Here at BKC, we celebrated Valentine’s Day with a Make Your Own Bouquet Flower Bar, along with Employee Appreciation Hearts! Each heart had an employee’s name, and staff wrote their favorite qualities, complimenting each other. Assembled together this reminded us all, what an incredible team we have here at BKC! Wishing you and yours a Read More…
And how you can prepare to capture the opportunities it presents. The CHIPS for America Act is poised to provide significant opportunities for semiconductor organizations. Additional guidance from the Departments of Commerce and Defense is needed around the application process for the program, but there are steps semiconductor organizations can take now to prepare. Below Read More…
Pennsylvania Personal Income Tax has made updates to their provisions regarding IRC Sec 179 expense deduction and IRC Sec 1031 Like-Kind Exchanges. These changes will be applicable for property placed in service and like-kind exchange transactions occurring after December 31, 2022. What is the change to the Sec 179 expense deduction? Currently Pennsylvania limits the Read More…
The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…
Employee benefit plan sponsors need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), Read More…
Each year, the IRS adjusts for inflation key tax limits and tax brackets, based on the cost of living adjustments (COLA). Here are some important tax adjustments announced for the filing of 2021 tax returns, that become effective on January 1, 2021: Income Tax Changes Tax brackets for all filing statuses. The highest 37% individual Read More…
The federal R&D tax credit benefits large and small companies in nearly every industry. Common questions and answers related to the R&D tax credit and those specific to small businesses are outlined below. What is the R&D tax credit? Created in 1981 to stimulate research and development (R&D) in the United States, the R&D tax credit is Read More…
Owners of many small business that are close to the border of other states, as is common in our home state of New Jersey, may not have to worry about paying taxes to other states. If all your work is being done in your home state, and business is just being conducted in your home Read More…
By Carla DeMartini, CPA Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit Read More…
On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, and Not-for-Profit Organizations, with relaxed regulations, as part of the CARES Act. On July 17th, the Federal Reserve Board has approved two new loan options, which Read More…
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