The Families First Coronavirus Response Act (H.R. 6201), became law on March 18, 2020. The Act guarantees free testing for the novel coronavirus (COVID-19), establishes emergency paid sick leave, expands family and medical leave, enhances unemployment insurance, expands food security initiatives, and increases federal Medicaid funding. The Act includes up to 80 hours of emergency Read More…
Congress Announced: Secretary Mnuchin Defers Tax Payments, Delivers Relief for Taxpayers & Small Businesses Because many families, businesses, and tax preparers may be unable to meet their tax obligations despite their best efforts, President Trump is allowing “the Treasury Department to defer tax payments, without interest or penalties, for certain individuals and businesses negatively impacted.”The Read More…
Newly passed tax law could benefit many. Deep inside legislation passed in late 2019, is a provision that broadens the acceptable use of 529 college savings plan funds. Background 529 savings plans are available to set aside after-tax funds to pay for college and K through 12 education expenses. As long as the funds are Read More…
Medicare premiums, deductibles, and coinsurance amounts change annually. Here’s a look at some of the costs that will apply in 2020 if you’re enrolled in Original Medicare Part A and Part B. Medicare Part B premiums According to the Centers for Medicare & Medicaid Services (CMS), most people with Medicare who receive Social Security benefits Read More…
Personal use of a company vehicle generally results in taxable wages for the employee. But sorting out the amount to tax can be confusing. The following provides a high-level summary of the Internal Revenue Services’ (IRS) current rules for taxing employees for their personal use of a company vehicle.[1] The Tax Cuts and Jobs Act Read More…
Multiple tax rates hold the key In times of market volatility or when a financial need arises, it is only natural to consider selling some investments. Understanding the tax consequences is key to making an informed and planned decision. Here is what you need to know BEFORE you sell: Investment Tax Rates Investment Tax Classification Read More…
Given the historically low interest rate environment in which we find ourselves, most business owners in capital intensive industries will be impelled to explore their options when it comes to obtaining new equipment. Whether it’s best to use lease financing or purchase equipment outright depends on multiple factors including (but not limited to) the type Read More…
Controlling overhead costs is critical for all construction managers. Increased competition and slim profit margins have forced contractors to take a hard look at overhead cost management. Budgeting and variance analysis Technological changes have made budgeting systems, planning, and control techniques available to all contractors. Budgeting allows contractors to evaluate current operations, assess future costs, Read More…
BKC, CPA’s supports the United Way of Hunterdon and the Tools 4 School program. With your help, the program will provide more than 1,300 Hunterdon County children in need with the supplies they need to go back to school and learn. BKC is donating 50 Backpacks & 50 Binders to fill School Student kits. School Read More…
Should you prioritize your own future over your child’s education? This is an emotionally charged question that leads many parents to fund college at the expense of their own retirement. However, with proper planning, you may be able to fund your retirement and still offer financial support for college. Your retirement savings come first It Read More…
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