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Lkasprzak, Here Are Your Articles for Wednesday, June 01, 2022
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Saved Articles
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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.
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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.
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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.
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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?
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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?
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Good credit is helpful, even essential, for a successful financial life. The best advice for improving credit is to manage it responsibly over time.
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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.
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Bonuses are one of the best ways to motivate employees. But to actually work, a bonus program must be thoughtfully designed.
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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.
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Last year, Gov. Phil Murphy signed S.1567 into law and New Jersey became the first state to mandate a commuter benefit.
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KRS CPAs welcomes 3 interns for the 2020 season!
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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).
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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.
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Employers are ultimately responsible for withholding taxes from their employees’ wages. Therefore, it's important to understand which payroll taxes your employees should pay.
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With so many recent changes, two-income families and people who work multiple jobs should check their withholding amount.
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Annuities are well-known financial products designed to fund a retirement. How do they work? And are they right for you?
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Each year, thousands of New Jersey children attend school without basic educational tools such as backpacks, notebooks, and calculators.
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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.
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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.
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The Internal Revenue Service has updated the rules to reflect changes resulting from the Tax Cuts and Jobs Act.
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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!
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You feel like your accounting firm is not really focused on the kind of company you own.
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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.
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So much goes into running a small business. What about those administrative duties that aren’t in your wheelhouse?
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Inc. Magazine recognizes KRS CPAs as one of the Best Workplaces in 2018.
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If you have good employees, how do you compensate them for their work?
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IRAs have many advantages, including legal protection from creditors when the owner files for bankruptcy. But there's a chink in the armor.
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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.
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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.
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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.
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Whether you have one employee or 1,000, you have to take responsibility for withholding and remitting Social Security taxes.
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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.
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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.
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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.
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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.
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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.
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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?
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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.
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The new year brings a suspension of moving expenses, but higher depreciation limits for cars, trucks and vans.
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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.
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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.
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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.
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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?
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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.
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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.
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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."
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An estate plan is not a one-time event. It's a living series of documents you must continue to address throughout your life.
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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.
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Business expenses are the cost of carrying on a trade or business. Sometimes, the IRS gives you a tax break for your expenses.
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Properly coordinating your business and estate planning is a must, but where do you get started?
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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.
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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.
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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.
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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?
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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.
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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.
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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.
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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.
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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.
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Workplace style during the pandemic took a dramatic shift to casual attire. Was this a one-time change or was it permanent?
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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.
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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.
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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.
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Tariffs have been in the news recently. What exactly are they? Tariffs are import taxes the government imposes, like a sales tax, on goods.
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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.
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Filial responsibility laws are legal rules that hold adult children financially responsible for their parents' medical care when parents are unable to pay.
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Do you rely on seasonal employees to fill staffing shortages during holidays or busy periods?
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Are you concerned about your profitability? Sometimes you have to look in new directions to improve your business.
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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.
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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.
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#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.
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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.
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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.
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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.
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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.
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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.
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An annuity contract that delays payments of income until you elect to receive the money is a deferred annuity.
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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.
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The Internal Revenue Service (IRS) has announced the 2019 inflation-adjusted amounts for Health Savings Accounts (HSAs) as determined under the Internal Revenue Code.
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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.
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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.
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If you're self-employed or have income other than a salary, you may need to pay estimated taxes to square your tax bill.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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The sharing economy is based on peer-to-peer activity — acquiring, providing or sharing access to goods and services
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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.
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What in the world is a "nexus," and what does it mean for your business taxes?
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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.
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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.
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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.
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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.
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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.
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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.
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Whether your firm is experiencing rapid growth or struggling financially, you can turn to expert advice without expanding head count.
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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?
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On November 4th, 2021, the Internal Revenue Service announced 401(k) contributions for individuals have been increased to $20,500.
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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.
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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.
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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.
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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.
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Please help us in welcoming Daniel Perrine to the KRS team. Click the photo to learn more about Daniel Perrine.
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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.
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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.
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You've heard of outsourcing accounting, payroll, IT, and marketing — but outsourcing your chief financial officer? It may sound outlandish, but this could very well be the solution that you need. Click through to give your business access to financial expertise and related best practices.
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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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Does the fear of receiving a notice from the Internal Revenue Service regarding an audit keep you awake at night? Click through for insight into how you can avoid an IRS audit.
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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. Learn how to retain an authorized representative for that help.
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Each years, 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. Learn what employees should do once a year.
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Understanding key financial ratios can make you a better manager. Once you know what the numbers reveal, you can take actionable lessons from them. Read more for an introduction to how ratios can offer important insights for your business and your investments.
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Contributing to your workplace retirement plan, avoiding withdrawals, paying off debts, and setting up multiple sources of income are four ways to retire sooner. Read for more ideas on how to put your work life behind you at a younger age.
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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.
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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.
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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.
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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.
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| KRS CPAs, LLC
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| info@krscpas.com
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| Phone: 201.655.7411
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| 80 Route 4 East, Suite 370
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| 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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80 Route 4 East, Suite 370 ,
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