Wishing Curchin Partner David L. Ferullo a Happy RetirementDecember 11, 2019

  Senior Audit Partner and CPA David L. Ferullo has embarked on his well-deserved retirement from the accounting and auditing world. Dave has been with our firm since 1977 and was a managing partner from 1988 to 2000. During his long and successful career, he developed expertise in accounting for homeowners’ associations, construction companies, and …

The 5 Keys to a Great Business Relationship with Your AccountantOctober 31, 2019

Maintaining success in the A/E/C industry requires more than simply delivering on projects. Owners have tax planning, compliance, cash flow management, employee benefits, and many other financial controls to put in place alongside estate and succession planning. You need more than number crunching from your accountant, including: 1. Time Your CPA should invest in learning …

2019 Important Tax DevelopmentsAugust 19, 2019

Important Tax Developments

The following is a summary of important tax developments that have occurred in April, May, and June of 2019 that may affect you, your family, your investments, and your livelihood. Please call us for more information about any of these developments and what steps you should implement to take advantage of favorable developments and to …

What is Forensic Accounting? Everything You Need to KnowAugust 15, 2019

There are 3,483 forensic accounting offices in the US. In 2018, it was a $4 billion industry. Thanks to an uptick of fraud happening to businesses, forensic accounting continues to be a growing business. In fact, most businesses lose around 5% of their total revenue each year to fraud. Small businesses with fewer than 100 employees are particularly vulnerable. …

NJ Annual Report Filing Fee Increase: Quick Guide & AnswersAugust 13, 2019

NJ Annual Report Filing Fee Guide

A new bill, NJ A5607, effective June 30, 2019 has increased the annual report filing fees paid by NJ for-profit and non-profit business entities. Previous Annual Report Filing Fee (For-Profit): $50 New Annual Report Filing Fee (For-Profit): $75 Previous Annual Report Filing Fee (Non-Profit): $25 New Annual Report Filing Fee (Non-Profit): $30 Timing: The annual …

Are Your Federal Tax Withholdings Accurate?August 8, 2019

It’s in the books—the first tax season under the Tax Cuts and Jobs Act of 2017, that is. We knew a lot of what to expect from the new tax law, but one aspect that upset many taxpayers was the epic failure of the updated withholding tables. In other words, employers didn’t withhold enough. So …

Construction Manager’s Poker Playing Was Not Engaged In For ProfitAugust 5, 2019

Construction Manager’s Poker Playing

Zalesiak, TC Summary Opinion 2019-16 In a Summary Opinion, the Tax Court has found that a construction manager’s poker playing was not an activity engaged in for profit. Therefore, he could only deduct his losses on Schedule A, rather than on Schedule C. Background. In general, Code Sec. 162(a) allows a deduction for all ordinary …

Golf Course On Government Land Operated By Private Entity Was ExemptAugust 5, 2019

The New Jersey Tax Court has ruled that a golf course on government land that was operated by a for-profit entity was exempt from property taxes. The court ruled that statutory and regulatory guidelines specifically authorize the Department of Environmental Protection to operate golf courses for recreational purposes and to allow for operation of its …

Update: IRS releases draft of new Form 1099-NECJuly 26, 2019

Draft of Form 1099-NEC IRS has released a draft of a new form, Form 1099-NEC, Nonemployee Compensation, to report nonemployee compensation paid in 2020. Previously, nonemployee compensation was reported on Form 1099-MISC, Miscellaneous Income. Background.  If the following four conditions are met, a payor must generally report a payment to the IRS as nonemployee compensation …