We are proud to announce that BKC, CPAs, PC has again been named one of the 2024 Best Places to Work in New Jersey by NJBIZ!  NJBIZ Best Places to Work in NJ is an awards program dedicated to identifying and recognizing the state’s best employers and providing organizations with valuable employee feedback.  The selection Read More ..read more

BKC donated over 60 backpacks, with school supplies, to help support the Tools4School program through the United Way of Hunterdon County. The program provides more than 700 Hunterdon County children in need with the supplies they need to go back to school and learn.    More information at https://www.uwhunterdon.org/our-programs/tools-4-school-back-to-school. Read more news and alerts on our Read More ..read more

NJ employers with 25 or more employees who have been in business for two or more years are required to register for the RetireReady NJ retirement savings program if they don’t already offer a qualified retirement savings plan to their employees. The RetireReady NJ Program was created by the New Jersey Secure Choice Savings Act. Read More ..read more

On June 28, 2024, Governor Murphy signed the Fiscal Year 2025 Budget. A few highlights in the $56.7 billion budget include: Corporate Transit Fee (CTF) which is a 2.5% tax on corporations with over $10 Million in profits. This new tax is retroactive to January 1, 2024 and is intended to provide funding for NJ Transit. The CTF does not apply to NJ S Corporations and is set to expire on December 31, 2028. Provides for over $200 Million in funding for the StayNJ Property Tax Relief Program. The StayNJ Program is scheduled to begin on January 1, 2026 and intended to make NJ more affordable for se ..read more

The New Jersey sales and use tax exemption for zero emission vehicles is phased out beginning October 1, 2024. Specifically, the exemption currently provided for sales of zero emission vehicles is phased out as follows: a tax is imposed at the rate of 3.3125% on sales of zero emission vehicles from October 1, 2024, but before July 1, 2025; and beginning July 1, 2025, a tax is imposed at the statutory rate set forth in C.54:32B-3, which is currently 6.625%. In addition, the annual sales tax holiday for certain retail sales of computers, school computer supplies, school supplies, school instru ..read more

The White House on March 11 released President Biden’s fiscal year 2025 budget proposal, followed by the U.S Treasury’s release of the General Explanations of the Administrations Fiscal Year 2025 Revenue Proposals, commonly known as the Green Book, which includes a 256-page explanation of the administration’s tax proposals.   There were few surprises in the budget proposal, which hews closely to the administration’s themes of promoting tax fairness, raising tax rates for large corporations and high-net-worth individuals, and cracking down on tax avoidance by large multinationals that ..read more

BKC was awarded by the Hunterdon County Chamber of Commerce the 2024 Hunterdon County Business of the Year!  BKC Shareholders Michael Holk, Joseph Carducci, Joseph Hodakowski & Diane Testa pictures below with Hunterdon County Chamber of Commerce Board Members presenting the award ..read more

BKC, CPAs, PC is pleased to announce that effective January 1, 2024, Diane C. Testa, CPA became a shareholder in the firm. Diane has worked for BKC, CPAs, PC for over 17 years.  She regularly performs tax planning, preparation and financial reporting for organizations and individuals, and provides impeccable service and leadership to our clients and staff alike.  She maintains a specialized focus in the non-profit sector in performing assurance services including yellow book and single audit compliance and tax services including Form 990, 990-T and multi-state charities reporting. Di ..read more

On Monday, February 12, 2024, the Department of the Treasury’s Division of Taxation began mailing applications for the 2023 Senior Freeze Property Tax Reimbursement program, which has been significantly expanded for the 2023 filing season to increase the income eligibility limit substantially and simplify residency requirement for new applicants.  The deadline to file 2023 applications is October 31, 2024. Learn more and review eligibility requirement at https://www.nj.gov/treasury/news/2024/02122024.shtml Contact us with questions, and learn more about our Tax Planning & Compliance s ..read more

Effective January 1, 2024, U.S. any foreign entities doing business in the U.S. may be required to disclose information regarding their beneficial owners to the U.S. Department of Treasury’s Financial Crimes Enforcement Network (FinCEN). This requirement is being implemented under the beneficial ownership information (BOI) reporting provisions of the Corporate Transparency Act (CTA) passed by Congress in 2021. Who is Impacted? Companies are required to report BOI information only when they meet the definition of a “reporting company” and do not qualify for an exemption. A domestic reporting co ..read more