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…
As of January 1, 2017, the following five NJ urban enterprise zones (UEZ) will expire. This means that if you have a for-profit business client in the following UEZ’s: Bridgeton Camden Newark Plainfield Trenton The business will no longer be able to collect NJ sales tax at a 50% reduced rate and you will no Read More…
Darlene Shaffer, a CPA, a financial planner with BKC, CPAs, PC has recently been awarded the Personal Financial Specialist (PFSSM) credential by the American Institute of Certified Public Accountants (AICPA), joining an elite group of professionals who have demonstrated advanced knowledge of tax, estate, retirement, investment and insurance planning. The PFSSM Credential, established in 1987 Read More…
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…
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…
2016 Year-end Strategies for Businesses & Individuals: Straddling Two Years of Significant Changes. Click to read here.
QuickBooks Basic & Advanced Training Courses have been scheduled for September and December 2016. Learn more about the seminars here and Register Today!
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…
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.
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…
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