On December 20, 2019, President Trump signed into law, two appropriations bills that extended government funding while also dealing with several of the tax extender provisions and repealing some Obamacare taxes. The most broadly applicable tax law changes in the bills are in connection to the tax extenders provisions. The bills reinstate many of the 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…
Surprises are rarely good. There are many different emotions that come with the experience of surprise: fear, anxiety, and joy—to name a few. Deals can also cause the same emotions for a deal maker. Perhaps the booked pipeline was stronger than expected or new management, while unproven in historical results, has the ability to create 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…
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…
The Pennsylvania Department of Revenue will run a 60 day tax amnesty period from April 21, 2017 to June 19, 2017 for taxes due on or before December 31, 2015. The tax amnesty will cover all taxes administered by the Dept. of Revenue, such as individual income taxes, corporate income/franchise taxes, sales taxes, inheritance taxes, Read More…
On September 2nd, New Jersey Governor Chris Christie signed an executive order, which would be effective on January 1, 2017, ending the Wage Reciprocity Agreement between New Jersey and Pennsylvania. At this time, the executive order is not law, but it is expected to be enacted as law. If enacted, the executive order means that Read More…
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