The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

What Every Nonprofit Should Know About Donor Acknowledgment Letters

By ROBERT J. GAFFNEY

Nonprofits

Each year, approximately $300B is donated to nonprofit organizations in the United States. Since these contributions can be taken as deductions on individual tax returns, it is no wonder that the IRS has enacted some reporting standards for the acknowledgment of these contributions.

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2020 Central NJ Real Estate Forecast

Real Estate

Last Thursday, I started my morning off at the Princeton Mercer Regional Chamber’s 2020 Central NJ Real Estate Forecast, where I joined nearly 400 others for a very insightful discussion from some of the industry’s top experts.

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Workforce Shortages a Continued Challenge for Manufacturers

Manufacturing

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.

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Two Elections That Trustees and Executors Should Consider Now

By JAMES EMMA

Estate Administration

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.

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Tax Return Documentation Checklist

Tax

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.

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The Finances of Estate Planning for Smaller Estates

Estate Administration

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.   

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Six Key Business Principles for Tech Startups

Technology

You might have a great idea for a new app, device or service, but if you do not invest the time and resources to properly set up a company, you might not reap the benefits. As in any industry, tech startups must pay close attention to six key business principles in order to build the foundation for a successful venture:

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Why Retirement and Year-End Tax Planning Should Be Done Simultaneously

Tax

A thorough year-end tax plan should always address retirement because retirement contributions and distributions can significantly impact your tax return. This year, reviewing your retirement plan is especially important.

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Financial Uncertainty Top Issue Facing New Jersey Nonprofits

Nonprofits

The passion for serving others is what drives most New Jersey nonprofit boards, leaders, and team members. Whether delivering social services to at-risk youth, career transition education for the unemployed, or providing food and shelter to the homeless, almost every community has a need to be filled.

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The Importance of Exit Planning

Advisory

One of the most critical decisions you will make as a business owner is determining when and how you will transition away from the company you built. But exit planning is about so much more than selling a business; it’s an exercise in fortitude.

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