoubtedly a challenging year. Between drops in funding, canceled events and programs, the onset of the “Great Resignation” and other hurdles, nonprofit organizations had to reimagine operations and prioritize financial health to sustain mission-driven work. Now, they’re faced with a pivotal moment to turn crisis into opportunity. Despite COVID-19’s toll on health and Read More…

IRS UPDATES CHILD TAX CREDIT WEBSITE

The U.S. Department of the Treasury and the White House have announced the relaunch of the renewed website – ChildTaxCredit.gov. The website now features many new changes made to help taxpayers file their taxes. Taxpayers can access the remainder of the expanded Child Tax Credit (CTC) or the full amount of the CTC with the help Read More…

NEW BILL IS A BIG WIN FOR NEW JERSEY NON-PROFITS

This week New Jersey non-profits received some welcome financial relief.  On January 18, 2022, Governor Phil Murphy signed legislation raising the State’s audit threshold for non-profits from $500,0000 to $1,000,000 in gross revenues. In addition, the new legislation allows non-profits to exclude from gross revenues the value of in-kind donations that are directly related to Read More…

TAX ORGANIZERS AVAILABLE

The following is a helpful blank “Tax Organizer”, which is not required, but may assist you in identifying & gathering the information necessary for us to accurately complete your 2021 income tax returns.  Feel free to utilize this free Tax Organizer and provide to us with your 2021 Tax Preparation documents.  If your tax return Read More…

NJ BAIT CLEAN-UP BILL SIGNED BY GOV. MURPHY

On January 18, 2022, Governor Murphy signed legislation to rectify the issues related to New Jersey’s Business Alternative Income Tax (BAIT) regulations.  The legislation becomes effective as of January 1, 2022.  The major changes to the BAIT, which were included in the legislation are as follows: A modification was made to include more income that Read More…

MERGER OF STOLZ & GRIFFITH, LLC TO BKC, CPAS

The long established certified public accounting firm of Stolz & Griffith, LLC has merged with BKC, CPAs, PC, of Flemington, NJ.  The combined firm will continue as BKC, CPAs, PC with offices in Flemington and Woodstown, NJ. Since 1991, Stolz & Griffith, a professional public accounting practice in Flemington, NJ, has offered a full array Read More…

HAPPY HOLIDAYS FROM BKC!

Wishing you peace, joy and prosperity for 2022.  To our clients, staff and friends, thank you for your continued trust, partnership and service. We hope you enjoy a beautiful holiday season, filled with good health and happiness this new year!

EXTENDED TAX RELIEF FOR HURRICANE IDA VICTIMS IN 6 STATES GRANTED

The IRS has extended tax relief to the victims of Hurricane Ida in six states from until February 15, 2022 to file various individual and business tax returns and make tax payments. Accordingly, the updated relief covers the entire states of Louisiana and Mississippi, as well as parts of New York, New Jersey, Connecticut and Read More…

BKC HOLIDAY DONATIONS

Thank you to the everyone at BKC who generously donated to the United Way of Hunterdon Holiday Hands and Ranch Hope Giving Tree project.    

BKC WELCOMES SHAWN FULLER

BKC, CPAs, PC, a full-service accounting firm with offices in Flemington & Woodstown, New Jersey welcomes Shawn Fuller as a member of the firm’s Accounting Team. Shawn is a graduate of Centenary University with a Bachelor of Science in Business Administration and Management and is pursuing her Masters of Accounting at Rider University.  Shawn has Read More…

WORTHLESS STOCK MAY PROVIDE A TAX BENEFIT

The disruptions caused by the COVID-19 pandemic have driven significant losses for many businesses, causing some to permanently close. Owners of these and other distressed businesses should consider whether they are eligible for a deduction attributable to an investment in worthless stock. Generally, if the stock is a capital asset and becomes wholly worthless during Read More…

TERMINATION OF THE EMPLOYEE RETENTION CREDIT

The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…

NOW HIRING AUDIT MANAGER

BKC is currently seeking an experienced full-time Quality Assurance & Audit Manager with potential for some remote. Candidate should have 6+ years of public accounting experience and possess or be proficient with technical expertise in GAAP, GAAS, GAGAS & DOL audits. Individual would be responsible for all phases of audit, compilation and review engagements, and managing staff, Read More…

YEAR-END TAX PLANNING FOR BUSINESSES & INDIVIDUALS

As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations.  The information contained in this article is based on tax proposals as of November 4, 2021 and is subject to change based Read More…

YEAR-END TAX PLANNING FOR BUSINESSES

As the U.S. entered 2021, many assumed that newly elected President Joe Biden along with Democratic majorities in the House and Senate would swiftly enact tax increases on both corporations and individuals to pay for the cost of proposed new infrastructure and social spending plans, potentially using the budget reconciliation process to do so. Since Read More…

YEAR-END TAX PLANNING FOR INDIVIDUALS

As we approach year-end, now is the time for individuals, business owners, and family offices to review their 2021 and 2022 tax situations and identify opportunities for reducing, deferring, or accelerating tax obligations. Areas potentially impacted by proposed tax legislation still in play should be reviewed, as well as applicable opportunities and relief granted under Read More…

BUILD BACK BETTER ACT PASSES THE HOUSE OF REPRESENTATIVES

On Friday, November 19th, the House of Representatives passed a $1.75 trillion bill that funds universal pre-K, Medicare expansion, renewable energy credits, affordable housing, a year of expanded Child Tax Credits and major Obamacare subsidies. The final vote was 220-213. Now that it has cleared the House, President Joe Biden’s Build Back Better Act goes Read More…

BKC, CPAS, PC EXPANDS WITH MERGER OF ZAMPETTI, CPA, LLC

BKC, CPAs, PC is pleased to announce the merger of Louis J. Zampetti, CPA, LLC.  The combined firm will continue as BKC, CPAs, PC with offices in Flemington and Woodstown, NJ. Louis J. Zampetti, CPA, LLC, an established Somerville, NJ practice, focused on providing tax and advisory services to individuals and small businesses. Lou Is a Read More…

BIPARTISAN INFRASTRUCTURE BILL PASSES & RECONCILIATION BILL FRAMEWORK STATUS

On Friday November 5th, the US House of Representatives passed the Infrastructure Investment and Jobs Act (H.R. 3684). There are very few tax provisions in this legislation, with more vast changes expected in the upcoming budget reconciliation bill currently under consideration by Congress. Under the new legislation comes the end of the employee retention credit Read More…

PRESIDENT BIDEN ANNOUNCES RECONCILIATION BILL FRAMEWORK

On October 28, 2021, President Joe Biden unveiled a framework for a $1.75 trillion tax and spending package. The tax and spending provisions of the Build Back Better framework include: A 15% minimum tax on corporate profits for firms with earnings over $1 billion reported to shareholders, and a 1% surtax on stock buybacks. A Read More…

NJEDA SMALL BUSINESS LEASE GRANT PROGRAM

On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program.  This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program.  $10 million dollars has been allocated to the Business Lease Program, with Read More…

NJEDA SMALL BUSINESS IMPROVEMENT GRANT PROGRAM

On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program.  This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program.  $15 million dollars has been allocated to the Business Lease Program, with Read More…

SBA ANNOUNCES CHANGES TO THE EIDL PROGRAM

On September 8, 2021, the SBA announced major changes to the Economic Injury Disaster Loan (EIDL) Program.  New COVID EIDL policy changes include the following: Maximum loan cap increased from $500,000 to $2 million Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and Read More…

PRESIDENT BIDEN’S DISASTER DECLARATION FOR NEW JERSEY AND NEW YORK

On September 1, 2021 New Jersey and New York were hit with the remnants of Hurricane Ida, which caused catastrophic damages in the state of Louisiana a couple of days prior. Some portions of New Jersey and New York received excessive storm damage due to flooding and tornadoes. On September 2nd, President Biden approved an Read More…

NEW YORK STATE PASS-THROUGH ENTITY TAX

Under new Tax Law Article 24-A, an optional pass-through entity tax (PTET) that partnerships or New York S Corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. Individual pass-through entity owners electing to pay PTET who are subject to personal income tax may be eligible Read More…

TAX PROPOSALS FROM THE BIDEN ADMINISTRATION & CONGRESS

      This article has been superseded by this update:  BUILD BACK BETTER ACT PASSES THE HOUSE OF REPRESENTATIVES Original 9/3/21 Article: The Biden Administration’s 3-part economic recovery plan proposal is known as the “Build Back Better agenda”.  It has evolved quite a bit of the last few months but this is how it Read More…

BKC, CPAS, PC EXPANDS WITH MERGER OF HODAKOWSKI & HODAKOWSKI, CPAS

We are very pleased to announce the expansion of BKC, CPAs, PC with the merger of Hodakowski & Hodakowski CPA’s.  The combined firm will continue as BKC, CPAs, PC with offices in Flemington and Woodstown, NJ. Hodakowski & Hodakowski, CPAs is an established Flemington, NJ based accounting firm, serving clients for over 50 years. BKC and Hodakowski Read More…

SO, YOU NEED A SINGLE AUDIT… WHAT IS IT AND WHAT SHOULD YOU EXPECT?

Published by NJCPA August 3, 2021 By Michael A. Holk, CPA, PSA – BKC, CPAs PC One of the few positives in the current economic environment is the availability of government funds. In an effort to combat the impact of COVID-19, many entities have received a substantial increase in the amount of their federal funding Read More…

SHOULD YOU BE CONCERNED ABOUT INFLATION?

If you pay attention to financial news, you are probably seeing a lot of discussion about inflation, which has reared its head in the U.S. economy after being mostly dormant for the last decade. In May 2021, the Consumer Price Index for All Urban Consumers (CPI-U), often called headline inflation, rose at an annual rate Read More…

J. CARDUCCI ELECTED PRESIDENT OF BKC, CPAS & M. HOLK AS VP

BKC, CPAs, PC is proud to announce the election of Joseph Carducci, CPA, PSA as President of BKC, CPAs, PC and Michael A. Holk, CPA, PSA as Vice President. For over 27 years, Joe has served as a Leader within BKC, CPAs, PC, representing BKC’s finest qualities, with his extensive professional experience and qualifications, in-charge Read More…

DOUG HILGENBERG GRADUATES FROM LEADERSHIP HUNTERDON

On June 16, 2021, Douglas Hilgenberg, CPA, MBA of BKC, CPAs, PC graduated as part of Leadership Hunterdon’s Class of 2020-21. Leadership Hunterdon is a program sponsored by the Hunterdon County Chamber of Commerce. The goal of the program is to help participants become trustees of their communities and become leadership resources.  Since 2012, the program Read More…

NEW JERSEY: CORPORATE INCOME TAX COMPLIANCE INITIATIVE ANNOUNCED

The New Jersey Division of Taxation (Division) on June 3, 2021 unveiled a new combined reporting initiative, designed to help companies voluntarily comply with their historic separate-company return filing requirements for periods prior to 2019. The initiative will run from June 15, 2021 to October 15, 2021. Background on New Jersey Filing Requirements New Jersey Read More…

C-CORPORATION, S-CORPORATION OR PARTNERSHIP; WHICH ENTITY MAKES THE MOST SENSE FOR YOUR BUSINESS?

The choice of entity is among the most important decisions facing business owners when starting a business or investment activity. The choice of tax entity generally includes a C-Corporation, S-Corporation or Partnership, each having its own advantages and disadvantages that must be evaluated in terms of how the entity’s tax and legal characteristics align with Read More…

EMPLOYERS – ARE YOU LEAVING MONEY ON THE TABLE?

2020 was a very bad economic year for many businesses.  Quite often when you hear the phrase, “I’m from the government and I’m here to help”, the common response would be, yeah right!  But 2020 was quite different.  Congress enacted several pieces of key legislation that greatly helped many small to mid-size businesses. Under the Read More…

NJBIZ ICON AWARD TO EDWARD J. KUROWICKI, BKC FOUNDING SHAREHOLDER

Congratulations to 2021 NJBIZ ICON Award recipient, Edward J. Kurowicki, MBA, CPA/CFF, CVA, Founding Shareholder of BKC, CPAs, PC for this esteemed honor. The NJBIZ ICON Awards recognize New Jersey business leaders over the age of 60 for their contributions, their success and their leadership. Winners were chosen by a group of independent judges following Read More…

NEW YORK STATE ENACTS ITS OWN PASS-THROUGH ENTITY TAX

Governor Cuomo signed the New York State Fiscal Year 2021-2022 budget bill on April 19, 2021. Included in this bill is New York State’s version of a pass-through entity (PTE) tax. New York is the final state in the tri-state area to pass such legislation. Similar to New Jersey’s version, eligible entities need to make Read More…

NEW JERSEY ECONOMIC DEVELOPMENT AGENCY ANNOUNCES NEW FUNDING

On Monday, April 12, 2021, Governor Murphy signed a bill authorizing the New Jersey Economic Development Agency (NJEDA) to issue grants to non-profits and small businesses.  The NJEDA will issue a total of $85 Million under Phase 4 of the Small Business Emergency Assistance Grant Program.  The program is intended to provide short-term assistance to Read More…

SAS 136: WHAT PLAN SPONSORS NEED TO KNOW ABOUT UPCOMING CHANGES TO ERISA PLAN AUDITS

Employee benefit plan sponsors need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), Read More…

FIVE RANSOMWARE THEMES KEEPING DIRECTORS UP AT NIGHT

Spoiler alert: If it isn’t already, cybersecurity should likely be on your board agenda at every meeting.  BDO recently hosted directors and subject matter experts at a regional board roundtables to learn, mentor and network among peers on the topic of ransomware. Here are the top five takeaways from those recent discussions: Increased Risk The global COVID pandemic has created an environment Read More…

DEADLINE EXTENDED FOR PPP LOAN APPLICATIONS

The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021. The application deadline was set to expire on March 31, 2021, but now Read More…

TAX DAY EXTENDED FOR INDIVIDUAL TAXPAYERS

The anticipated April 15th deadline to file individual income tax returns and payments has been extended by the Treasury Department and Internal Revenue Service to Monday, May 17, 2021.  Without filing an extension, individual’s income tax filings, and payments are not due until May 17th.  This relief does not apply to estimated tax payments that Read More…

R&D TAX CREDITS FOR THE MANUFACTURING INDUSTRY

The manufacturing industry alone claims annual R&D tax credits in excess of $7.4 billion. Innovation is driving the manufacturing industry, and the objective of R&D tax credits is to encourage exactly the type of efforts that are at the core of Industry 4.0. You don’t have to be developing new products or engineering brand new Read More…

SUMMARY OF THE AMERICAN RESCUE PLAN ACT (ARPA) OF 2021

On March 11, 2021, President Biden signed into law the controversial and long-awaited ARPA, 2021 legislation.  The legislation will provide a third round of stimulus checks, to qualifying individuals and families, among other tax benefits.  To summarize the impact of the legislation, which provides for $1.9 trillion of relief, the following categories will provide benefits Read More…

CARES ACT EMPLOYEE RETENTION CREDITS FOR NONPROFIT EMPLOYERS

Many nonprofit organizations were forced to shutter or temporarily close their operations under a governmental order as a result of the coronavirus pandemic, while others were forced to severely limit their offerings.  One way to continue to pursue your organization’s objectives is to ensure that you are still able to function, even if only in a limited Read More…

THE LONG-TERM IMPACT OF CARES ACT LOANS AND DISTRIBUTIONS ON RETIREMENT SAVINGS

The Coronavirus Aid, Relief and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings. Employee Benefit Research Institute (EBRI) has found that only one Read More…

ANNOUNCING DIANE CIFELLI, CPA AS PRINCIPAL

It is with great pleasure that we announce Diane Cifelli, CPA as Principal with BKC, CPAs, PC.  Diane has worked with BKC since 2006 with a Bachelor of Science Degree in Accounting from Richard Stockton College of NJ, and Masters degree in Accounting from Rider University.  Diane is experienced and dedicated, consistently demonstrating exceptional leadership Read More…

NEW JERSEY ECONOMIC RECOVERY ACT OF 2020

On January 7, 2021, Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. The law provides for the administration of programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, among others. In an effort to bolster development, the Economic Recovery Act creates, among other things, Read More…

EMPLOYEE RETENTION CREDIT – WHAT’S NEW

On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law.  The CAA, 2021 Act greatly expanded the Employee Retention Credit (ERC).  The credit is now available to more businesses and extends the date for wages paid through June 30, 2021. Under the CARES Act, the ERC was available to qualified Read More…

PPP LOANS ROUND 2

Congress expanded the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act with the passage of the Consolidated Appropriations Act on December 27, 2020. The Consolidated Appropriations Act also clarifies the deductibility of certain expenses paid for with funds from a loan under PPP and tax impact on income Read More…

PLANNING PERSPECTIVES: TAX TOOLS FOR 2021 AND BEYOND

As we start a new year, we wanted to share a few reminders of ways that individuals may lower their taxable income before filing their 2020 taxes and in the future. All else being equal, it is our view that tax rates are likely to increase in the coming years. One key factor driving this Read More…

COVID-19 RELIEF PACKAGE

On Monday December 21, the House and Senate approved $900 billion in relief for individuals and businesses affected by the coronavirus pandemic. President Trump is expected to sign the bill into law on Tuesday December 22nd. Highlights of the new legislation are as follows: A refundable tax credit of $600 for single taxpayers, $1,200 for Read More…

WEBINAR: PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT OF 2020

View our virtual presentation to learn details regarding the Flexibility Act as it pertains to the PayCheck Protection Program. The Act has provided many positive changes to PPP Loans and there are details to consider in order to make best position your company. View the recorded presentation here.  Contact us with specific questions to explore Read More…

HAPPY NEW YEAR!

  As we eagerly bid farewell to an unprecedented year, we take a deep breath and look to 2021 with optimism.  We hope you reflect on your perseverance this past year with pride in each of your accomplishments.  May you begin 2021 with positivity, with new ideas and refreshed energy, with enthusiasm in knowing we’re Read More…

IRS FOCUS ON IDENTITY PROTECTION PINS

The IRS has recently announced that they have expanded the availability of IP PIN’s on a national basis.  Previously, the IRS issued IP PIN’s only to individuals that were victims of identity theft.  The IP PIN would change each year and the IRS would send a letter each year, to persons that had previously been Read More…

IRS RELEASES GUIDANCE ON PPP LOAN PROCEEDS

On November 18, 2020, the IRS released Revenue Ruling 2020-27, which outlines the treatment of the loan proceeds that a business expects to be forgiven.  Prior to the release of this Revenue Ruling, businesses expected to expense 100% of their business expenses, that were covered by the PPP Loan, on their 2020 tax returns and Read More…

IMPORTANT 2021 TAX ADJUSTMENTS

Each year, the IRS adjusts for inflation key tax limits and tax brackets, based on the cost of living adjustments (COLA).  Here are some important tax adjustments announced for the filing of 2021 tax returns, that become effective on January 1, 2021: Income Tax Changes Tax brackets for all filing statuses. The highest 37% individual Read More…

NJ GOV. SIGNS EXECUTIVE ORDER CREATING NEW WORKPLACE MANDATES

New Jersey Governor Phil Murphy signed Executive Order 192 on October 28th, which makes effective November 5, 2020, new COVID-19 related health and safety mandates for employers.  The order states that every business, school, nonprofit and governmental office require any employee, customer or visitor who is physically present to undergo a daily health screening, maintain Read More…

APPLY NOW – NJ GRANTS FOR BUSINESSES & INDIVIDUALS

Governor Phil Murphy announced on October 12th that $112 million in aid, that the State of New Jersey received from CARES Act money, is being made available to provide grants to small businesses and help support struggling individuals with rental and mortgage assistance payments.  $70 million of the funds will be distributed by the State’s Read More…

R&D TAX CREDIT FAQS FOR LARGE AND SMALL BUSINESSES

The federal R&D tax credit benefits large and small companies in nearly every industry. Common questions and answers related to the R&D tax credit and those specific to small businesses are outlined below. What is the R&D tax credit? Created in 1981 to stimulate research and development (R&D) in the United States, the R&D tax credit is Read More…

YEAR-END PAYROLL TAX WITHHOLDING EXPOSURE

As the 2020 calendar year-end approaches, and much of the world continues to practice some form of sheltering in place, social distancing and working remotely, companies should again assess their payroll tax reporting and withholding obligations across the U.S. and the globe. Many states have offered relief from withholding tax on employees working from home Read More…

HOW TO PLAN FOR SUCCESSION: PRESERVING, PROTECTING, AND PASSING ON WEALTH

Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members, Read More…

NJ ASSISTANCE FOR COVID-19 CHILDCARE

The State of New Jersey recently announced plans to dedicate $250 million in funding from the federal Coronavirus Relief Fund, which will provide additional support to children and their families, as well as for thousands of childcare providers with resources. If your Annual Gross Household Income is less than $75,000 and you are a NJ Read More…

THE GREAT EXPERIMENT: REMOTE WORK AND THE NEW REALITY OF REAL ESTATE

There’s no question the global pandemic of 2020 quickened trends of the future that were hitting the wall of the present: Employers resistant to allowing employees to work remotely suddenly had no choice as localities enacted mandatory stay-at-home measures. Businesses migrated to remote work on an unprecedented scale – a great experiment, the ripple effects of which are many for real estate.  As parts of the business world adjust to working from home, some are finding multi-year office Read More…

HAPPY LABOR DAY!

As we bid farewell to an unprecedented summer, we hope you let all your accomplishments in the face of adversity fill your heart with pride this Labor Day. We thank our employees for their particular hardwork, flexibility, and care this year. This holiday weekend, we hope you enjoy some peaceful time to reflect on the Read More…

CAN COVID-19 GENERATE NEXUS ISSUES?

Owners of many small business that are close to the border of other states, as is common in our home state of New Jersey, may not have to worry about paying taxes to other states.  If all your work is being done in your home state, and business is just being conducted in your home Read More…

EMPLOYEE SOCIAL SECURITY TAXES TO BE DEFERRED

  On August 8, 2020, President Trump signed an Executive Order, for the Treasury Department to issue guidance related to the deferral of Social Security Taxes, for employees.  The deferral will apply to wages that are paid from September 1, 2020 through December 31, 2020. Not all employees will qualify for the payroll tax deferral.  Read More…

NEW JERSEY PASS THROUGH ENTITY TAX ELECTION

New Jersey has enacted the “Pass-Through Business Alternative Tax Act” (BAIT).  This act creates an election for pass-through entities (PTE’s) to pay New Jersey income tax at the entity level and creates a corresponding individual income tax credit for the members of the PTE’s. This law was passed in response to the Federal Tax Cut Read More…

MANAGING COMPENSATION FOR NONPROFITS

By Michael Conover   The novel coronavirus (COVID-19) crisis has affected all sizes and types of organizations including the nonprofit sector. Regardless of the type of nonprofit, they have been impacted by: forced office closures, dramatic swings (upward or downward) in demand for their services, actual or threatened loss of revenue, budgetary and staff cuts, Read More…

STRENGTHENING INTERNAL CONTROL IN THE COVID-19 ENVIRONMENT

By Carla DeMartini, CPA Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit Read More…

HIGHLIGHTS FROM THE FAQ ON PPP LOAN FORGIVENESS ISSUES BY THE SBA

On August 4, 2020, the U.S. Small Business Administration (SBA), in consultation with the Treasury, released frequently asked questions (FAQs), on the Paycheck Protection Program (PPP) related to PPP Loan Forgiveness. The publication is divided into four sections addressing different aspects of the process to determine how much of their loan is forgivable.   The following Read More…

FINAL REGS ISSUED ON CHARITABLE CONTRIBUTION RELATED TO SALT BENEFITS

On August 7, 2020, the IRS released final regulations (T.D. 9907) regarding the interaction of the $10,000/$5,000 cap on state and local tax (SALT) deduction and charitable contributions. Your SALT deduction includes real estate taxes, state income taxes (unemployment, disability, family leave, personal property taxes) and local taxes. For tax years after 2017, an individuals Read More…

SBA OPENS MAIN STREET LENDING PROGRAM TO NOT-FOR-PROFITS

On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open.  The Main Street Program provides additional funding to small and mid-size businesses, and Not-for-Profit Organizations, with relaxed regulations, as part of the CARES Act. On July 17th, the Federal Reserve Board has approved two new loan options, which Read More…

CONGRATULATIONS HCRHS GRADUATES

Congratulations to BKC employee, Maya Sleczka, HCRHS Class of 2020 graduate.  Maya will be attending Rider University in the fall and has a bright future ahead.     A kind post from @JeffMooreEdD, Jeffrey Moore, Ed.D, Superintendent of Hunterdon Central Regional High School, as we recognize the graduating class of 2020.

SBA OPENS MAIN STREET LENDING PROGRAM

On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, with relaxed regulations, as part of the CARES Act. The Main Street New Loan Facility (MSNLF) offers eligible borrowers the ability to secure loans ranging from Read More…

NJ ECONOMIC DEVELOPMENT AGENCY SMALL BUSINESS EMERGENCY ASSISTANCE GRANTS

On June 9, 2020, the NJEDA began accepting applications for Phase 2 of the Emergency Assistance Grants.  The grants are available for businesses with 25 or less employees.  The NJEA has $45 million dollars available to distribute, as part of the federal CARES Act. The grant will be in the amount of $1,000 per full-time Read More…

PRESIDENT TRUMP SIGNS PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT OF 2020

On Friday June 5, 2020, the President signed H.R. 7010, cited as the “Paycheck Protection Program Flexibility Act of 2020” into law.  The Paycheck Protection Program (PPP) is part of “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) that was signed into Law on March 27, 2020.  The new Flexibility Act provided many Read More…

DLGS INCREASES NJ MINIMUM BID THRESHOLD

The Division of Local Government Services (DLGS) increases the NJ Minimum Bid Threshold beginning July 1, 2020. Governmental entities in NJ such as, municipalities, public schools, fire districts and sewer utilities must comply with N.J.S.A 52-34-7, in which all purchases and contracts exceeding the established thresholds must be achieved through an open and fair bidding Read More…

OPERATING COST REDUCTION STRATEGIES TO CONSIDER DURING CRISIS MANAGEMENT AND RECOVERY

By Ross Forman In the midst of the COVID-19 crisis, operational challenges are among the top sources of pressure for businesses. Unforeseen costs, disruptions in services and, for most organizations, significant material hits to revenue are top of mind as you navigate new issues related to maintaining facilities and business functions. For these reasons, identifying and Read More…

CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY ACT: MANUFACTURING IMPACTS

On Friday, March 27, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act), a $2 trillion stimulus package intended to help mitigate the economic devastation caused by the novel coronavirus (COVID-19). The stimulus is good news for manufacturers, many of whom are struggling given the current economic Read More…

PROGRAMS AVAILABLE UNDER THE CARES ACT

Programs Available Under the CARES Act From Main St. to Wall St., all businesses have been affected by COVID-19 in one way or another.  Businesses that were considered to be essential service business were affected by employees being unable to work due to their need to care for their children, who were now home from Read More…

HOW MANUFACTURERS CAN NAVIGATE THE NOVEL CORONAVIRUS’ SUPPLY CHAIN IMPACTS

By Jeff Pratt, Sean Murphy The novel coronavirus (otherwise known as COVID-19) crisis has struck a serious blow to the manufacturing industry, which was already battling trade policy turbulence, a slowdown in global manufacturing growth and broader economic uncertainty. The virus’ disruptive impacts are rippling throughout global manufacturing supply chains, particularly in the auto sector. Automakers rely Read More…

PAYROLL PROTECTION PROGRAM (PPP) & SBA LOANS FOR SMALL BUSINESSES

SMALL BUSINESSES: ACT NOW TO TAKE ADVANTAGE OF SBA LOANS AND PAYROLL TAX INCENTIVES  (click here for full article) The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll (click here for more detail). SBA will forgive loans if all employees are kept Read More…

SMALL BUSINESSES: ACT NOW TO TAKE ADVANTAGE OF SBA LOANS AND PAYROLL TAX INCENTIVES

Background In light of the novel coronavirus (COVID-19) global pandemic, many small-to-medium sized businesses are struggling to manage revenue losses amid prolonged economic uncertainty. To offset the pandemic’s financial impacts, Congress has passed several stimulus bills, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which includes provisions Read More…

NJ EXTENDS INCOME TAX FILING DEADLINE TO JULY 15TH FOR INDIVIDUAL, PARTNERSHIP AND CORPORATION BUSINESS TAXES

On April 14th Governor Murphy signed into law a bill that provides New Jersey taxpayers a three-month extension to pay and file their state individual gross income, partnership, and corporation business taxes.   According to the office of New Jersey Governor Phil Murphy, the New Jersey income tax deadline will now be July 15, 2020 to Read More…

SBA DISASTER ASSISTANCE IN RESPONSE TO THE CORONAVIRUS – LOW-INTEREST LOANS

In response to the novel coronavirus (COVID-19) pandemic affecting the small business community across the country, the U.S. Small Business Administration (SBA) is offering low-interest federal disaster loans for working capital to small businesses suffering substantial economic injury. Substantial economic injury means the business is unable to meet its obligations and to pay its ordinary Read More…

BREAKING DOWN SECTION 4001 OF THE CARES ACT

On March 27, Congress passed the $2 trillion “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act) in order to provide “emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic.” The largest rescue package in American history, this historic piece of legislation includes a number of programs designed to offset the Read More…

PRESIDENT TRUMP SIGNS INTO LAW CARES ACT

On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with Read More…

EMPLOYERS CAN IMMEDIATELY PROVIDE TAX-FREE QUALIFIED DISASTER PAYMENTS TO EMPLOYEES IN CONNECTION WITH COVID-19

Employers are scrambling to find ways to help their employees who are impacted by the novel coronavirus (COVID-19). Help is available.  Now that the COVID-19 has been declared a national emergency,[1] Internal Revenue Code Section 139 can be used to allow employers to make tax-free payments or reimbursements to employees as “qualified disaster payments.” Below are Read More…

CORONAVIRUS STRIKES NONPROFITS IN MORE WAYS THAN ONE

By Andrea Wilson   Now present on every continent except Antarctica, COVID-19 has infected more than 125,000 people, and is responsible for more than 4,600 deaths. With the number of cases in the U.S. continuing to climb, individuals and companies alike are taking steps to prepare for a pandemic. From a shortage of masks and hand sanitizer, to Read More…

FEDERAL AID PACKAGE HELPS INDIVIDUALS AFFECTED BY COVID-19

The Families First Coronavirus Response Act (H.R. 6201),  became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The Act includes up to 80 hours of emergency Read More…

FEDERAL INCOME TAX DEADLINE EXTENDED TO JULY 15TH

In response to the economic fallout from the Coronavirus Disease 2019 Pandemic, the IRS has automatically postponed the filing and due dates for all Federal income tax returns and related payments due on April 15, 2020.  The filing and payment date for these income taxes have been automatically postponed to July 15, 2020.  This includes Read More…

TREASURY DEPARTMENT DEFERS TAX PAYMENTS

Congress Announced: Secretary Mnuchin Defers Tax Payments, Delivers Relief for Taxpayers & Small Businesses Because many families, businesses, and tax preparers may be unable to meet their tax obligations despite their best efforts, President Trump is allowing “the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted.”The Read More…

ELECTRONIC COMMUNICATIONS TO REDUCE THE SPREAD OF COVID-19

The health & safety of our clients and employees is paramount and therefore, BKC has been taking enhanced precautions concerning the spread of Coronavirus (COVID-19). Fortunately our workforce has not been directly impacted by COVID-19 with no known cases.  However, our office doors are currently closed as it relates to the NJ shutdown.  Most of Read More…

GREAT NEW OPTION TO REDUCE STUDENT LOAN DEBT

Newly passed tax law could benefit many. Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K through 12 education expenses. As long as the funds are Read More…

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…

WHAT WILL YOU PAY FOR MEDICARE IN 2020?

Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2020 if you’re enrolled in Original Medicare Part A and Part B. Medicare Part B premiums According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits 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…

BKC RELOCATION OF FLEMINGTON OFFICE

It is with great pleasure that we announce the move of our Flemington office from 114 Broad Street to the Feed Mill Station building located at 39 Highway 12, Suite 2, Flemington, NJ.    The new office is less than 1 mile from our previous location. The new office space provides us with state 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…

DOUBLED DEDUCTION FOR NJ VETERANS

The Veterans Income Tax Exemption has doubled to $6,000 for 2019.  NJ Veterans should check their eligibility and apply to claim the exemption (1st time only).  A veteran’s spouse or civil union partner, who is also a veteran, can take the exemption if they are filing a joint return.  However, a veteran cannot claim this 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…

HAPPY THANKSGIVING FROM BKC

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

2020 SOCIAL SECURITY CHANGES ANNOUNCED

The Social Security Administration announced a 1.6 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2020. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2019. For those still contributing to Social Security through wages, the potential maximum income Read More…

CASH IN ON 0% CAPITAL GAINS TAX RATE

While the maximum capital gain tax rate can be as high as 23.8 percent, most taxpayers pay 15 percent. But there is the possibility to have your capital gains go tax-free; zero percent! In fact, this tax break has been around for more than a decade and comes into play more often than you may Read More…

LEVERAGING GIFT RULES TO YOUR ADVANTAGE

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rules: You may give up to $15,000 to any individual (donee) in 2019 and avoid any Read More…

TAX BREAKS FOR ADULT STUDENTS

Kids aren’t the only ones heading back to school this fall. Many adults are also taking courses to pursue a new career or improve their current job skills. Fortunately, adult students may qualify for several tax breaks. Here are four possible options: American Opportunity Tax Credit (AOTC). The AOTC is one of two credits for qualifying Read More…

NEW PROPERTY TAX DEDUCTIONS FOR NJ VETERANS

On August 5, 2019, New Jersey’s Acting Governor, Sheila Oliver, signed legislation providing support to more than 435,000 New Jersey Veterans. NJ S 1331 extends the eligibility for Veteran’s property tax deduction and exemption to residents of continuing care retirement communities. Surviving spouses are also entitled to the exemption if they are residents of a Read More…

CONSIDER THE TAX BEFORE YOU SELL

Multiple tax rates hold the key In times of market volatility or when a financial need arises, it is only natural to consider selling some investments. Understanding the tax consequences is key to making an informed and planned decision. Here is what you need to know BEFORE you sell: Investment Tax Rates Investment Tax Classification Read More…

BKC-WARNER’S WHEELERS RAISED $13K FOR BIKE MS

BKC’s BikeMS Team, “Warner’s Wheelers”, had another very successful year with 14 cyclists, raising over $13,000 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…

RECENT NEW JERSEY TAX UPDATES

Effective October 1, 2018, New Jersey sales and use tax was imposed on transient accommodations. The definition of transient accommodations included living/sleeping space for the lodging of occupants for a term of less than 90 consecutive days.  This new law became known as the “Jersey Shore Rental Tax”.  Individuals who owned any type of short-term Read More…

BKC SUPPORTS WARNERS WHEELERS BIKE FOR MS

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 fund research, advocate for change and help people with MS live their best lives. We believe in this cause. Read More…

IS IT TIME TO RECONSIDER THE DECISION TO BUY OR LEASE EQUIPMENT?

Given the historically low interest rate environment in which we find ourselves, most business owners in capital intensive industries will be impelled to explore their options when it comes to obtaining new equipment. Whether it’s best to use lease financing or purchase equipment outright depends on multiple factors including (but not limited to) the type Read More…

USE TECHNOLOGY TO CONTROL COSTS IN YOUR CONSTRUCTION BUSINESS

Controlling overhead costs is critical for all construction managers. Increased competition and slim profit margins have forced contractors to take a hard look at overhead cost management.  Budgeting and variance analysis Technological changes have made budgeting systems, planning, and control techniques available to all contractors. Budgeting allows contractors to evaluate current operations, assess future costs, Read More…

REMINDER: THIRD QUARTER ESTIMATED TAXES DUE

Now is the time to make your estimated tax payment If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The third quarter due date is now here. Due date: Monday, September 16th, 2019 Remember, you are required to Read More…

CALLING ALL TAXPAYERS: PLAN NOW & PAY LESS

Procrastination is easy, especially when it comes to summertime tax planning.  But waiting to implement strategies to reduce your 2019 tax obligations could cost you money.  Here are some suggestions to help jumpstart your midyear review: * Adjust your withholdings and estimated payments If you haven’t already, update your withholdings and estimated tax payments to Read More…

RENTING YOUR PROPERTY TAX FREE

Did you know you can rent your property tax free for a limited time.  Learn more here:

BKC SUPPORTS TOOLS 4 SCHOOL THROUGH 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 50 Backpacks & 50 Binders to fill School Student kits.  School Read More…

FUND RETIREMENT OR YOUR CHILD’S EDUCATION?

Should you prioritize your own future over your child’s education? This is an emotionally charged question that leads many parents to fund college at the expense of their own retirement. However, with proper planning, you may be able to fund your retirement and still offer financial support for college. Your retirement savings come first It Read More…

HOW TO PROTECT YOUR SOCIAL SECURITY NUMBER

Very few things in life can create a higher degree of stress than having your Social Security Number (SSN) stolen. This is because, unlike other forms of ID, your SSN is virtually permanent. While most instances of SSN theft are outside your control, there are some things that you can do to minimize the risk Read More…

LOSSES THAT OFFER TAX SAVINGS

If you’re interested in minimizing your tax obligations and maximizing your savings, consider these helpful tips, and contact us to review your tax strategy. Losses that Offer Tax Savings Capital loss, casualty loss, net operating loss — a loss by any name causes a financial setback. It’s something no one likes to think about, much Read More…

FEDERAL OPPORTUNITY ZONES

The Qualified Opportunity Zone (QOZ) program was enacted as part of the 2017 federal Tax Cuts and Jobs Act (TCJA) and is designed to direct long-term capital investments into eligible property located in a Qualified Opportunity Zone. There are 8,762 designated QOZ’s located throughout the United States, of which 8,532 are in low-income community tracts Read More…

OFFICES CLOSED 7/4/19

We wish you a sparkling fourth of July celebration of our nation’s freedom. We honor the men & women dedicated to preserving it.  We hope your weekend is filled with pride, honor and lots of fun.  Our offices will be closed 7/4/19.

5 PRODUCTIVITY KILLERS & HOW TO SLAY THEM

If you feel that business is harder today, you’re not alone. In addition to rising regulatory obligations and relentless technological change, the ability to attract and retain top talent has never been more difficult. To compete and thrive in this environment, businesses need to optimize their finance and accounting practices, and that means tackling challenges Read More…

LESSONS LEARNED FROM IMPLEMENTING ASU 2016-14 FUNCTIONAL EXPENSES

Nonprofit organizations with calendar year ends are working to implement the provisions of Accounting Standards Update (ASU) 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities. The ASU is effective for annual financial statements issued for fiscal years beginning after Dec. 15, 2017. Specifics of the requirements of the ASU have been Read More…

GUIDANCE RELEASED ON TAXABLE INCOME FROM PARKING AND OTHER FRINGE BENEFITS

The bill known as the Tax Cuts and Jobs Act, enacted in December 2017, added new Section 512(a)(7) to the Internal Revenue Code (IRC). This new section requires tax-exempt organizations to increase their unrelated business taxable income (UBTI) by the amount paid or incurred for qualified transportation fringe benefits (QTFs) provided to employees. For this Read More…

GASB SIMPLIFIES ACCOUNTING FOR CAPITALIZED INTEREST

The Governmental Accounting Standards Board (GASB) Statement No. 89 (Statement), Accounting for Interest Cost Incurred before the End of a Construction Period, which is effective for reporting periods beginning after Dec. 15, 2019, brings a welcome relief to state and local governments by eliminating complex capitalized interest calculations. Under this Statement, for financial statements prepared using Read More…

THE UNIFORM GUIDANCE – FIVE YEARS AND COUNTING

It has been over six years since Title 2 U.S. Code of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards, more commonly known as the Uniform Guidance (UG) was released. The date of Dec. 26, 2013, will forever be seen as the day compliance took on a Read More…

IRS ANSWERS MANY QUESTIONS ON NEW 21% EXECUTIVE COMPENSATION TAX

On Dec. 31, 2018, the IRS released Notice 2019-09 (the Notice), providing interim guidance regarding Section 4960 of the Internal Revenue Code (the Code) that was enacted on Dec. 22, 2017, by the Tax Cuts and Jobs Act (the Act). The Notice provides the first guidance on new excise taxes that tax-exempt and governmental entities (and Read More…

UPDATED FEDERAL FORM W-4 WILL BE AVAILABLE

The IRS recently issued a revised Draft Form W-4 (Employee’s Withholding Allowance Certificate). The final version will be released in November 2019. This form is not applicable until January 1, 2020. The form was revised to reflect more accurately, the changes in the tax code due to the enactment of the 2017 Tax Cuts and Jobs Read More…

JUNE CLIENT UPDATE NEWSLETTER

Tax day might seem far away, but waiting until year-end to make your tax moves may prove costly to you.   Contact us to discuss your tax planning strategy.

WHO NEEDS A BUSINESS VALUATION?

Business Valuations Do you know what your business is worth? If you’re like many business owners, the answer to this question is probably “no.” That’s because business valuations can be both time-consuming and costly. Even so, there are many instances when it’s important to determine the value of your company. Selling. Anyone considering selling a business Read More…

SHOULD YOU INCORPORATE YOUR BUSINESS?

If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his or her Read More…

M&A STORIES – HOW TO ‘DEAL’ WITH UNWELCOME SURPRISES

Surprises are rarely good. There are many different emotions that come with the experience of surprise: fear, anxiety, and joy—to name a few.  Deals can also cause the same emotions for a deal maker. Perhaps the booked pipeline was stronger than expected or new management, while unproven in historical results, has the ability to create Read More…

OWE TAXES? MAKE PAYMENT ARRANGEMENTS NOW

If you owe taxes on your 2018 tax return, the due date to make the payment is Monday, April 15. Miss this deadline by just one day and the IRS will charge you interest and penalties! Don’t risk adding unnecessary dollars to your tax bill. Review the payment options below and make a plan now Read More…

DARLENE SHAFFER PRESENTED WHAT’S YOUR BUSINESS WORTH

Darlene Shaffer, CPA/CFF, CVA, Principal at BKC, CPAs, PC presented “What’s Your Business Worth?” last Wednesday at the Unity Bank Center for Business and Entrepreneurship at our Hunterdon Chamber’s office.  Darlene reviewed the three basic approaches and several methods for valuing business.  She discussed when you will need a business valuation, why a valuation for one Read More…

IRS EXPANDS PENALTY WAIVER; THRESHOLD LOWERED TO 80%

IRS expands penalty waiver for those whose tax withholding and estimated tax payments fell short in 2018; key threshold lowered to 80 percent. IR-2019-55, March 22, 2019 WASHINGTON — The Internal Revenue Service today provided additional expanded penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total Read More…

BKC NAMED IN TOP 50 ACCOUNTING FIRMS IN NJ

BKC, CPAs is honored to be ranked on NJBIZ 2019 Top 50 Accounting Firms. 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 news coverage through its NJBIZ.com website and multiple daily e-newsletters. The publication, founded in 1987 and based in Read More…

CHANGING MARITAL STATUS? WHAT YOU NEED TO DO

Have you recently married, divorced, or lost a spouse? A change in marital status should prompt a review of financial matters, but at such a time it is easy to overlook the details. Here are a few reminders and suggestions. Insurance coverage. When your marital status changes, review your insurance policies. Combining separately held health insurance Read More…

GIFTS: WHO PAYS TAX AND WHEN?

Receiving a gift is not a taxable event to the one who receives the gift. If the gift is large enough, it could result in gift tax being due by the donor. In any case, you are not to report any gifts you receive on your income tax return. This is true whether the gift Read More…

TAX SCAM ALERT! DEFEND YOURSELF NOW

Now is the time for tax fraud and theft. As the IRS continues to neutralize these threats, scammers are developing improved tactics to steal your identity and tax refund. Here is a recap of what the IRS is seeing this year: More sophisticated email scams. A recent IRS alert warns taxpayers to be on the lookout Read More…

EIGHT KEY TAX PLANNING OPPORTUNITIES FOR BUSINESSES IN 2019

More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes. Additional guidance and regulations have been issued nearly every month—indeed, change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability. Read on for Read More…

AUDIT PROOF YOUR TAX RETURN

No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099s, W-2s, and 1095s in the mail. The IRS Read More…

TOP 10 PROPERTY TAX MYTHS

Are you missing an opportunity to reduce your property tax liability? Nearly all local taxing jurisdictions, including municipalities, counties, and boards of education, generate tax revenue through the imposition of property tax, which is one of the most substantial sources of local government revenue. For many businesses, property tax is the largest state and local Read More…

DARLENE SHAFFER PRESENTS AT NJ COLLABORATIVE LAW GROUP

Darlene Shaffer, CPA/ABV/CFF/PFS, CVA, Principal at BKC, CPAs, PC presented “The Top Ten Tax Issues Affecting You, Your Practice and Your Clients” to the New Jersey Collaborative Law Group at their February 5th breakfast meeting hosted by the law firm of Norris McLaughlin P.A.  Click here to learn more. Learn about other upcoming events here.

FINAL REGULATIONS OF SECTION 199A

​​Final regulations regarding the determination of the Section 199A deduction have been issued. Summary On January 18, 2019, the Department of the Treasury (Treasury) and Internal Revenue Service (IRS) issued widely-anticipated final regulations concerning the deduction for qualified business income under Section 199A (the QBI Deduction). The final regulations were posted on the IRS website. Read More…

NEW YEAR 2019 TAX PLANNING LETTER

Click to Read the Full Articles from  our New Year 2019 Tax Planning Letter.  Including: What’s New in 2019, Will These New Changes Alter Your 2019 Tax Plan, Top 3 Tax Moves, and Its Time to Create Your Succession Plan .

BKC CARES COLLECTIONS COMPLETED FOR THE SEASON

Thank you to everyone who contributed to our numerous “BKC Cares” charitable donation campaigns over the winter season.   We recently delivered our Code Blue collection of winter coats for the homeless in Salem County, NJ.  Read more about that collection here. Other collections include Holiday Gifts for the Hunterdon County United Way Holiday Hands initiative Read More…

RETIREMENT SAVINGS TAX DEDUCTIONS

With the loss of several itemized deductions under the new Tax Cuts and Jobs Act (TCJA) for many individuals, taxpayers are wondering where they can still find tax deductions.  One great place is with retirement savings.  The TCJA did not change the rules for retirement savings tax deductions.  In fact, many retirement savings deductions continue Read More…

NEW JERSEY ISSUES GUIDANCE ON ENTITIES INCLUDED IN A COMBINED GROUP AND CLARIFIES THE MINIMUM TAX ON COMBINED GROUP MEMBERS

Summary On January 3, the New Jersey Division of Taxation (Division) issued a technical bulletin, TB-86, which defines the entities included in a New Jersey unitary combined group and clarifies when those entities are also subject to the $2,000 corporation business tax (CBT) minimum tax.  However, TB-86 could present other nexus and apportionment questions for Read More…

BKC COLLECTING COLD WEATHER DONATIONS FOR CODE BLUE

BKC is currently seeking donations to support Salem County’s Code Blue Coalition. A Code Blue alert is declared whenever temperatures drop below the freezing point and weather conditions pose a danger to the homeless population. The Code Blue Alert allows authorities such as police, fire and rescue workers to take homeless people to local shelters or other agencies, Read More…

BKC BUSINESS BREAKFAST SERIES

BKC experts will be presenting in a six part business education series through the Hunterdon County Chamber Foundation Unity Bank Center for Business & Entrepreneurship starting January 23, 2019.  The series includes assorted topics such as tax, fraud and business strategy from the top professionals at BKC each with .  Registration is open for individual sessions at $60 or at Read More…

2019 INFLATION ADJUSTED TAX CHANGES

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…

HAPPY HOLIDAYS FROM BKC

The team at BKC wishes you peace, joy and prosperity for 2019. Thank you for your continued support and partnership.  We hope you enjoy a beautiful holiday season, with good health and happiness this new year!

NEW JERSEY TAX AMNESTY

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-WARNER’S WHEELERS RAISES $23K FOR BIKE MS

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…

DEDUCTIBLE BUSINESS MEAL EXPENSES

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…

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 fund research, advocate for change and help people with Read More…

REVENUE RECOGNITION READINESS GUIDE FOR PRIVATELY HELD RETAIL COMPANIES

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…

SUPREME COURT RULES ON INTERNET SALES TAX COLLECTION

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 PRESENTING AT 10/23 NJ COLLABORATIVE LAW GROUP

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…

BKC DONATES TO TOOLS4SCHOOL

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…

NJ SALES TAX ON TRANSIENT ACCOMMODATIONS

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

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…

BKC PARTNERS WITH UNITED WAY TOOLS4SCHOOL CAMPAIGN

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 50 Backpacks & 100 Pencil Cases to fill School Student kits.  Read More…

NEW JERSEY FY 2019 BUDGET – TAX CHANGES

Governor Murphy and the NJ Legislature have agreed to a $37.4 billion budget for FYE 2019, thereby averting a government shutdown.  Tax highlights of the budget bill include: Individual income tax provisions Increase the limit on deductions for property tax from $10,000 to $15,000. Increase the earned income credit from 35% to 40% of the Read More…

SUPREME COURT RULES ON INTERNET SALES TAX COLLECTION

In a 5-4 ruling the Supreme Court issued their decision opening the door for states and localities to collect sales tax on 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 imposing Read More…

NJ EQUAL PAY ACT – RECOMMENDED ACTIONS

On April 24, 2018, New Jersey Governor Phil Murphy, who made “equal pay for equal work” a signature campaign promise, signed into law the Diane B. Allen Equal Pay Act ( the “Equal Pay Act”). The Equal Pay Act greatly expands the New Jersey Law Against Discrimination (NJLAD) by requiring equal pay for all employees Read More…

ED PORTICE, CPA SPEAKS AT ROWAN UNIVERSITY

Edward P. Portice, CPA, Principal at BKC, CPAs, spoke to over 150 guests at the 12th Annual Working Together Conference on Thursday, June 7, 2018, sponsored by the New Jersey Society of Certified Public Accountants and the Rohrer College of Business at Rowan University.   The Working Together program continues to promote the positive ongoing relationship Read More…

NJ HEALTH MARKET PRESERVATION ACT

New Jersey is now the second state in the country requiring individual health insurance for residents. On May 30, 2018, Gov. Phil Murphy signed into law a bill (A3380 – New Jersey Health Insurance Market Preservation Act) that will require all New Jersey residents to have health coverage or pay a penalty, making the state Read More…

STEPHEN WARNER CYCLES FROM COAST TO COAST – 5/23/18 UPDATE

Stephen Warner continues his CrossRoads Cycling Adventure.  See his May 14-18 activity by clicking on the pictures below. May 23rd Stephen announced “In 2016 I was able to bicycle 3,450 miles from Los Angeles to Boston in 47 days.  In 2018, I was attempting to do this again but do to health issues I can Read More…

QUICKBOOKS TRAINING FOR SCHOOL ADMINISTRATORS

School Administrators should join us at our office on June 13, 2018 from 8:30 to 11, when Ed Portice, CPA, Certified QuickBooks Advisor will provide insights and planning opportunities to utilize many of the great features that are available to QuickBooks and typically needed in school administration.  See our flyer here to learn more.  Register today Read More…

GOV. MURPHY SIGNS EXPANSIVE PAID SICK LEAVE LEGISLATION

New Jersey has now become the tenth state to enact a statewide mandatory paid-sick-leave law. The New Jersey Paid Sick Leave Act (A1827) was signed into law on May 2, 2018 by Gov. Phil Murphy and will go into effect on Oct. 29, 2018 . Once effective, it allows workers to accrue one hour of Read More…

STEPHEN WARNER CYCLES FROM COAST TO COAST

Adventure of a lifetime, and a personal goal are just a couple reasons Stephen Warner, a  Principal with Woodstown, NJ office of BKC, CPAs, is going to cycle across the United States. On Mother’s day, May 13th, 2018, starting in Los Angeles California, he will embark on his 3,415 mile journey. He and 22 other Read More…

CHOICE OF BUSINESS ENTITY UNDER NEW TAX ACT

Under the 2017 Tax Cuts and Jobs Act, “regular” corporations (also known as C-corporations) will see a dramatic change in their Federal tax rates.  C-corporations with less than $50,000 of taxable income will see a tax increase from 15% to 21%.  Federal tax rates for C-corporations with taxable income in excess of $50,000 will now Read More…

BKC BRING YOUR CHILD TO WORK DAY 2018

BKC’s “Bring Your Child to Work Day 2018” was a big success!  The kids learned about taxes, banking and reporting, along with a bunch of fun stuff!  Pictured left to right is Mike & Jackson Holk, Jessica & Isla Dispensa, Greg & Connor Price, and Ray & Sophia Kowalik.

SUPPORT JUNIOR ACHIEVEMENT WITH BKC

Join BKC in supporting Junior Achievement of NJ by donating to BKC’s bowling team “I Can’t Believe It’s Not Gutter”, championed by Joe Stout, CPA.   Click here to donate. “Empowering Young People to Own Their Economic Success – Junior Achievement of NJ (JANJ)’s mission is to inspire and prepare young people in grades K-12 to Read More…

ROBERT KENIFIC SPOKE TO ROWAN UNIVERSITY STUDENTS

Robert Kenific, Jr., CPA, CFE and Jaclyn Dill from BKC, CPAs, PC spoke to the Beta Alpha Psi Chapter students of Rowan University  about different career opportunities related to accounting including forensic and fraud, and shared their knowledge and experience.

MICHAEL S. WARNER PASSED

Michael S. Warner, devoted father, community leader, and former President of Warner & Company, CPAs, passed away on Friday, April 13th, 2018. He was 69. After spending his childhood in Alloway, NJ, he graduated from Malvern Preparatory School in 1966 and received his Bachelors and Masters degrees from the University of Dayton. Michael met his Read More…

DONATE YOUR SHOES TO RANCH HOPE

BKC is collecting new and gently used shoes through Rotary Club of Woodstown to benefit Ranch Hope, until April 15, 2018.  View event flyer to learn more.

GOV MURPHY PROPOSED SCHOOL AID INCREASE, OR NO DECREASE

Governor Murphy’s proposed 18/19 budget message was released March 15, 2018.  It calls for an increase in State “formula” aid for school districts by $283.6 million. Under this funding plan, more than 94% of districts will receive additional state aid and no districts would see a decrease in aid.  A summary of the Governor’s funding Read More…

SUPPORT THE TCS NYC MARATHON WITH TEAM FOR KIDS

BKC, CPAs, PC supports the 2018 TCS New York City Marathon with Team for Kids.  Jennifer Kurowicki is participating and needs support for this inspiring mission. Team for Kids is a team of adult runners who raise critical funds for free New York Road Runners (NYRR) youth running programs, events, and resources, supporting 267,000 students Read More…

TAX REFORM AND SECTION 199A DEDUCTION OF QUALIFIED BUSINESS INCOME OF PASS-THROUGH ENTITIES

Summary   On Friday, December 22, President Trump signed sweeping tax reform (the “Act”) into law. The Act provides the most comprehensive update to the tax code since 1986 and includes a number of provisions of particular interest to partnerships and their partners. This alert addresses the Section 199A deduction for qualified business income of pass-through Read More…

TAX CHANGES; DOUBLED RETIREMENT EXCLUSION & $3,000 VETERANS EXEMPTION

1/16/18 There are two major taxpayer-friendly changes for the 2017 New Jersey individual income tax return (Form NJ-1040). The pension and other retirement income exclusion for taxpayers age 62 or older or disabled has been doubled. The exclusion, which is still available only to taxpayers whose NJ gross income is less than $100,000, is now Read More…

REINSTATEMENT OF 2017 EXPIRED FEDERAL TAX DEDUCTIONS

As a result of the government shutdown, at mid-night on February 8, 2018, Congress passed, and the President signed, the Bipartisan Budget Act of 2018, on February 9th.  Congress included several tax extenders as part of the Budget Deal, which had previously expired at the end of 2016.  The Bipartisan Budget Act of 2018 consists Read More…

ED PORTICE, BKC PRINCIPAL, SPEAKING AT HOPE CHAMBER

Hope Chamber Special Program on New Tax Law When: Wednesday Feb 7, 7:00pm (come early) Where: Inn at the Mill, Hope, Tavern Room Ed Portice, CPA, Principal at BKC, CPAs, PC will explain the Ins & Outs of the New Tax Code and how it will affect you and your Business. Terry Urfer Hope Township Read More…

HIGHLIGHTS OF THE 2017 TAX CUT & JOBS ACT

The 2017 Tax Cut and Jobs Act was enacted on December 22, 2017.  This Act was the most comprehensive Federal tax change since 1986, affecting individuals and all types of business entities, both large and small.  With limited exceptions, the Act’s provisions start with the 2018 tax year. Some highlights of the Act include: Lowering Read More…

THE BEST FEDERAL TAX UPDATE COURSE BY SURGENT MCCOY

Fellow professionals: BKC, CPAs would like to invite you to attend “The Best Federal Tax Update Course” by Surgent McCoy. We are again sponsoring this event in January to help prepare all of us for the upcoming tax season.  We think meeting this close to tax season will allow us to have the most up-to-date Read More…

PREPAYING 2018 PROPERTY TAX PAYMENTS

Under current tax law, you can deduct taxes paid to state and local governments, including property, income, and sales taxes. But the new law that takes effect in 2018,  caps the deduction at $10,000, either for property taxes, state and local income taxes, or sales tax. Homeowners whose property taxes are more than $10,000  and Read More…

1/1/18 NJ SALES & USE TAX DECREASE

Reminder: New Jersey Sales and Use Tax rate will decrease from 6.875% to 6.625% effective January 1, 2018.  If your business collects sales tax, or you are required to pay use tax, you will need to update your point of sale and accounting systems to reflect the new rate.  This reduction is the second phase Read More…

THE TAX CUTS & JOBS ACT: THE SENATE PASSES TAX REFORM. WHAT HAPPENS NOW?

In the early morning hours of Saturday, December 2nd, the U.S. Senate passed its version of the Tax Cuts and Jobs Act by a vote of 51-49.   It was passed with no Democratic support and one opposing Republican vote. While the bill still differs from the House bill on several key issues, amendments to the Read More…

THE TAX CUTS & JOBS ACT: CONGRESS PASSES TAX REFORM

Update: 12/22/17 President Trump, on Friday, signed his first major legislative victory, a $1.5 trillion tax overhaul expected to trigger tax cuts for most Americans.  Trump signed the bill before heading to his Mar-a-Lago resort in Palm Beach, Fla., for the winter holidays. The Tax Cuts & Jobs Act: Congress Passes Tax Reform On December 20, 2017, Read More…

BKC TURKEY TROTS

BKC participated in the 23rd annual Turkey Trot in Flemington, NJ this Thanksgiving.  All proceeds benefit the Center for Educational Advancement (CEA).  Learn more at www.cea-nj.org.  

THE TAX CUTS & JOBS ACT: HOUSE BILL vs. SENATE BILL

On Thursday, November 16, the US House of Representatives passed the Republican crafted tax reform bill by a 227 – 205 vote.   That same day, the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected Read More…

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…

THE TAX CUTS & JOBS ACT & WHAT IT MEANS FOR YOU

  On November 2, House Republicans unveiled their much-anticipated tax reform legislation, the Tax Cuts and Jobs Act (HR 1). The legislation seeks to dramatically cut taxes on corporations and consolidate benefits like personal exemptions, the standard deduction, and the child credit for individuals. It would eliminate the alternative minimum tax and estate tax, and Read More…

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.

BKC KICKS FOR KENZIE; FIGHT AGAINST TAY-SACHS

BKC was a participating sponsor October 7th for “Kicking for Kenzie” 2017 Kickball Tournament to raise money and awareness for the fight against Tay-Sachs disease.  All proceeds support the Cure Tay-Sachs Foundation.  The event successfully raised over $11,000.  Learn more or donate at www.curetay-sachs.org.                            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.

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…

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…