Earlier this month, the IRS provided new guidance on income tax issues through an update to the Employee Retention Credit (ERC) Frequently Asked...
IRS Updates ERC Income Tax Guidance
read more
COVID-19 Tax Incentives & Planning
U.S. Treasury to Stop Issuing and Accepting Paper Checks
On March 25, 2025, President Trump signed an Executive Order that will change how the federal government handles payments, phasing out the use of...
Interest Rates Remain Same for Third Quarter 2024
In May 2024, the IRS announced that interest rates will remain the same for the third quarter of 2024, which begins July 1, 2024. The rates remain...
Interest Rates Remain Same for Second Quarter 2024
In February 2024, the IRS announced that interest rates will remain the same for the second quarter of 2024, which begins April 1, 2024. The rates...
A Guide to FinCEN Beneficial Ownership Reporting
In 2021, Congress passed the Corporate Transparency Act intending to fight and prevent money laundering, illegal financing activities, corruption,...
CHIPS Act of 2022: Bringing Semiconductors Onshore
The United States currently manufactures only 12% of the world’s semiconductors, a stark difference from 37% in years past. The decrease in...
IRS Announces New Mileage Rates for 2024
In mid-December, the IRS announced the new optional standard mileage starts that will be in effect starting January 1, 2024. The rates are used to...
2023 Year End Tax Planning – Individuals
The end of the year is a time for celebration, connection, renewal, and optimism for the future. It is filled with holiday celebrations, extended...
IRS Announces Increases in Retirement Plan Contribution Limits for 2024
In November, the IRS announced new contribution limits for retirement plans, which will take effect in 2024. For employees participating in 401(k),...
IRS Announces Withdrawal Program for ERC Claims
In September, the IRS announced a moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of 2023 amidst...
$300 Educator Expense Deduction
As students and teachers head back to the classroom for a new school year, the IRS wants to remind teachers and educators that they can deduct up to...
IRS Halts Processing of New ERC Claims
In September, the IRS announced a moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of 2023 amidst...
Tax Reminder: Student Loan Assistance
The IRS wants to remind employees and employers that companies which offer educational assistance programs can use them to help pay student loan...
Annual Report Requirement Coming to Pennsylvania
In November 2022, when Pennsylvania Governor Wolf signed into law Act 122 of 2022, it established a new annual report requirement for domestic and...
Nonprofit Fraud Trends
Fraud is a persistent threat every organization must face. Although most are honest and do not commit illegal activities, all it takes is one bad...
Significant NJ Tax Changes Announced
Over the last few months, the State of New Jersey has been considering making significant changes to state tax rules. The focus has been on...
New Jersey Sales Tax Holiday Coming Soon
From August 26 to September 4, 2023, the State of New Jersey will be holding a Sales Tax Holiday on certain items sold to individual purchasers for...
Small Businesses – What To Know For 2023
It’s never too early to start your tax planning, and the IRS recently announced several new and existing tax benefits that businesses can take...
Last Chance to Claim Tax Year 2019 Refunds
The IRS recently announced that the nearly 1.5 million taxpayers who have unclaimed tax refunds for tax year 2019 have until July 17, 2023 to submit...
R&D Tax Credit Update – American Innovation & Jobs Act
The federal Research & Development (R&D) tax credit has long been an important incentive available to businesses engaged in eligible...
IRS Releases List of “Dirty Dozen” Tax Scams for 2023
Each year, the IRS releases its “Dirty Dozen,” a list of tax scams that taxpayers should be wary of. The list highlights common scams that put...
What To Know If The IRS Contacts You
The IRS utilizes many different methods of communication in order to educate the general public, but it also sometimes needs to directly contact an...
R&D Tax Change Spells Delayed Savings
The federal Research and Development (R&D) tax credit not only encourages innovation but provides a significant tax saving opportunity. For...
Interest Rates to Remain Same for Second Quarter 2023
In mid-February 2023, the IRS announced that interest rates will remain the same for the second quarter of 2023, which begins April 1, 2023. The...
New Jersey 2023 Tax Law Changes
In 2023, New Jersey will see major changes in three areas of tax laws. Expiration of COVID Extension of Statute of Limitations on Assessments At the...
IRS Announces New Online Filing Portal for Forms 1099
In late January 2023, the IRS announced the opening of a new online portal where businesses can file Form 1099 series information returns, for...
What’s In the SECURE Act 2.0?
At the end of December, President Biden signed the Consolidated Appropriations Act of 2023 into law. While the primary purpose of the legislation...
IRS Delays $600 Reporting Threshold for Form 1099-K
In 2021, the American Rescue Plan Act (ARPA) enacted a new $600 reporting threshold for third-party settlement organizations for 2022. However, in...
Domestic Filing Exception for Partnerships Updated
When a business generates income from foreign sources, retains an interest in a foreign company, or has a foreign tax interest, additional IRS...
IRS Announces Retirement-Related Updates for Tax Year 2023
In Notice 2022-55, released on October 21, 2022, the IRS announced the changes coming to retirement-related items for the tax year 2023. These...
IRS Announces Inflation Adjustments for Tax Year 2023
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In Revenue Procedure 2022-38, released on October 19, 2022, the IRS issued...
IRS Updates Per Diem Business Travel Standard Rates
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In late September 2022, the IRS released Notice 2022-44, which outlined the...
Property Tax Relief Coming to New Jersey
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In June 2022, New Jersey Governor Phil Murphy signed the Fiscal Year 2023...
New Opportunities in the Inflation Reduction Act
In late August, President Biden signed the Inflation Reduction Act into law. As the name suggests, the legislation is designed to help counter the...
New Standard for Nonprofit Reporting of Contributed Nonfinancial Assets
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In September 2020, the Financial Accounting Standards Board (FASB) issued...
Improperly Forgiven PPP Loans Are Now Taxable
In a memorandum released in September 2022, the IRS has confirmed that if a PPP loan was forgiven based on misrepresentations or omissions by the...
New Statute of Limitations on PPP Loan Fraud
On August 5, 2022, President Biden signed the PPP and Bank Fraud Enforcement Harmonization Act of 2022, which establishes a 10-year statute of...
ASU 2021-10: Government Assistance Disclosure Requirement
The COVID-19 pandemic significantly impacted many businesses throughout the country. Fortunately, a lot of assistance was offered to keep business...
Pennsylvania Reduces Corporate Net Income Tax Rate
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. Pennsylvania lawmakers finally reached an agreement this summer to reduce...
New Auditing Standard Reflects Changing Risk Environment
Organizations and companies have been exposed to new and different types of risks over the past several months. Many have tested internal controls...
New Estate Planning Guidance for Electing Late Portability
Although the news has been filled with stories about inflation and rising interest rates, there has been a new change which is good news for many...
New Jersey Governor Signs Fiscal Year 2023 Budget
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. On June 30, 2022, after passage by the State Senate, New Jersey Governor...
Philadelphia Employers to Provide Commuter Benefits
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In early June, the Philadelphia City Council passed a bill that will soon...
Pennsylvania Voluntary Disclosure Program
Maintaining compliance with state tax laws can be challenging for individuals and businesses, especially those companies that operate across state...
100% Bonus Depreciation Expires in 2022
Are you planning to make a significant capital investment? If so, all businesses, including lessors and lessees, may want to make those purchases...
IRS Raises Interest Rates for Third Quarter of 2022
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. On May 20, 2022, the IRS announced that interest rates on overpayments and...
2022 Employee Retention Credit IRS Penalty Relief
New Jersey and Pennsylvania-area employers hit with IRS penalties over failure to pay income taxes related to the Employee Retention Credit (ERC)...
It’s Not Too Late to Claim the Employee Retention Credit
The economic effects of the COVID-19 pandemic on businesses have primarily passed. The last parcel of federal relief, the American Rescue Plan Act,...
Energy Efficient Home Credit Extended
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. The Energy Efficient Home Credit was established by the Energy Policy Act...
IRS Struggles Lead to Suspended Notifications
Dealing with the IRS can be challenging for many businesses and individual taxpayers, and because of this most would prefer not to engage with the...
New Law Increases New Jersey Nonprofit Reporting Threshold
On January 18, 2022, New Jersey Governor Phil Murphy signed bills S844 and S2533, raising the threshold for nonprofit audits from $500,000 to $1M,...
Impact of Key Provisions of COVID-19 Relief on Businesses
Businesses have been on a roller coaster these past two years. In addition to managing the economic fallout from COVID-19, legislators passed dozens...
New Jersey Secure Choice Savings Program
Small businesses are an essential part of New Jersey’s economy, providing needed products and services and creating important employment...
Impact of Key Provisions of COVID-19 Relief on Individual Taxpayers
In the two years since the onset of the COVID-19 outbreak, lawmakers have overhauled the tax landscape due to the economic relief issued to...
UPDATED 2022: 15 Signs That You Might Need a New Accountant
Business owners rely on their accountants to file taxes, provide them with reliable financial advice, and guide them on growing and operating their...
Tax Preparation Checklist for 2022
With 2021 in the rearview mirror, there’s no better time to start thinking about the documents you’ll need to prepare your tax return. It can be a...
The Twelve Days of Taxmas – Health Savings Account Contribution
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Pass-Through Entity Tax
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Net Investment Income Tax Base
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Employee Retention Credit
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Cryptocurrency and the Wash Sale Rule
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Beneficiary Review
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Donate Stock and Repurchase It
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Required Minimum Distribution (RMD) Reminder
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Backdoor Roth IRA Conversion
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Enhanced Meal Deduction
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Expanded Charitable Donation
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
IRS Issues Guidance on the Retroactive Termination of the Employee Retention Credit
When the Infrastructure Investment and Jobs Act was signed into law on November 15, 2021, it opened the door for necessary repair and upgrades to...
New Auditor’s Reports Are Coming
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. As auditors prepare for the upcoming year-end of December 31,...
Related Individuals and the Employee Retention Credit
The Employee Retention Credit (ERC), a payroll-based tax credit, has been a boon to local businesses searching for additional funding alternatives...
How Life Events Change Estate Plans
Life happens – and fast. For many of us, before we can even register that it happened, we’ve — Sold a home Received an inheritance Had a new...
Early End to the Employee Retention Credit
On November 5, 2021, the House passed the Infrastructure Investment and Jobs Act (the Act), comprehensive legislation that calls for a $1.2T...
Required Documentation for the Employee Retention Credit
As the financial and operational challenges created by the COVID-19 pandemic begin to subside, many New Jersey and Pennsylvania-area businesses are...
IRS Releases New Requirements for Research Credit Claims
Every year, businesses submit thousands of research and development (R&D) claims to the IRS and state taxing authorities for tax credits in the...
Key Details of the American Families Plan
On April 28, 2021, President Biden formally unveiled the next phase in his planned economic recovery package, the $1.8T American Families...
American Rescue Plan Act Relief Opportunities for Nonprofits
In early March, President Biden signed the American Rescue Plan Act of 2021 (ARPA), the fourth economic relief package passed since the start of the...
What the American Jobs Plan Could Mean for Manufacturers
Much of the attention around the recently announced American Jobs Plan (Plan) has focused on how the federal government intends to pay the massive...
Guidelines for the 2021 Employee Retention Credit
Learn More >> Employee Retention Credit Consulting For New Jersey and Pennsylvania-area businesses substantially affected by COVID-19, the...
IRS Announces Temporary Business Deductions for Food and Beverages from Restaurants
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. On April 8, 2021, the IRS issued Notice 2021-25 in conjunction...
What’s in The American Jobs Plan?
On March 31, 2021, the Biden Administration released an overview of The American Jobs Plan (Plan), which broadly outlines a proposed $2T...
Are Changes in Store for New Jersey Nonprofit Reporting Thresholds?
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. In New Jersey, nonprofit organizations that reach a specific...
Individual Provisions of the American Rescue Plan Act
As the COVID-19 pandemic continues to persist, many families and individuals remain financially challenged. While there is positive pandemic news...
Recent Updates to the Employee Retention Credit
As vaccinations for COVID-19 continue to be administered, businesses throughout New Jersey and Pennsylvania are excited to see certain government...
State Tax Conformity with the CARES Act
The arrival of the COVID-19 pandemic last March sharply impacted both businesses and individuals as significant changes to everyday life were...
New PPP Changes Benefit Small Businesses and Nonprofits
The Paycheck Protection Program (PPP) has provided millions of financial relief to New Jersey and Pennsylvania-area businesses and nonprofit...
PPP Round 2: Determining and Demonstrating Loan Eligibility
This article first appeared on the NetAssets blog on February 4, 2021. Throughout the COVID-19 pandemic, many independent schools have made changes...
Fundraising in the Era of COVID-19
The COVID-19 pandemic has left an indelible impression on American businesses, and nonprofit organizations are no exception. Adapting to the...
Tax Preparation Checklist
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. With 2020 now in the rearview mirror, it’s a good time to start...
PPP Loan Accounting Guidance for Business Entities
Linda J. Burke, Paraprofessional at Klatzkin, contributed to this post. Paycheck Protection Program (PPP) loans have been a lifeline for many...
COVID-19 Relief Opportunities for Nonprofit Organizations
The COVID-19 pandemic has created new operational and financial challenges for many businesses, including nonprofit organizations. A recent study...
15 Signs That You Need a New Accountant in 2021
Business owners rely on their accountant to file taxes, provide them with reliable financial advice, and guide them on how to grow and operate their...
SBA Releases Procedural Notice on PPP Loan Increases
The expanded Paycheck Protection Program (PPP) reopened today for lenders with less than $1 billion in assets and will open for all other lenders on...
COVID-19 Relief Bill Expands Business Tax Savings
On December 27, 2020, President Trump delivered a late holiday gift to Princeton, Trenton, and other New Jersey-area businesses when he signed the...
COVID-19 Relief Bill Offers Welcome PPP Changes
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (H.R. 133), which includes providing the second...
2020 Required Minimum Distribution: To Waive or Not To Waive
The 2020 Presidential election has come and gone. We will likely have a new president. The coronavirus is still with us and is threatening to...
Survey Reveals the Impact of COVID-19 on New Jersey Businesses
2020 has been a year of many unwelcome surprises for businesses throughout New Jersey. The initial forced business closures and stay-at-home orders...
IRS Taxpayer Relief Initiative Offers New Payment Options
The COVID-19 pandemic has created challenging circumstances for many businesses across New Jersey. The combination of government orders, fear of...
Important Tax Questions Every Business Owner Should Ask Before Heading Into 2021
2020 has been a humbling year. More than any other year in recent history, we’ve learned that expectations can change on a dime. At the...
Update: Nonprofit Gifts-in-Kind Financial Statement Reporting Rules
We previously blogged about the rule changes coming to nonprofit gifts-in-kind financial statement reporting. Today, we’re able to offer an update...
Accounting for PPP Loans and PPP Loan Forgiveness
How should businesses record Paycheck Protection Program (PPP) loans on their Balance Sheets? The answer to this question is not as binary as...
2020 Presidential Candidate Tax Visions
The 2020 presidential election is seven weeks away, and the country is still grappling with the fallout from COVID-19. While the U.S. continues to...
IRS Processing Delays Puzzle Taxpayers
* Update – August 25, 2020: The IRS has temporarily suspended the mailing of three notices to taxpayers who have a balance due on their taxes....
Nonprofit State Registrations: Recent Changes in Pennsylvania and New Jersey
Due to the COVID-19 pandemic, some recent changes have been made to the procedures that nonprofit organizations follow to register with their...
Interest Rates to Stay the Same for Third Quarter of 2025
In May 2025, the IRS announced that interest rates will remain the same for the third quarter of 2025, which begins July 1, 2025. The rates will...
COVID-19 Business Loan & Grant Programs
IRS Updates ERC Income Tax Guidance
Earlier this month, the IRS provided new guidance on income tax issues through an update to the Employee Retention Credit (ERC) Frequently Asked...
U.S. Treasury to Stop Issuing and Accepting Paper Checks
On March 25, 2025, President Trump signed an Executive Order that will change how the federal government handles payments, phasing out the use of...
Interest Rates Remain Same for Third Quarter 2024
In May 2024, the IRS announced that interest rates will remain the same for the third quarter of 2024, which begins July 1, 2024. The rates remain...
Interest Rates Remain Same for Second Quarter 2024
In February 2024, the IRS announced that interest rates will remain the same for the second quarter of 2024, which begins April 1, 2024. The rates...
A Guide to FinCEN Beneficial Ownership Reporting
In 2021, Congress passed the Corporate Transparency Act intending to fight and prevent money laundering, illegal financing activities, corruption,...
CHIPS Act of 2022: Bringing Semiconductors Onshore
The United States currently manufactures only 12% of the world’s semiconductors, a stark difference from 37% in years past. The decrease in...
IRS Announces New Mileage Rates for 2024
In mid-December, the IRS announced the new optional standard mileage starts that will be in effect starting January 1, 2024. The rates are used to...
2023 Year End Tax Planning – Individuals
The end of the year is a time for celebration, connection, renewal, and optimism for the future. It is filled with holiday celebrations, extended...
IRS Announces Increases in Retirement Plan Contribution Limits for 2024
In November, the IRS announced new contribution limits for retirement plans, which will take effect in 2024. For employees participating in 401(k),...
IRS Announces Withdrawal Program for ERC Claims
In September, the IRS announced a moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of 2023 amidst...
$300 Educator Expense Deduction
As students and teachers head back to the classroom for a new school year, the IRS wants to remind teachers and educators that they can deduct up to...
IRS Halts Processing of New ERC Claims
In September, the IRS announced a moratorium on processing new Employee Retention Credit (ERC) claims through at least the end of 2023 amidst...
Tax Reminder: Student Loan Assistance
The IRS wants to remind employees and employers that companies which offer educational assistance programs can use them to help pay student loan...
Annual Report Requirement Coming to Pennsylvania
In November 2022, when Pennsylvania Governor Wolf signed into law Act 122 of 2022, it established a new annual report requirement for domestic and...
Nonprofit Fraud Trends
Fraud is a persistent threat every organization must face. Although most are honest and do not commit illegal activities, all it takes is one bad...
Significant NJ Tax Changes Announced
Over the last few months, the State of New Jersey has been considering making significant changes to state tax rules. The focus has been on...
New Jersey Sales Tax Holiday Coming Soon
From August 26 to September 4, 2023, the State of New Jersey will be holding a Sales Tax Holiday on certain items sold to individual purchasers for...
Small Businesses – What To Know For 2023
It’s never too early to start your tax planning, and the IRS recently announced several new and existing tax benefits that businesses can take...
Last Chance to Claim Tax Year 2019 Refunds
The IRS recently announced that the nearly 1.5 million taxpayers who have unclaimed tax refunds for tax year 2019 have until July 17, 2023 to submit...
R&D Tax Credit Update – American Innovation & Jobs Act
The federal Research & Development (R&D) tax credit has long been an important incentive available to businesses engaged in eligible...
IRS Releases List of “Dirty Dozen” Tax Scams for 2023
Each year, the IRS releases its “Dirty Dozen,” a list of tax scams that taxpayers should be wary of. The list highlights common scams that put...
What To Know If The IRS Contacts You
The IRS utilizes many different methods of communication in order to educate the general public, but it also sometimes needs to directly contact an...
R&D Tax Change Spells Delayed Savings
The federal Research and Development (R&D) tax credit not only encourages innovation but provides a significant tax saving opportunity. For...
Interest Rates to Remain Same for Second Quarter 2023
In mid-February 2023, the IRS announced that interest rates will remain the same for the second quarter of 2023, which begins April 1, 2023. The...
New Jersey 2023 Tax Law Changes
In 2023, New Jersey will see major changes in three areas of tax laws. Expiration of COVID Extension of Statute of Limitations on Assessments At the...
IRS Announces New Online Filing Portal for Forms 1099
In late January 2023, the IRS announced the opening of a new online portal where businesses can file Form 1099 series information returns, for...
What’s In the SECURE Act 2.0?
At the end of December, President Biden signed the Consolidated Appropriations Act of 2023 into law. While the primary purpose of the legislation...
IRS Delays $600 Reporting Threshold for Form 1099-K
In 2021, the American Rescue Plan Act (ARPA) enacted a new $600 reporting threshold for third-party settlement organizations for 2022. However, in...
Domestic Filing Exception for Partnerships Updated
When a business generates income from foreign sources, retains an interest in a foreign company, or has a foreign tax interest, additional IRS...
IRS Announces Retirement-Related Updates for Tax Year 2023
In Notice 2022-55, released on October 21, 2022, the IRS announced the changes coming to retirement-related items for the tax year 2023. These...
IRS Announces Inflation Adjustments for Tax Year 2023
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In Revenue Procedure 2022-38, released on October 19, 2022, the IRS issued...
IRS Updates Per Diem Business Travel Standard Rates
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In late September 2022, the IRS released Notice 2022-44, which outlined the...
Property Tax Relief Coming to New Jersey
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In June 2022, New Jersey Governor Phil Murphy signed the Fiscal Year 2023...
New Opportunities in the Inflation Reduction Act
In late August, President Biden signed the Inflation Reduction Act into law. As the name suggests, the legislation is designed to help counter the...
New Standard for Nonprofit Reporting of Contributed Nonfinancial Assets
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In September 2020, the Financial Accounting Standards Board (FASB) issued...
Improperly Forgiven PPP Loans Are Now Taxable
In a memorandum released in September 2022, the IRS has confirmed that if a PPP loan was forgiven based on misrepresentations or omissions by the...
New Statute of Limitations on PPP Loan Fraud
On August 5, 2022, President Biden signed the PPP and Bank Fraud Enforcement Harmonization Act of 2022, which establishes a 10-year statute of...
ASU 2021-10: Government Assistance Disclosure Requirement
The COVID-19 pandemic significantly impacted many businesses throughout the country. Fortunately, a lot of assistance was offered to keep business...
Pennsylvania Reduces Corporate Net Income Tax Rate
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. Pennsylvania lawmakers finally reached an agreement this summer to reduce...
New Auditing Standard Reflects Changing Risk Environment
Organizations and companies have been exposed to new and different types of risks over the past several months. Many have tested internal controls...
New Estate Planning Guidance for Electing Late Portability
Although the news has been filled with stories about inflation and rising interest rates, there has been a new change which is good news for many...
New Jersey Governor Signs Fiscal Year 2023 Budget
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. On June 30, 2022, after passage by the State Senate, New Jersey Governor...
Philadelphia Employers to Provide Commuter Benefits
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. In early June, the Philadelphia City Council passed a bill that will soon...
Pennsylvania Voluntary Disclosure Program
Maintaining compliance with state tax laws can be challenging for individuals and businesses, especially those companies that operate across state...
100% Bonus Depreciation Expires in 2022
Are you planning to make a significant capital investment? If so, all businesses, including lessors and lessees, may want to make those purchases...
IRS Raises Interest Rates for Third Quarter of 2022
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. On May 20, 2022, the IRS announced that interest rates on overpayments and...
2022 Employee Retention Credit IRS Penalty Relief
New Jersey and Pennsylvania-area employers hit with IRS penalties over failure to pay income taxes related to the Employee Retention Credit (ERC)...
It’s Not Too Late to Claim the Employee Retention Credit
The economic effects of the COVID-19 pandemic on businesses have primarily passed. The last parcel of federal relief, the American Rescue Plan Act,...
Energy Efficient Home Credit Extended
Angela Lawrence, Paraprofessional at Klatzkin, contributed to this post. The Energy Efficient Home Credit was established by the Energy Policy Act...
IRS Struggles Lead to Suspended Notifications
Dealing with the IRS can be challenging for many businesses and individual taxpayers, and because of this most would prefer not to engage with the...
New Law Increases New Jersey Nonprofit Reporting Threshold
On January 18, 2022, New Jersey Governor Phil Murphy signed bills S844 and S2533, raising the threshold for nonprofit audits from $500,000 to $1M,...
Impact of Key Provisions of COVID-19 Relief on Businesses
Businesses have been on a roller coaster these past two years. In addition to managing the economic fallout from COVID-19, legislators passed dozens...
New Jersey Secure Choice Savings Program
Small businesses are an essential part of New Jersey’s economy, providing needed products and services and creating important employment...
Impact of Key Provisions of COVID-19 Relief on Individual Taxpayers
In the two years since the onset of the COVID-19 outbreak, lawmakers have overhauled the tax landscape due to the economic relief issued to...
UPDATED 2022: 15 Signs That You Might Need a New Accountant
Business owners rely on their accountants to file taxes, provide them with reliable financial advice, and guide them on growing and operating their...
Tax Preparation Checklist for 2022
With 2021 in the rearview mirror, there’s no better time to start thinking about the documents you’ll need to prepare your tax return. It can be a...
The Twelve Days of Taxmas – Health Savings Account Contribution
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Pass-Through Entity Tax
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Net Investment Income Tax Base
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Employee Retention Credit
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Cryptocurrency and the Wash Sale Rule
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Beneficiary Review
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Donate Stock and Repurchase It
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Required Minimum Distribution (RMD) Reminder
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Backdoor Roth IRA Conversion
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Enhanced Meal Deduction
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
The Twelve Days of Taxmas – Expanded Charitable Donation
As Christmas approaches, Klatzkin is putting a twist on a holiday classic. But rather than filling your head with drummers drumming and golden...
IRS Issues Guidance on the Retroactive Termination of the Employee Retention Credit
When the Infrastructure Investment and Jobs Act was signed into law on November 15, 2021, it opened the door for necessary repair and upgrades to...
New Auditor’s Reports Are Coming
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. As auditors prepare for the upcoming year-end of December 31,...
Related Individuals and the Employee Retention Credit
The Employee Retention Credit (ERC), a payroll-based tax credit, has been a boon to local businesses searching for additional funding alternatives...
How Life Events Change Estate Plans
Life happens – and fast. For many of us, before we can even register that it happened, we’ve — Sold a home Received an inheritance Had a new...
Early End to the Employee Retention Credit
On November 5, 2021, the House passed the Infrastructure Investment and Jobs Act (the Act), comprehensive legislation that calls for a $1.2T...
Required Documentation for the Employee Retention Credit
As the financial and operational challenges created by the COVID-19 pandemic begin to subside, many New Jersey and Pennsylvania-area businesses are...
IRS Releases New Requirements for Research Credit Claims
Every year, businesses submit thousands of research and development (R&D) claims to the IRS and state taxing authorities for tax credits in the...
Key Details of the American Families Plan
On April 28, 2021, President Biden formally unveiled the next phase in his planned economic recovery package, the $1.8T American Families...
American Rescue Plan Act Relief Opportunities for Nonprofits
In early March, President Biden signed the American Rescue Plan Act of 2021 (ARPA), the fourth economic relief package passed since the start of the...
What the American Jobs Plan Could Mean for Manufacturers
Much of the attention around the recently announced American Jobs Plan (Plan) has focused on how the federal government intends to pay the massive...
Guidelines for the 2021 Employee Retention Credit
Learn More >> Employee Retention Credit Consulting For New Jersey and Pennsylvania-area businesses substantially affected by COVID-19, the...
IRS Announces Temporary Business Deductions for Food and Beverages from Restaurants
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. On April 8, 2021, the IRS issued Notice 2021-25 in conjunction...
What’s in The American Jobs Plan?
On March 31, 2021, the Biden Administration released an overview of The American Jobs Plan (Plan), which broadly outlines a proposed $2T...
Are Changes in Store for New Jersey Nonprofit Reporting Thresholds?
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. In New Jersey, nonprofit organizations that reach a specific...
Individual Provisions of the American Rescue Plan Act
As the COVID-19 pandemic continues to persist, many families and individuals remain financially challenged. While there is positive pandemic news...
Recent Updates to the Employee Retention Credit
As vaccinations for COVID-19 continue to be administered, businesses throughout New Jersey and Pennsylvania are excited to see certain government...
State Tax Conformity with the CARES Act
The arrival of the COVID-19 pandemic last March sharply impacted both businesses and individuals as significant changes to everyday life were...
New PPP Changes Benefit Small Businesses and Nonprofits
The Paycheck Protection Program (PPP) has provided millions of financial relief to New Jersey and Pennsylvania-area businesses and nonprofit...
PPP Round 2: Determining and Demonstrating Loan Eligibility
This article first appeared on the NetAssets blog on February 4, 2021. Throughout the COVID-19 pandemic, many independent schools have made changes...
Fundraising in the Era of COVID-19
The COVID-19 pandemic has left an indelible impression on American businesses, and nonprofit organizations are no exception. Adapting to the...
Tax Preparation Checklist
Angela Lawrence, Quality Control Coordinator at Klatzkin, contributed to this post. With 2020 now in the rearview mirror, it’s a good time to start...
PPP Loan Accounting Guidance for Business Entities
Linda J. Burke, Paraprofessional at Klatzkin, contributed to this post. Paycheck Protection Program (PPP) loans have been a lifeline for many...
COVID-19 Relief Opportunities for Nonprofit Organizations
The COVID-19 pandemic has created new operational and financial challenges for many businesses, including nonprofit organizations. A recent study...
15 Signs That You Need a New Accountant in 2021
Business owners rely on their accountant to file taxes, provide them with reliable financial advice, and guide them on how to grow and operate their...
SBA Releases Procedural Notice on PPP Loan Increases
The expanded Paycheck Protection Program (PPP) reopened today for lenders with less than $1 billion in assets and will open for all other lenders on...
COVID-19 Relief Bill Expands Business Tax Savings
On December 27, 2020, President Trump delivered a late holiday gift to Princeton, Trenton, and other New Jersey-area businesses when he signed the...
COVID-19 Relief Bill Offers Welcome PPP Changes
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (H.R. 133), which includes providing the second...
2020 Required Minimum Distribution: To Waive or Not To Waive
The 2020 Presidential election has come and gone. We will likely have a new president. The coronavirus is still with us and is threatening to...
Survey Reveals the Impact of COVID-19 on New Jersey Businesses
2020 has been a year of many unwelcome surprises for businesses throughout New Jersey. The initial forced business closures and stay-at-home orders...
IRS Taxpayer Relief Initiative Offers New Payment Options
The COVID-19 pandemic has created challenging circumstances for many businesses across New Jersey. The combination of government orders, fear of...
Important Tax Questions Every Business Owner Should Ask Before Heading Into 2021
2020 has been a humbling year. More than any other year in recent history, we’ve learned that expectations can change on a dime. At the...
Update: Nonprofit Gifts-in-Kind Financial Statement Reporting Rules
We previously blogged about the rule changes coming to nonprofit gifts-in-kind financial statement reporting. Today, we’re able to offer an update...
Accounting for PPP Loans and PPP Loan Forgiveness
How should businesses record Paycheck Protection Program (PPP) loans on their Balance Sheets? The answer to this question is not as binary as...
2020 Presidential Candidate Tax Visions
The 2020 presidential election is seven weeks away, and the country is still grappling with the fallout from COVID-19. While the U.S. continues to...
IRS Processing Delays Puzzle Taxpayers
* Update – August 25, 2020: The IRS has temporarily suspended the mailing of three notices to taxpayers who have a balance due on their taxes....
Nonprofit State Registrations: Recent Changes in Pennsylvania and New Jersey
Due to the COVID-19 pandemic, some recent changes have been made to the procedures that nonprofit organizations follow to register with their...
Interest Rates to Stay the Same for Third Quarter of 2025
In May 2025, the IRS announced that interest rates will remain the same for the third quarter of 2025, which begins July 1, 2025. The rates will...