Governmental Entities

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…

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…

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 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…

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…