7 Effective Tax Saving Tips You Need to Know: 2020 EditionJanuary 17, 2020
April is tax season, and for some people that can be scarier than Halloween. The average American can expect to pay a little over $10,000 a year in taxes, or 14 percent of their household income. That’s a sizeable tax bill and one that many people would rather not have to shoulder. Fortunately, there are …
Overview of Provisions of the SECURE Act Affecting IndividualsJanuary 9, 2020
Congress recently passed and the President signed into law-the SECURE Act, landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your tax and retirement-planning situation. Here is a look at …
5 Reasons to Make the Switch to CurchinJanuary 7, 2020
Whether you’re feeling lost in a large firm, needing more from a small firm, starting a new business or experiencing any of the other reasons why people change accountants, The Curchin Group can meet and exceed your expectations. As a mid-sized accounting firm that’s large on experience, we provide our clients with: 1. Personalized Service …
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
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
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 …
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 …
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 …