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 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…
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…
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…
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.
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…
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…
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…
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…
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…
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