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VALUATION DISCOUNTS WILL NO LONGER BE AVAILABLE SOON

Currently, valuations of interests in family controlled entities for federal gift, estate and generation-skipping transfers can be reduced by discounts saving significant tax dollars, but this will change soon.  It may be too late after December 1, 2016 to take advantage of the more favorable rules currently in effect. Aggressive discounts were historically taken, thus Read More…

FOREIGN BANK & FINANCIAL REPORTS DUE 6/30/16

All U.S. individuals and businesses must report their worldwide income on their U.S. income tax returns.  One way that the IRS tries to “capture” unreported foreign income is the requirement for certain taxpayers to file Form FinCEN (Financial Crimes Enforcement Network, Dept. of the Treasury) Form 114.  This form, which replaces the old Form TD Read More…

ACTION REQUIRED FOR QUICKBOOKS DESKTOP USERS

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…

BKC CPA’S EXPANDS GOVERNMENTAL SERVICES PRACTICE

BKC will be expanding with the addition of the firm of William Colantano, CPA. BKC is a full service certified public accounting firm, currently the largest in Hunterdon County, NJ, founded in 1992. BKC helps privately-held companies and their owners reach their goals through pairing its strong financial knowledge with a deep understanding of its Read More…

BKC TROTS FOR A CAUSE THANKSGIVING DAY

BKC is participating in the 23rd Annual CEA Turkey Trot.  As millions prepare to gather around the table in celebration of Thanksgiving, we will be particpating in a run/walk to raise money and awareness for the Center for Educational Advancement, a nonprofit (501c3) community based organization with the mission to Educate, Empower and Employ individuals with special Read More…

ASSESSING FINANCIAL STABILITY

As part of sound financial management practices, management has a responsibility to evaluate its nonprofit organization’s ability to continue as a going concern (i.e., the organization’s ability to continue operating both financially and programmatically for a reasonable period of time). This review by management should occur every time the financial statements are prepared and made Read More…