Congress expanded the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act with the passage of the Consolidated Appropriations Act on December 27, 2020. The Consolidated Appropriations Act also clarifies the deductibility of certain expenses paid for with funds from a loan under PPP and tax impact on income Read More…
If you’re interested in minimizing your tax obligations and maximizing your savings, consider these helpful tips, and contact us to review your tax strategy. Losses that Offer Tax Savings Capital loss, casualty loss, net operating loss — a loss by any name causes a financial setback. It’s something no one likes to think about, much Read More…
If you owe taxes on your 2018 tax return, the due date to make the payment is Monday, April 15. Miss this deadline by just one day and the IRS will charge you interest and penalties! Don’t risk adding unnecessary dollars to your tax bill. Review the payment options below and make a plan now Read More…
Receiving a gift is not a taxable event to the one who receives the gift. If the gift is large enough, it could result in gift tax being due by the donor. In any case, you are not to report any gifts you receive on your income tax return. This is true whether the gift Read More…
More than a year after sweeping federal and state tax reform were enacted, businesses of all sizes are still wrapping their arms around the changes. Additional guidance and regulations have been issued nearly every month—indeed, change is the new normal. Strategic tax planning now is key to lowering businesses’ total tax liability. Read on for Read More…
Darlene Shaffer, CPA/ABV/CFF/PFS, CVA, Principal at BKC, CPAs, PC presented “The Top Ten Tax Issues Affecting You, Your Practice and Your Clients” to the New Jersey Collaborative Law Group at their February 5th breakfast meeting hosted by the law firm of Norris McLaughlin P.A. Click here to learn more. Learn about other upcoming events here.
Click to Read the Full Articles from our New Year 2019 Tax Planning Letter. Including: What’s New in 2019, Will These New Changes Alter Your 2019 Tax Plan, Top 3 Tax Moves, and Its Time to Create Your Succession Plan .
With the loss of several itemized deductions under the new Tax Cuts and Jobs Act (TCJA) for many individuals, taxpayers are wondering where they can still find tax deductions. One great place is with retirement savings. The TCJA did not change the rules for retirement savings tax deductions. In fact, many retirement savings deductions continue Read More…
BKC’s BikeMS Team, “Warner’s Wheelers”, had another very successful year with 18 cyclists, raising over $23,000 for the National MS Society in the name of their MS Champion, the late Michael Warner. There was a great turnout September 30th at the finish line with family, friends and BKC employees cheering on the riders as they Read More…
On May 28, 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) issued converged guidance on recognizing revenue in contracts with customers. The new guidance—FASB ASC 606 or IFRS 15, the IASB’s comparable standard—replaces substantially all existing U.S. Generally Accepted Accounting Principles (GAAP) on this topic. While the compliance deadline Read More…
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