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, …

How to Make Your Seasonal Income Last Through the WinterJuly 10, 2019

Business cooling off and heading into the off-season? Worried if you’ll pull through the long winter? Use these suggestions to stretch your seasonal income. Tourism is a major economic engine throughout the state, generating over $41 billion in 2016, with growth expected through 2021. This growth isn’t limited to the Jersey Shore, either. Passaic and Mercer Counties …

Why Do People Change Accountants?July 8, 2019

You may not realize it, but a reliable accountant is one of the most important people in your life. Having an expert whom you can trust with your finances and, in turn, your future, enables you to make better decisions around taxes, assets, investments and business. It can take time to find this trusted advisor, …

Curchin Attends INPACT Americas Conference in LouisvilleJuly 3, 2019

The Curchin Group’s Peter Pfister represented our firm at the INPACT Americas Conference in Louisville, Kentucky, June 19-21, 2019. The conference covered topics such as succession planning, staffing and the annual review of each member firm’s economic data submission. Pfister and the other attendees also reviewed various planning topics to bring actionable, up-to-date information back to …

Q2 2019 NewsletterJune 3, 2019

The latest issue of the Curchin Newsletter is here! You can look forward to reading about hot topics in accounting/tax/audit, firm news, and more! In this issue: The Ins and Outs of the Section 199A Regulations, 2019 Economic Forecast for NJ Developers, Builders, Featured Employee: Edward Rigby, CPA. Read More

The Ins and Outs of the Section 199A RegulationsJune 3, 2019

By: Edward Rigby, CPA In January the IRS finalized the regulations providing guidance on the Section 199A deduction for qualified business income (QBI). The final regulations retain the majority of the rules contained in the proposed regulations that were issued last August. They provide clarification on issues such as when businesses may be aggregated in …

14th Annual Curchin Open Essay Submission GuidelinesMay 1, 2019

The Curchin Group is now accepting essay submissions to determine the non-profit beneficiaries of the 14th Annual Curchin Open, a nine‐hole indoor miniature golf tournament. Non‐profit charities located in Monmouth and Ocean Counties are eligible for beneficiary consideration by submitting the information listed below. Curchin’s CPA Partners will select the winners by June 30, 2019 based …