On July 3, 2023, New Jersey Gov. Phil Murphy signed budget bill A.B. 5323, altering several aspects of the state’s corporation business tax (CBT) regime. Among many other changes, the bill imposes an economic nexus threshold for CBT purposes, switches the state’s combined reporting sales factor sourcing method from “Joyce” to “Finnigan,” treats global intangible Read More…
Subrecipient risk assessments and monitoring are critical aspects of federal grants management. These practices ensure that funds are used in accordance with federal regulations, that grant objectives are met and that the risk of fraud, waste and abuse is minimized. The federal government has set forth guidelines in the Uniform Administrative Requirements, Cost Principles, and Read More…
On July 21, 2023, New Jersey enacted a “Convenience of Employer” rule that is retroactively effective as of January 1, 2023. The new law will apply to nonresidents who have compensation from a “New Jersey employer” unless such services are required by the employer to be performed outside of New Jersey. The new Convenience of Read More…
BKC, CPAs, PC has been ranked one of the Top 500 Public Accounting Firms in the Nation! INSIDE Public Accounting (IPA) is a leader in practice management resources for the public accounting profession. IPA has assisted firms across North America to grow and thrive since 1987. The one-of-a-kind IPA 500, recognizes the top U.S. based Read More…
We are proud to announce that BKC, CPAs, PC has been named one of the 2023 Best Places to Work in New Jersey by NJBIZ. View the full article here. NJBIZ Best Places to Work in NJ is an awards program dedicated to identifying and recognizing the state’s best employers and providing organizations with valuable Read More…
Have you applied for your Employee Retention Tax Credit (ERTC) for 2020 and 2021? THERE IS STILL TIME. If you qualify for the ERTC you may be eligible to receive up to $26,000 per employee. An eligible employer is an employer that actively carries on a trade or business during calendar year 2020 or 2021, Read More…
We wish you a sparkling fourth of July celebration of our nation’s freedom. We honor the men & women dedicated to preserving it. We hope your long weekend is filled with pride, honor & lots of fun! BKC’s offices will be closed July 3rd & 4th.
Starting July 1, 2023, the City of Philadelphia is reducing its business income and receipts, wage and earnings and net profits, and school income, tax rates. Business Income and Receipts Tax (BIRT) For tax year 2023, the net income portion of the BIRT will drop to 5.81% from its current 5.99% rate. The BIRT applies to gross Read More…
In 2022, Congress passed the Inflation Reduction Act (IRA), a broad piece of legislation featuring provisions to advance clean energy production and domestic manufacturing capacity. Changes to tax credits and incentives under this new law offer manufacturers significant opportunities to fund new renewable energy projects and investment in domestic manufacturing of equipment such as electric Read More…
There is a great opportunity for businesses who started, or purchased a business, after February 15, 2020. These recovery startup businesses can qualify for an Employee Retention Tax Credit (ERTC) without demonstrating a loss of revenue or shutdown. Clients should contact our office right away to discuss this limited opportunity. Learn more about our Tax Read More…
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