On April 26th, the White House announced the President’s Federal tax proposals, which include large reductions in corporate tax rates, flattening of the individual income tax brackets, and repeal of the estate and alternative minimum taxes. Here are some highlights: Individuals The current seven graduated tax brackets (ranging from 10% to 39.6%) would be replaced Read More…
In October 2016, a new law was enacted to fund the New Jersey Transportation Trust Fund and to cut other New Jersey taxes. Here is a summary of the new tax bill. · On November 1, 2016, the gas tax increased by 23 cents per gallon, to a new rate of $0.375 per gallon. The Read More…
2016 Year-end Strategies for Businesses & Individuals: Straddling Two Years of Significant Changes. Click to read here.
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…
Workplace wellness programs, if implemented correctly, will promote healthy lifestyles for the employees and thereby reduce certain health costs to the employer. Under the Internal Revenue Code, there are tax advantages for both the employer and the employee for various types of workplace wellness programs. If the program is structured correctly, the benefit will be Read More…
When preparing your 2015 individual and New Jersey income tax return or planning to file a future year’s individual income tax return, there are key ages for either you or your dependent children that will affect your family. Age 13- when a child turns age 13, they are no longer eligible for the child and Read More…
On December 18, 2015, a new tax law was enacted to retroactively reinstate a number of tax provisions for 2015 and beyond that would have otherwise expired after 2014. Some of these provisions were made permanent, while others were extended for a few years. The enactment of this legislation should help businesses plan with greater Read More…
For many business and individual taxpayers, it is a good idea to prepare a year-end tax projection to determine the estimated amount of their Federal and State tax for the current year. The goal is to minimize your tax liability, but if you know that you will owe tax, you want to find out how Read More…
Each year the IRS will select for examination, a small percentage of all tax returns filed. The audit notification will occur more than one year after your tax return has been filed. This is obviously a stressful situation for you. Here are some suggestions to minimize that stress. Please note that these suggestions also apply Read More…
In this face paced electronic world, it can be easy for unscrupulous people to use stolen Social Security numbers, to file tax returns claiming a fraudulent tax refund. If you tried to electronically file your tax return and found out that someone had already electronically filed a tax return, with your social security number, you Read More…
39 State Route 12, Suite 2, Flemington, NJ 08822 (908) 782-7900 Fax: (908) 782-4328
34 East Avenue, Woodstown, NJ 08098 (856) 769-0707 Fax: (856) 769-4657 info@bkc-cpa.com
© BKC, CPAs, PC. All rights reserved. 2024
