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…
No one likes the stress involved when your tax return is under the audit spotlight. Here are some ideas to avoid some of the more common audit triggers. Report everything that has an informational tax return. If you are like most Americans, you will receive numerous 1099s, W-2s, and 1095s in the mail. The IRS 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.
Thank you to everyone who contributed to our numerous “BKC Cares” charitable donation campaigns over the winter season. We recently delivered our Code Blue collection of winter coats for the homeless in Salem County, NJ. Read more about that collection here. Other collections include Holiday Gifts for the Hunterdon County United Way Holiday Hands initiative Read More…
View Event Flyer here Join our team or donate here. Help us support our MS Champion, Michael Warner, and create a world free of MS. We’ve formed a team for Bike MS because we want to experience a great ride and help the National MS Society fund research, advocate for change and help people with Read More…
Effective October 1, 2018, New Jersey sales and use tax will be imposed on “transient accommodations”. Transient accommodations include a room, a group of rooms, or other living /sleeping space for the lodging of occupants, which can include residential buildings. The following situations do not constitute a transient accommodation: • Places of assembly • Health Read More…
Governor Murphy and the NJ Legislature have agreed to a $37.4 billion budget for FYE 2019, thereby averting a government shutdown. Tax highlights of the budget bill include: Individual income tax provisions Increase the limit on deductions for property tax from $10,000 to $15,000. Increase the earned income credit from 35% to 40% of the Read More…
On April 24, 2018, New Jersey Governor Phil Murphy, who made “equal pay for equal work” a signature campaign promise, signed into law the Diane B. Allen Equal Pay Act ( the “Equal Pay Act”). The Equal Pay Act greatly expands the New Jersey Law Against Discrimination (NJLAD) by requiring equal pay for all employees Read More…
New Jersey is now the second state in the country requiring individual health insurance for residents. On May 30, 2018, Gov. Phil Murphy signed into law a bill (A3380 – New Jersey Health Insurance Market Preservation Act) that will require all New Jersey residents to have health coverage or pay a penalty, making the state Read More…
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