Manufacturing companies are still looking for ways to solve the persistent worker shortages that have plagued the industry for years. While the origins of the deficit are not entirely clear, it’s believed baby boomer retirement coupled with a high number of young workers with a college education, has helped to fuel the issue.

Fiduciaries can make certain elections after the year-end that could affect the prior year tax returns for the trusts and estates, as well as those of the beneficiaries. These elections must be made on or before the 65th day after the close of the taxable year, which is Thursday, March 5, 2020, for the year ending December 31, 2019.

Before meeting with your tax accountant, it’s essential to review a list of required items necessary to complete the filing. While each taxpayer is different, both individual and business, there are standard items required for each to prepare the returns.

Klatzkin is pleased to announce that Michelle Robb, CPA, has been named Partner. “Michelle is a highly-skilled, motivated, and client-oriented accountant, and we are excited to welcome her to the partnership,” said Tom Martin, CPA, and managing partner of Klatzkin.

Ann Means, a paraprofessional in Klatzkin’s Newtown office, authored an article for New Jersey CPA Magazine which appeared in the January/February 2020 issue.

Over the years, the estate planning game has changed for the majority of taxpayers.  Due to the increased exemptions, only 1,800 decedents will be required to pay an estate tax in 2019, but the need for planning continues.