Construction

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…

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.

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: 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…

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…

About BKC

Shareholder Profiles Firm News

Resources

STAY CONNECTED Sign up to receive our newsletter