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 …

Become a Sponsor of the 14th Annual Curchin OpenAugust 16, 2019

Annual Curchin Open

Everyone’s favorite indoor miniature golf tournament is back for the 14th year! We are seeking sponsors and prize donations to help make this year’s Curchin Open a success. Register online with just a few clicks. Sponsorship Opportunities Support the 2019 Curchin Open charity recipients, HOPE Sheds Light and the Boys & Girls Clubs of Monmouth County, while also promoting …

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 …

The Investment Value of Fixed AssetsJuly 19, 2019

Contractors, take a look at your balance sheet. Your fixed assets—such as your property, plant and equipment—have been the basis of numerous tax law changes in recent years. They also provide an all-purpose planning tool for you as a business owner. While the new laws allow us to depreciate or write off equipment purchases sooner, …