Lkasprzak, Here Are Your Articles for Wednesday, June 01, 2022
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Saved Articles

  • Why Is Padding Your Tax Deductions a Risky Proposition?

    Everyone does it, right? Padding your tax deductions may not seem like you're playing a game of Russian roulette, but the risk can be substantial. Click through to learn more about padding deductions and better solutions for your business.

    Saved on 10-30-2020 - Remove
  • KRS CPAs Wins NJBIA Outstanding Employer Award

    KRS CPAs Wins NJBIA Outstanding Employer Award

    The New Jersey Business & Industry Association held its Awards for Excellence reception last month, which honors companies whose energy and vision have made a significant contribution toward improving the economy, the environment, their employees, and their communities.

    Saved on 11-15-2021 - Remove
  • What is D&O Insurance -- and Who Needs It?

    Directors and officers (D&O) liability insurance helps cover costs arising from legal actions brought against an organization's officers or board of directors. Click through to see if it's something you need.

    Saved on 07-02-2020 - Remove
  • Qualified Retirement Plans: Know the Rules

    Periodically, the Internal Revenue Service (IRS) issues a notice describing changes in its qualification requirements for retirement plans, including deadlines. Are you up to date? 

    Saved on 05-20-2021 - Remove
  • New IRS Guidance on State and Local Taxes

    The IRS is taking a look at the deductibility of state and local tax payments for federal income tax purposes in the wake of tax reform. 

    Saved on 05-20-2021 - Remove
  • How You Can Keep Your Finances in Order Year-Round

    Most of us don't get our finances in order until a life event is imminent — an upcoming wedding, the birth of a baby, a divorce, a financial audit or a natural disaster.

    Saved on 05-20-2021 - Remove
  • New York Mandates Anti-Sexual Harassment Policy & Training

    New York legislators have passed a number of inittiatives in the wake of the #MeToo movement and widespread allegations of sexual harassment in the workplace.

    Saved on 05-20-2021 - Remove
  • Is a Franchise the Right Move for You?

    At one time or another, almost everyone daydreams about owning their own business. With a franchise, you can be your own boss, with the backing of an established company.

    Saved on 05-20-2021 - Remove
  • Is This Your Situation: Confused About Cost Segregation with a New Building

    Cost segregation is used to classify assets for federal tax purposes, and if used correctly, it can save your money. But the devil's in the details. 

    Saved on 05-20-2021 - Remove
  • Don't Try This at Home: Frivolous Tax Arguments

    We'll be thinking about taxes again before you know it! Laws change, but one thing that doesn't vary is the IRS's view of bizarre excuses.

    Saved on 04-16-2022 - Remove
  • KRS Insights Breakfast: Social Security and Retirement

    Did you know that taking the right Social Security benefits at the right time can make a huge difference to your living standard in retirement? Learn how at the Insights Breakfast on May 10th. 

    Saved on 04-21-2021 - Remove
  • Simon Filip to Join ROI’s NJ Real Estate Outlook Panel

    ROI-NJ has invited KRS Partner Simon Filip to join their panel of industry experts for this month’s Thought Leadership Series on April 25th.

    Saved on 04-21-2021 - Remove
  • Is This Your Situation: Trying to Estimate Business Taxes

    Many businesses need to pay estimates taxes, and sometimes it's wise to do so even if it's not required. Should you be doing it? Click through to learn more about this often-misunderstood aspect of business taxes.

    Saved on 04-21-2021 - Remove
  • Wills vs. Trusts: Which One Is Best?

    Drawing up a will or trust allows you to designate where you want your assets to go when you pass away. Can trusts save estate taxes? 

    Saved on 04-21-2021 - Remove
  • Toward a Better Credit Score

    Good credit is helpful, even essential, for a successful financial life. The best advice for improving credit is to manage it responsibly over time.

    Saved on 04-21-2021 - Remove
  • Don't Roll the Dice on Taxes and Gambling Income

    Gambling winnings are fully taxable and must be reported on your federal income tax return. Click through to see that it doesn’t matter what games you play -- you’re required to report all your gambling winnings and pay taxes.

    Saved on 03-17-2020 - Remove
  • What Makes a Successful Bonus Program?

    Bonuses are one of the best ways to motivate employees. But to actually work, a bonus program must be thoughtfully designed.

    Saved on 01-14-2022 - Remove
  • Bowl for Kids’ Sake

    KRS CPAs will be participating in Bowl for Kids’ Sake hosted by Big Brothers Big Sisters of Northern NJ. This is their annual event and this year they are adding a unique twist.

     

    Saved on 03-18-2020 - Remove
  • New Jersey Transit Benefit Mandate Takes Effect Next Month

    Last year, Gov. Phil Murphy signed S.1567 into law and New Jersey became the first state to mandate a commuter benefit.

    Saved on 07-09-2020 - Remove
  • Welcome to KRS CPAs!

    KRS CPAs welcomes 3 interns for the 2020 season!

    Saved on 07-06-2020 - Remove
  • What Every Employer Must Know About State Unemployment Tax

    The vast majority of employers in the United States must pay state unemployment tax, the collection of which is authorized by the State Unemployment Tax Act (SUTA). 

    Saved on 03-09-2021 - Remove
  • Supreme Court Ruling on Online Sales Tax Sows More Confusion

    The Supreme Court has ruled that a company does not need to have a physical presence in a state to be subject to its sales tax.

    Saved on 11-16-2021 - Remove
  • What to Take Out of Employees' Paychecks

    Employers are ultimately responsible for withholding taxes from their employees’ wages. Therefore, it's important to understand which payroll taxes your employees should pay.

    Saved on 01-15-2022 - Remove
  • Check Your Withholding Now!

    With so many recent changes, two-income families and people who work multiple jobs should check their withholding amount. 

    Saved on 01-15-2022 - Remove
  • Are Annuities Right for You?

    Annuities are well-known financial products designed to fund a retirement. How do they work? And are they right for you? 

    Saved on 01-15-2022 - Remove
  • KRS Collects School Supplies for Children in Need

    Each year, thousands of New Jersey children attend school without basic educational tools such as backpacks, notebooks, and calculators. 

    Saved on 01-15-2022 - Remove
  • What's Up with Socially Responsible Investing?

    Do you care if the money you invest is actually doing some good in the world? If so, socially responsible investing may be for you.

    Saved on 07-06-2020 - Remove
  • NJ's Junior Achievement Finance Park

    Junior Achievement of NJ’s Finance Park is a free program with a two-pronged approach to financial literacy education for middle and high school students that begins with several weeks of classroom lessons, centered on money management, wise consumerism and career exploration.

    Saved on 03-20-2020 - Remove
  • IRS Clarifies Deductible Expenses

    The Internal Revenue Service has updated the rules to reflect changes resulting from the Tax Cuts and Jobs Act.

    Saved on 01-15-2022 - Remove
  • Pass-Through Entities and the 20 Percent Tax Break

    Much talk has been made of the new 20 percent tax deduction for pass-through entities but, as with most tax laws, it can get very complicated very quickly. Click through to learn more, and find out if you're entitled to the break!

    Saved on 12-24-2021 - Remove
  • Is This Your Situation: Your Company Is Not Well Served By Your Accounting Firm

    You feel like your accounting firm is not really focused on the kind of company you own. 

    Saved on 03-27-2021 - Remove
  • What Is the EITC — and Does It Affect You?

    The earned income tax credit subsidizes low-income working families. It can be complicated, and many don't know how it works or whether recent tax reform changed it. 

    Saved on 04-16-2022 - Remove
  • Is This Your Situation: Continually Worrying About Accounting

    So much goes into running a small business. What about those administrative duties that aren’t in your wheelhouse? 

    Saved on 08-22-2020 - Remove
  • KRS CPAs Wins Inc. Magazine’s 2018 Best Workplaces Award

    Inc. Magazine recognizes KRS CPAs as one of the Best Workplaces in 2018. 

    Saved on 08-22-2020 - Remove
  • How Much of a Raise Should You Give?

    If you have good employees, how do you compensate them for their work?

    Saved on 08-22-2020 - Remove
  • Inherited IRAs: Not Safe From Creditors

    IRAs have many advantages, including legal protection from creditors when the owner files for bankruptcy. But there's a chink in the armor.

    Saved on 08-22-2020 - Remove
  • How to Pick Insurance Deductibles

    High premiums for low deductibles? It can be a hard decision, and sometimes it might feel like a gamble. You need to understand the full picture. 

    Saved on 08-22-2020 - Remove
  • Big Changes in Social Security and Retirement Plans for 2018

    Every year, the IRS and Social Security Administration tweak essential numbers for Social Security and retirement plans — and this year is no different. Click through for the need-to-know numbers for 2018.

    Saved on 04-16-2022 - Remove
  • Portability: Sharing the Estate Tax Exemption

    Portability is a generous estate and gift tax break for married couples. Click through to learn how portability can allow spouses to pass substantial assets to heirs free of estate tax.

    Saved on 03-21-2020 - Remove
  • What Employers Need to Know About FICA Taxes

    Whether you have one employee or 1,000, you have to take responsibility for withholding and remitting Social Security taxes.

    Saved on 04-16-2022 - Remove
  • Taxable and Nontaxable Employee Benefits

    Offering the right employee benefits can help employers attract and retain employees. Before deciding to offer a benefit to the workforce, however, it is important to understand the difference between taxable and nontaxable benefits. Click through for an overview of how benefits are taxed.

    Saved on 04-16-2022 - Remove
  • Planning Ahead for Tax Credits and Deductions

    Have you ever started to fill out a tax return only to realize that you don't have the paperwork you need to claim all the credits and deductions you are entitled to? Click through for a guide to the files you should be saving to make sure you get the maximum deduction.

    Saved on 04-17-2022 - Remove
  • Tips on Managing the Ubiquitous Form 1099

    In today's economy, it may seem that there's a thin line between your employees and your contractors, but there's a world of difference to the IRS. One important distinction is the tax form used. Click through for the Form 1099 basics.

    Saved on 04-17-2022 - Remove
  • Getting to Know the Sharing Economy

    What's the sharing economy? It involves using online platforms to rent a spare bedroom, provide car rides or offer any number of other goods or services. Click through to learn more about what's often called the sharing economy.

    Saved on 03-01-2022 - Remove
  • Handling a 'Wrong Information' Form From the IRS

    Have you ever received a CP2000 notice? It's an alert from the IRS that data received from banks, employers or other third parties doesn't match your tax return.

    Saved on 04-17-2022 - Remove
  • Bitcoin: What's Happening?

    Bitcoin, the digital currency, has been in the news a lot recently. What's it all about and how does it work? Is it something you should invest in?

    Saved on 10-05-2021 - Remove
  • What Nonprofits Need To Know About Form 990

    Each year, most nonprofits must file IRS Form 990 — a dozen pages requiring a detailed accounting of financial operations. Click through for an introduction to the complexities of this form to make sure you stay in compliance.

    Saved on 03-02-2022 - Remove
  • Moving and Mileage: Roundup of TCJA Changes

    The new year brings a suspension of moving expenses, but higher depreciation limits for cars, trucks and vans. 

    Saved on 12-26-2021 - Remove
  • Effects of Reciprocal Agreements on Your Business

    Do you have employees who live in one state but work in another? If so, they probably are covered by a state reciprocal agreement, which eliminates dual taxation. 

    Saved on 12-26-2021 - Remove
  • Baby on the Way: Knowing All About Maternity and Paternity Leave

    There's a good chance you'll eventually have to deal with some kind of parental leave in your office, whether it involves an employee or employee spouse pregnancy, or an adoption. 

    Saved on 12-26-2021 - Remove
  • Do You Have a Hobby or a Business?

    Have a hobby that's also a source of income? The line between business and hobby can be a thin one, and the rules are complex.

    Saved on 01-15-2022 - Remove
  • KRS Breakfast Insights Series Resumes on 12/7

    KRS Breakfast Insights Series Resumes on 12/7

    Are you ready for major changes in tax policy? What will the changes mean to you individually or your business?

    Saved on 11-17-2021 - Remove
  • What To Do When You Get an Audit Notification

    You’ve opened the mail and your heart sinks. Your business just received an audit notification from the IRS. Click through to learn how to keep your cool and prepare for what happens next.

    Saved on 01-16-2022 - Remove
  • Yes, Home Equity Loans May Still Be Deductible

    Interest on home equity loans and similar products still can be deducted under the new tax law, says the IRS, even though early readings of the law suggested otherwise. Click through to see how you may still be able to claim a deduction.

    Saved on 01-16-2022 - Remove
  • Is This Your Situation: You're Facing Multistate Sales Tax Issues

    When do you have to charge sales tax for a cross-border transaction — and when is it unnecessary? It's all a question of "nexus."

    Saved on 01-16-2022 - Remove
  • How Long Since You've Reviewed Your Estate Plan?

    An estate plan is not a one-time event. It's a living series of documents you must continue to address throughout your life.

    Saved on 01-16-2022 - Remove
  • What a Will Should NOT Do

    We are often urged, with good reason, to make a will to help put our lives in order. It’s a responsible and worthwhile thing to do — but not the only thing.

    Saved on 01-16-2022 - Remove
  • Business Deductions: A Quick Review

    Business expenses are the cost of carrying on a trade or business. Sometimes, the IRS gives you a tax break for your expenses.

    Saved on 01-16-2022 - Remove
  • KRS Partner Jerry Shanker to Co-Present Business Succession Planning Workshop

    Properly coordinating your business and estate planning is a must, but where do you get started? 

    Saved on 04-18-2022 - Remove
  • What To Do When You Can't Pay Your Taxes

    Do you owe more to the IRS than you can pay right now? You may be able to take advantage of an installment plan. Click through to discover several online payment plans that the IRS has put forth and see whether you qualify.

    Saved on 04-18-2022 - Remove
  • Know the Ins and Outs of Joint Tenancy

    It can be a great way to own property, helping owners avoid probate and spreading both risk and reward. But there are some pitfalls and it isn't for everyone. Click through for the key points of joint tenancy.

    Saved on 04-19-2022 - Remove
  • Will Tax Reform Put More Money in Your Pocket? Find out on Dec 7

    Is there a tax break in your future? While the crystal ball is still murky as Capitol Hill continues to negotiate the tax reform bill, there are things you should know and actions you can take to ready yourself and your businesses.

    Your first step is to join us on December 7 for the KRS Business Insights Breakfast, as we highlight the anticipated changes to federal and New Jersey tax policy.

    Saved on 01-17-2022 - Remove
  • Is This Your Situation: Do You Know Whether Your Business Is Ready to Borrow?

    Depending on the state of your small business, you may need to borrow money. But how do you know whether you’re ready to take this step? 

    Saved on 01-16-2022 - Remove
  • How the New Tax Law Affects Housing

    Of the many changes in the new tax law, few are more controversial, or wide-ranging, than the provisions that modify the deductions available to homeowners. Click through for a sense of how these may affect you.

    Saved on 07-16-2021 - Remove
  • Don't Lose Your Refund by Not Filing

    Up to one million people a year may lose out on a tax refund simply because they did not file a federal income tax return.

    Saved on 01-17-2022 - Remove
  • 2021 Tax Tips: A Look at the Future

    A lot may happen in the coming months to change the tax situation — or everything may remain the same. Click through for a summary of proposed tax changes targeting businesses and high net worth individuals to see how the scenario may play out.

    Saved on 01-17-2022 - Remove
  • The Advantages of Diversity Training

    You're thinking of implementing diversity training to advocate workplace diversity. Click through to see how such programs lead to higher employee retention rates, improved morale, reduced lawsuits and improved recruiting.

    Saved on 03-11-2021 - Remove
  • Beyond Money: The Softer Side of M&A

    When two companies join together, whether it's a merger between equals or the purchase of a smaller entity, it's not just about the money.

    Saved on 04-21-2022 - Remove
  • How to Dress Post Pandemic

    Workplace style during the pandemic took a dramatic shift to casual attire. Was this a one-time change or was it permanent?

    Saved on 04-21-2022 - Remove
  • Business Tax and Bad Debt

    Do you have a client or customer who won't pay? Even when all attempts to collect a bad debt have failed, the IRS may give you a break at filing time. Click through to see how to take that bad debt off your taxes.

    Saved on 07-18-2021 - Remove
  • Stopping Identity Theft: The IRS Way

    Tax season is never fun, but when it's compounded with identity theft, it's even worse. Click through to learn how to guard yourself now, so your filing goes smoothly.

    Saved on 12-30-2021 - Remove
  • How to Hold Real Estate in Your IRA

    Traditionally, IRAs contain funds or individual securities, but it's possible to put other kinds of investments into these accounts, including real estate. Click through for some insights into the rewards and dangers of this strategy.

    Saved on 12-30-2021 - Remove
  • What's the Story on Tariffs?

    Tariffs have been in the news recently. What exactly are they? Tariffs are import taxes the government imposes, like a sales tax, on goods. 

    Saved on 12-30-2021 - Remove
  • 529 Plans: Know the Full Story

    529 savings plans can do more than just help you pay for college, and now is a good time to consider just how flexible they can be.

    Saved on 01-03-2022 - Remove
  • What Are Filial Responsibility Laws?

    Filial responsibility laws are legal rules that hold adult children financially responsible for their parents' medical care when parents are unable to pay.

    Saved on 01-03-2022 - Remove
  • Seasonal Employment: Laws and Best Practices

    Do you rely on seasonal employees to fill staffing shortages during holidays or busy periods?

    Saved on 01-01-2022 - Remove
  • What Is the Path to Profitability?

    Are you concerned about your profitability? Sometimes you have to look in new directions to improve your business.

    Saved on 04-26-2022 - Remove
  • Know the Secrets Behind 'Miscellaneous Deductions'

    Tax breaks that don't fit into a particular category; what would you call them? Yup, that's what the IRS did -- miscellaneous deductions. Click through and see the one-hit wonders -- maybe you'll see a deduction you haven't considered yet.

    Saved on 11-21-2021 - Remove
  • Using Myers-Briggs to Help with Hiring

    Every company is looking for an edge in finding and hiring the best people. One key tool is the Myers-Briggs test. Click through to learn what this test can, and cannot, do, and how you should implement it.

    Saved on 11-21-2021 - Remove
  • KRS Contributes to a Worthy Cause on #GivingTuesday

    #GivingTuesday, which falls on the Tuesday after Thanksgiving in the U.S., may be a relatively new event on the holiday calendar, but it is one that is embraced by KRS CPAs.

    “Giving back is ingrained in the KRS culture and Giving Tuesday is the perfect time for us to contribute to help those in Puerto Rico who lost their homes and livelihoods in the recent natural disasters,” said KRS CPAs managing partner Maria Rollins.

    Saved on 11-21-2021 - Remove
  • NJ to Change Sales and Use Tax Rate

    The New Jersey Division of Taxation announced the implementation of new tax rates for 2018. Starting January 1, 2018, the Sales and Use Tax rate will decrease from 6.875% to 6.625%. All business should review the new rates and update their records according for the upcoming year. The new tax rates are as listed below.

    Saved on 11-21-2021 - Remove
  • Get a Tax Break From Past-year Losses

    There are many tax breaks out there, but some of them are a little harder to unearth than others. If you've had a year when deductions exceeded income, you may be entitled to a refund. Click through for an intro to the complex rules surrounding net operating losses.

    Saved on 01-05-2022 - Remove
  • Can LLCs Benefit From Forming Holding Companies?

    Small-business owners who operate more than one LLC may find it advantageous to form a holding company to manage all of the entities. Click through to learn the pros and cons so you can see if it makes sense for you.

    Saved on 04-29-2022 - Remove
  • A Tax Essential: the Percentage-Withholding Method

    The IRS has developed multiple methods that employers may use to withhold federal income tax from employees' wages. One of those methods is done on a percentage basis. 

    Saved on 03-11-2022 - Remove
  • Maria Rollins to Teach Business U Course

    KRS Managing Partner, Maria Rollins, is slated to teach a 3-day Business U course. This comprehensive course is designed to help business owners see the big picture and gain relevant insight about important business and financial concepts.

    Saved on 05-02-2022 - Remove
  • What Is a Deferred Annuity -- and How Does It Work?

    An annuity contract that delays payments of income until you elect to receive the money is a deferred annuity.

    Saved on 05-02-2022 - Remove
  • Is This Your Situation: Managing Tax Rules for Part-Time or Seasonal Help

    Do you have questions about the tax treatment of payments for part-time and seasonal help? These employees are subject to the same rules that apply to all employees - with some twists. 

    Saved on 05-02-2022 - Remove
  • IRS Releases 2019 HSA and HDHP Limits

    The Internal Revenue Service (IRS) has announced the 2019 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.

    Saved on 05-02-2022 - Remove
  • Leading Women Entrepreneurs’ “Making it to the Top”

    Marika Dugan and Diane Pineda were proud to attend The Leading Women Entrepreneurs’ “Making it to the Top” event at Fiddlers Elbow Country Club for the second year in a row.

    Saved on 05-02-2022 - Remove
  • How to Calculate Severance Pay

    Severance pay is usually offered to employees after termination from their jobs. Though generally not required to provide it, companies often base it on length of employment. Click through to see how other firms handle this.

    Saved on 05-02-2022 - Remove
  • What's the Deal on Estimated Taxes?

    If you're self-employed or have income other than a salary, you may need to pay estimated taxes to square your tax bill.

    Saved on 05-02-2022 - Remove
  • Small Business and Insurance: Know the Score

    There is no lack of options when it comes to insurance for your small business. Not every business needs every kind, but you should know what's available.

    Saved on 05-02-2022 - Remove
  • KRS Insights Breakfast: Social Security & Retirement

    Jarita Walker from the Social Security Administration discussed requirements for eligibility, strategies for getting the most out of your benefits, and other lesser known details about the program.

    Saved on 05-02-2022 - Remove
  • Your House in a Trust: The Pros and Cons

    Trusts can solve a lot of estate planning problems, and you can even put your residence into one. There are a lot of advantages to doing this, but you need to know the details.

    Saved on 05-02-2022 - Remove
  • Is This Your Situation: You Want a Better Tax Outcome This Year

    You hate writing checks to the Internal Revenue Service on April 15. But what can you do now to trim this year’s tax bill? Here are some strategies to limit your tax obligations and reduce the chance of an unpleasant surprise.

    Saved on 05-02-2022 - Remove
  • What Is an Offer in Compromise with the IRS?

    To resolve IRS debt, should an offer in compromise be the right next step? What are the advantages? There are many factors to consider before attempting to settle with the IRS.

    Saved on 05-02-2022 - Remove
  • Challenging the IRS's Valuation of Your Company

    Experts say that the average business owner grossly underestimates the value of a business. Discover how to anticipate IRS challenges and shoot back with your own valuation data.

    Saved on 05-02-2022 - Remove
  • Meet the newest team members of KRS!

    Please help us in welcoming Gionna Pacelli and Alyssa Flowers to the KRS team. Click the photo to learn more about Gionna Pacelli and Alyssa Flowers.

    Saved on 05-02-2022 - Remove
  • What To Know About the New Lease Accounting Standard

    The effective date for private companies to comply with Accounting Standards Codification 842 is on the horizon. The new standard clarifies definitions and businesses will need to make sure they're familiar with the terms. Click through to make sure you're familiar with the basics.

    Saved on 05-02-2022 - Remove
  • The Sharing Economy: Tax and More

    The sharing economy is based on peer-to-peer activity — acquiring, providing or sharing access to goods and services

    Saved on 05-02-2022 - Remove
  • Wishing You Happy Holidays and a Season Filled with Peace and Joy

     In observance of the holiday, our office will be closed Friday, December 24th. We will reopen and resume normal business hours on Monday, December 27th. For New Year's Eve, the office will be closed on Friday, December 31st and resume normal business hours on Tuesday, January 4th. 

    Saved on 05-02-2022 - Remove
  • Is This Your Situation: You're in a Sales Tax Tangle

    What in the world is a "nexus," and what does it mean for your business taxes? 

    Saved on 05-02-2022 - Remove
  • Section 1031 Like-Kind Exchanges: Are They the Right Choice?

    Like-kind exchanges are tax-deferred transactions that allow one real estate asset to be swapped with another, similar asset. But the rules are complicated. Click through to make sure you handle these transactions carefully.

    Saved on 05-02-2022 - Remove
  • A 2021 Update on Tax and Education Credits

    Tax credits can help offset the costs of higher education, but the rules can get complicated. Click through to learn how education credits can work in order to make sure you're taking full advantage of government programs.

    Saved on 05-02-2022 - Remove
  • IRS Audits and the 'Right to Finality'

    If you have a tax issue, it may seem like it can go on forever. But even with the most intractable IRS problems, there are limits. Click through for an introduction to the "right to finality" and how it can work for you.

    Saved on 05-02-2022 - Remove
  • Tax Items To Check as the Year Winds Up

    The fourth quarter is a good time to take stock of your tax situation and ask yourself the important questions: Do you need any adjustments to your withholding? What 2021 changes will affect you when you prepare your taxes? Click through for an end-of-year tax review.

    Saved on 05-02-2022 - Remove
  • New Jersey Small Business Lease Grant Program

    The New Jersey Economic Development Authority (NJEDA) plans to open applications for its Small Business Lease Grant Program on October 20, 2021. Click the photo to read more.

    Saved on 05-02-2022 - Remove
  • Capital Gains and Home Sales

    Before you sell your home, it's important to understand the tax implications. The situation is complicated, so you need to review the details to make sure you get the full benefits.

    Saved on 05-02-2022 - Remove
  • Do You Need an Outsourced CFO?

    Whether your firm is experiencing rapid growth or struggling financially, you can turn to expert advice without expanding head count.

    Saved on 05-02-2022 - Remove
  • Wills vs. Trusts: What's the Difference?

    Wills and trusts are two of the most versatile and powerful tools you'll have when making long-term plans for your estate. But what are the differences, and which one should you use?

    Saved on 05-02-2022 - Remove
  • IRS announced 401(k) limit increases to $20,500

    On November 4th, 2021, the Internal Revenue Service announced 401(k) contributions for individuals have been increased to $20,500.

    Saved on 05-02-2022 - Remove
  • January Tax Due Date Is Approaching

    Businesses have to adhere to a strict tax schedule, and January 31 is a red-letter date. A variety of filings are due. Click through for an overview of your business tax responsibilities as the year draws to a close.

    Saved on 05-02-2022 - Remove
  • IRS Clarifies Charity Benefits

    The IRS has released guidance explaining how legislation passed in December 2020 delivered several provisions to help individuals and businesses that give to charity. Click through to make sure you're taking full advantage of the current tax rules.

    Saved on 05-02-2022 - Remove
  • A Tax Checklist for Small Businesses

    As the year approaches its end, business managers should consider the various tasks they need to address in order to square things with the IRS in their businesses and personal lives. Click through for a summary to help you get organized.

    Saved on 05-02-2022 - Remove
  • What to Know About Tax Prep

    In the coming weeks, taxpayers will be getting various documents needed to prepare their annual income tax returns. Click through for some tips on organizing your papers to make the process easier as we approach April 15.

    Saved on 05-02-2022 - Remove
  • Meet the newest member of KRS!

    Please help us in welcoming Daniel Perrine to the KRS team. Click the photo to learn more about Daniel Perrine.

    Saved on 05-02-2022 - Remove
  • Tax Breaks for the Elderly

    Here's some good news for you from the IRS as you get older: You get extra tax breaks. The Internal Revenue Code and other laws contain special provisions for the elderly.

    Saved on 05-02-2022 - Remove
  • Should You Set Up an Escrow Account?

    Escrow accounts allow homeowners to set aside money each month to cover insurance premiums and property taxes. Click through for some thoughts on the pluses and minuses so you can find out whether an escrow account makes sense for you.

    Saved on 05-04-2022 - Remove
  • Do You Need an Outsourced CFO?

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  • What Business Owners Need To Know About Depreciation

    The depreciation tax break can be nice, but it's one of the more complicated parts of the tax code. It's easy to make a mistake, as the IRS draws some fine lines. Click through for the details so you neither violate the rules nor leave money on the table.

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  • Getting Representation Before the IRS

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  • Encourage Your Employees To Review Federal Withholding Each Year

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  • Consider These Tips for Early Retirement

    Contributing to your workplace retirement plan, avoiding withdrawals, paying off debts, and setting up multiple sources of income are four ways to retire sooner. Click through for more ideas on how to put your work life behind you at a younger age.

    Saved on 05-09-2022 - Remove
  • What To Know About Business Financial Ratios

    Understanding key financial ratios can make you a better manager. Once you know what the numbers reveal, you can take actionable lessons from them. Click through for an introduction to how ratios can offer important insights for your business and your investments.

    Saved on 05-10-2022 - Remove
  • Encourage Your Employees To Review Federal Withholding Each Year

    Each year, employees may undergo life changes that could affect their income tax withholding. This is why it’s important to remind your employees to review their withholding every year, especially as they're currently filing income tax returns. Click through to learn what employees should do once a year.

    Saved on 04-06-2022 - Remove
  • Getting Representation Before the IRS

    It's one of the fundamental rights of all taxpayers: You're entitled to have representation in dealings with the IRS, even if you choose not to appear at the interview in person. Click through to learn how to retain an authorized representative for that help.

    Saved on 04-06-2022 - Remove
KRS CPAs, LLC
KRS CPAs, LLC
info@krscpas.com
Phone: 201.655.7411
80 Route 4 East, Suite 370
Paramus, NJ 07652
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Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
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