Articles

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 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…

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…

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…

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