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Tax
Michael Swantic, CPA
New Jersey Launches RetireReady NJ
RetireReady NJ is a new retirement, State-administered, savings program designed to reach New Jersey workers who do not have access to employer provided retirement plans. Information mailers were sent to covered employers during July. New Jersey businesses with 25 or more employees over the age of 1
Tax
Jay Soojian, CPA
Energy Efficient Home Improvement Credit
Are you considering installing property to make your home more energy-efficient? These improvements may include new building envelope components, such as insulation, windows, doors, a more efficient primary air circulating fan, furnace, boiler, central air conditioner, or water heater. The good news
Tax
Jay Soojian, CPA
New Tax Break by Giving Some of Your IRA to Charity-Will Also Pay You Fixed Annual Income
As of Jan. 1, 2023, retirees who are 70½ or older will be able to donate up to a maximum of $50,000 from their IRAs to fund gift annuities. In exchange, the charity will provide you with lifetime income. While charities have been offering gift annuities for years, the donations weren’t able to be ma
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Advisory
Robert J. Valas, CPA, MBA, PSA
Preparing For And Providing Expert Witness Testimony
PROFESSIONAL STANDARDS AND NONAUTHORITATIVE GUIDANCE The primary standard related to litigation support services is AICPA Statement on Standards for Forensic Services (SSFS) No. 1. The requirements of AICPA Statements on Standards for Valuation Services (SSVS) apply when the expert will testify on
Raymond P. Burke, CPA, PSA, CGMA
Loss of Life – Financial Preparation and a Path for Your Executor/Family
It was Benjamin Franklin who famously said “nothing is certain except death and taxes.” As you can imagine, we see all different types of taxes in our profession and help clients deal with them. This can include anything from filing returns, reducing liabilities, planning, projecting, etc. Sadly, we
Tax
Catherine Powers, CPA, PSA
IRS Issues Guidance on the Deductibility of Business Meals
On December 27, 2020, the Consolidated Appropriations Act was signed that made changes to the deductibility of business meals for 2021 and 2022. In years prior to 2021 business meals were 50% deductible and entertainment expenses were completely disallowed. Following are the general guidelines that
Beverly Pindulic, CPA
IRS Announces Support For Key Aspects of Tax Relief For NJ Business Owners
Purpose of The NJ Pass-Through Business Alternative Income Tax Act As New Jersey taxpayers are well aware, the Tax Cuts & Jobs Act limited the individual state and local tax (SALT) deduction to $10,000 a year. This limitation can be particularly onerous on residents of high tax states such as ours.
Do You Need to Fill out Schedules C & E?
Schedule C is a form that reports income for any self-employed individual. If you are the sole proprietor of your business (even if it is a single-member LLC) or an independent contractor, you need to fill this form out. Sadly, since you won’t have a boss that writes your own checks, you don’t have
Nonprofits
John D. Carrico II, CPA
Year End Tax Planning for Nonprofits & Their Donors – Boost Your Fundraising Now!
The CARES ActOn March 27, 2020, Congress passed The CARES Act to provide emergency assistance for individuals, families and businesses. Certain provisions were specifically designed to motivate donors to continue to support non-profits: For larger individual donors – if donors itemize (or they might
Best Practices for Nonprofit CFOs/Controllers, CPAs on Nonprofit Boards
What kinds of Challenges do Nonprofit CFO’s in NJ face today? The Tax Cuts and Jobs Act is still providing uncertainty on the federal level but are there other tax issues to consider? How can they deal with decreases in charitable contributions? Nonprofit CFOs are seeing a systemic change in the
Single Audits for State Grants
Many CPAs are now are approaching their fourth year under the State Single Audit Requirements of New Jersey 15-08-OMB (which, for the most part, followed the changes of the Federal “Uniform Guidance”). Also by now, many CPAs have received a slew of correspondence from various state departments requ
Firm News
The Modern CPA Profession for Accounting Students and Recent Graduates
It wasn’t too long ago that students considered their math ability as a factor in determining if accounting was a possible career path. Historically, choosing to be an accountant had been perceived by many to be similar to choosing to be a mathematician, however the two couldn’t be more different. T
How Working Mom CPAs Can Survive and Thrive
Working Mom! How many times have you heard this? You know you are a working mom when your mind seamlessly transitions from remembering to change a diaper on your way out the door to strategizing about tax savings for your multi-million dollar client as you are driving to work. As a senior certified
CPE: Go Beyond Counting Credits
In this day and age, information is coming at us so quickly that it seems to be changing by the minute. It’s time to leverage CPE for more than just compliance. Continuous Learning I used to believe that continuing professional education (CPE) was a tool to enhance the quality of services I was prov
Assurance
Internal Controls Walkthroughs: An Added-Value Service
In the world of accounting and auditing, the term “internal control” has been a buzz word for so long that it appears professionals have lost sight of what internal control actually means. It is imperative that auditors take a back-to-basics look at internal controls in order to make audit processes
Three Ways to Keep Up with the Standards
The accounting profession is controlled by standards, and regardless of our viewpoints, adhering to these standards is integral to any practice management plan. The primary providers of our professional standards include: Financial Accounting Standards Board (FASB) Accounting Standards Codification
Small Business
Top Budgeting Tips for Small Business
Small business owners tend to manage both personal and professional finances. When starting up a small business, it is sometimes necessary to introduce new financing to your venture to enable growth while generating enough cash flow to maintain ongoing financial stability. To keep from joining those
Tips to Expedite Your QuickBooks Accounting Tasks
QuickBooks is a valuable tool for businesses, allowing them to accept payments from customers and vendors, pay their own bills, and distribute payroll to employees. Small and medium sized businesses have been using QuickBooks for nearly twenty years, and the software is designed to be accessible for
Tax Tips for Small Business Owners
Every year, investigative tax notices are mailed to small business owners. While these are not always official audits, they raise a red flag, and proprietors should know how to prevent and address these inquiries in turn. This list addresses the best tax practices for small businesses to keep them a
How to Achieve Financial Goals with a Budget
Planning ahead for your finances can save you stress down the road, and ensure the success of your personal and professional goals. Outlining a monthly budget is one of the most effective ways to both organize your finances and chart your progress. The following guideline offers some helpful suggest
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