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.
Unfortunately in this internet age, it has become easier for fraudsters to communicate fake IRS letters and other fake IRS communication to innocent taxpayers. Our office is receiving an increasing number of calls from clients, inquiring if the phone call they received from “the IRS” are legitimate. The latest scam that taxpayers are receiving is Read More…
Andrew D. Ross, CPA of BKC will be speaking on October 6, 2016 on “Estate & Financial Planning ABLE Accounts” at the Center for Educational Advancement (CEA) in an informative seminar geared towards parents of disabled children. See the event flyer below:
On September 2nd, New Jersey Governor Chris Christie signed an executive order, which would be effective on January 1, 2017, ending the Wage Reciprocity Agreement between New Jersey and Pennsylvania. At this time, the executive order is not law, but it is expected to be enacted as law. If enacted, the executive order means that 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…
Cash strapped states are always looking for methods of changing the tax laws, which will create more sales tax revenue. As a result, states are trying to make more and more transactions subject to their sales tax. Businesses must become more aware of sales and use tax regulations, both within the state that their business Read More…
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. Prior to this new ruling, such employees who made more than $23,660 per year ($455 per week) were not entitled to time-and-a-half Read More…
Workplace wellness programs, if implemented correctly, will promote healthy lifestyles for the employees and thereby reduce certain health costs to the employer. Under the Internal Revenue Code, there are tax advantages for both the employer and the employee for various types of workplace wellness programs. If the program is structured correctly, the benefit will be 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…
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