Bruno DiBello & Co., L.L.C., Totowa, NJ (2026)

11/20/2019

Bridging the gap between budgeting and risk management

At many companies, a wide gulf exists between budgeting and risk management. There are several general types of threats to assess as you draw up next year’s budget. First, think about competitive risks. You may need to spend more on marketing and advertising to compete against a tough rival, or you could be able to channel more dollars into production if you’re in a strong market position. Also identify compliance risks. How will regulatory rules change next year and what will be the impact on your budget? Last, consider internal risks. Arguably the biggest of these is fraud, but also look into hiring, training and technology costs. Let us help you with the process from start to finish.

09/26/2019

The 2017 New Jersey homestead benefit deadline is Dec. 2. According to the NJ Division of Taxation, NJ residents are eligible for the benefit if 1) they owned and occupied a home in NJ that was used as a principal residence on Oct. 1, 2017; 2) the 2017 property taxes were paid on that home; and 3) 2017 NJ gross income wasn’t more than a) $150,000 for homeowners 65 or older or blind or disabled or b) $75,000 for homeowners under 65 and not blind or disabled. Property owners aren’t eligible for a benefit for a vacation home, a second home or a property rented to someone else. Learn more about the eligibility requirements: http://bit.ly/2kNhww2

09/26/2019

The 2017 New Jersey homestead benefit deadline is Dec. 2. According to the NJ Division of Taxation, NJ residents are eligible for the benefit if 1) they owned and occupied a home in NJ that was used as a principal residence on Oct. 1, 2017; 2) the 2017 property taxes were paid on that home; and 3) 2017 NJ gross income wasn’t more than a) $150,000 for homeowners 65 or older or blind or disabled or b) $75,000 for homeowners under 65 and not blind or disabled. Property owners aren’t eligible for a benefit for a vacation home, a second home or a property rented to someone else. Learn more about the eligibility requirements: http://bit.ly/2kNhww2

09/18/2019

How to research a business customer’s creditworthiness

Extending credit to business customers can be an effective way to establish goodwill and nurture long-term buyers. But customer credit also brings financial risks. For this reason, it’s critical to thoroughly research a customer’s creditworthiness. Start by contacting the potential customer’s trade references to get background on its payment history. Also check its banking info to ascertain financial stability. Order a credit report to obtain its business credit score. To glean some insights beyond dollars and cents, explore traditional media (newspapers, magazines, trade publications) and social media to get a better sense of the company. Contact us for additional tips.

09/18/2019

For best results, start your strategic planning early

Although it’s probably too early to start chilling a bottle of bubbly for New Year’s Eve, it’s not too early for business owners to start their strategic planning for next year. Begin with your financial statements. They’ll tell you whether to be strategically ambitious or cautious. Calculate key performance indicators such as gross profit and current ratio. Also look at certain areas of your company, including human resources, sales and marketing, and production and operations. High turnover, slumping sales or too many dissatisfied customers is each a red flag that should shape strategic goals for the year ahead. We can help you crunch the numbers and put together a solid plan.

08/30/2019

The use of a company car is a valuable fringe benefit for business owners and key employees. This perk results in tax deductions for the employer and tax breaks for the owners and employees using the cars. (And of course, they get the nontax benefits of driving the cars!) For tax deduction purposes, a business will treat the car much the same way it would any other business asset. Providing an auto for an owner or key employee comes with complications and paperwork. Personal use will have to be tracked and valued under the fringe benefit tax rules and treated as income. We can help you stay in compliance with the rules and explain more about this prized perk.

08/28/2019

A new law affects the refund of New Jersey property taxes. In the case of a refund, the taxing district must now pay interest calculated at an annual rate of either 5% or 1% above the prime rate, whichever is less. The law also requires that, for a nonresidential property, the municipality refund these excess taxes within three years. An exception: If the dollar amount of the recovery is below $100,000, the excess taxes paid and interest must be paid within 60 days of the final judgment. The new rules are in effect for appeals filed after Aug. 9, 2019. (L. 2019, A2004)

08/28/2019

More businesses are accepting bitcoin and other virtual currency payments, and the IRS is taking notice. The agency just announced it is sending letters to taxpayers who potentially failed to report income and pay tax on virtual currency transactions or didn’t report them properly. The letters urge taxpayers to review their tax filings and, if appropriate, amend past returns to pay back taxes, interest and penalties. By the end of August, more than 10,000 taxpayers will receive these letters. The names of the taxpayers were obtained through IRS compliance efforts. Contact us if you have questions about virtual currency or if you receive a letter from the IRS about possible noncompliance.

08/27/2019

Attention out-of-state employers with New Jersey employees: You have the same filing requirements as in-state businesses regarding NJ’s health insurance mandate. You must file Form 1095 for each NJ resident you employ. Insurers, government agencies, multiemployer plans, and all others responsible for reporting “minimum essential coverage” to NJ residents also must file the required information with the state. Third-party reporting to verify health coverage info supplied by individual income tax payers is mandatory. Employers and all other providers of the minimum essential coverage must file health-care coverage returns for 2019 by March 31, 2020. Learn more at http://bit.ly/2T3zOWq.

Bruno DiBello & Co., L.L.C.

11/20/2019

09/26/2019

09/26/2019

09/18/2019

09/18/2019

08/30/2019

08/28/2019

08/28/2019

08/27/2019

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