We are proud to announce that BKC, CPAs, PC has been named one of the 2023 Best Places to Work in New Jersey by NJBIZ. View the full article here. NJBIZ Best Places to Work in NJ is an awards program dedicated to identifying and recognizing the state’s best employers and providing organizations with valuable Read More…
Last week, in appreciation of National “Pi” Day, our number loving accountants relieved some tax season tension at BKC’s Pi-a-Partner Day! The firm’s partners were such good sports, providing lots of laughs, a fun happy hour, and of course, some delicious pie! Money raised through BKC’s Pi-a-Partner Day was donated to the National Multiple Sclerosis Read More…
The New Jersey Division of Taxation (Division) on June 3, 2021 unveiled a new combined reporting initiative, designed to help companies voluntarily comply with their historic separate-company return filing requirements for periods prior to 2019. The initiative will run from June 15, 2021 to October 15, 2021. Background on New Jersey Filing Requirements New Jersey Read More…
The choice of entity is among the most important decisions facing business owners when starting a business or investment activity. The choice of tax entity generally includes a C-Corporation, S-Corporation or Partnership, each having its own advantages and disadvantages that must be evaluated in terms of how the entity’s tax and legal characteristics align with Read More…
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…
New mileage rates announced by the IRS Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to 17 cents per mile. Charitable mileage rates remain unchanged at 14 cents per 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…
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…
The IRS recently issued a revised Draft Form W-4 (Employee’s Withholding Allowance Certificate). The final version will be released in November 2019. This form is not applicable until January 1, 2020. The form was revised to reflect more accurately, the changes in the tax code due to the enactment of the 2017 Tax Cuts and Jobs Read More…
If you’re a sole proprietor, you have probably wondered at some point whether you’d be better off if you incorporated your business. Here are some facts for you to consider. The single biggest benefit of incorporating a business is limiting an owner’s liability. In theory, a stockholder in a corporation risks only his or her Read More…
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