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…
This article has been superseded by this update: BUILD BACK BETTER ACT PASSES THE HOUSE OF REPRESENTATIVES Original 9/3/21 Article: The Biden Administration’s 3-part economic recovery plan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…
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…
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…
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…
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…
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…
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…
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…
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…
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