Search Results for: NJCPA

Many Paid More in Federal Taxes This Tax Season: NJCPA Survey

In a New Jersey Society of Certified Public Accountants’ (NJCPA) survey of more than 500 CPAs taken after tax season in April, an average of 36% of their clients paid more in federal taxes in 2018.

The NJCPA conducted the survey to determine the impact of the Tax Cuts and Jobs Act (TCJA) on individual and family clients’ federal tax liability this tax season. Nearly 60% of respondents said that the TCJA either “definitely” or “somewhat” increased the number of clients that they would advise to leave the state. The TCJA’s cap on state and local tax (SALT) deductions has led many taxpayers to consider selling property or leaving the state.

More than 75% of respondents noted that this tax season was worse than prior years, with 34% noting that it was the “worst tax season ever.” Additionally, nearly 30% of the CPAs surveyed said they counseled “most” of their clients to adjust their withholdings in 2019 based on their 2018 tax returns, while 24% said they counseled “almost all” of their clients to adjust.

“Surveys like these show the value that CPAs bring to the table and the importance of tax consequences on individuals and corporations,” says Ralph Albert Thomas, CEO and executive director of the NJCPA. “New Jersey is high-tax state, and our residents did not benefit nearly as much from the tax reform package as many other states. We need to work together on both the federal and state levels to improve the tax inequities so that individuals and companies will stay in New Jersey and thrive.”

NJCPA Members Appointed to State Board of Accountancy

The New Jersey Society of Certified Public Accountants (NJCPA) is pleased to announce that three of its members were recently appointed to the New Jersey State Board of Accountancy: Allison Dunko of Murphy, Miller & Baglieri, Joan E. Paciga of KPMG and Keith Balla of O’Connor Davies.

Additional appointments include a pair of public board members. They include Eileen Poiani, Ph.D., and Maria Vallejo.

All appointees to the state board are made by the governor of New Jersey.

NJCPA Announces Its “30 Under 30”

The New Jersey Society of CPAs (NJCPA) has announced its prestigious “30 Under 30” list. These 30 accounting professionals and NJCPA members were selected based on a combination of Society participation, accounting profession involvement and community service dedication.

“I was beyond excited to learn that I was part of the NJCPA 30 Under 30. Being recognized is a wonderful feeling,” says Lauryn M. Hanrahan, XO Group, Inc. “And it’s really important to acknowledge young CPAs because they’re the driving force behind future growth in the profession.”

“These practitioners have had a major impact in a relatively short period of time,” says Ralph Albert Thomas, NJCPA CEO. “And it’s a wonderfully diverse group. They come from different backgrounds, parts of the state and types of companies. We look forward to watching their careers soar through the years.”

The honorees will be featured in the September/October issue of New Jersey CPA magazine, acknowledged in social media and at the Society’s Career Development Conference Nov. 4 in Iselin. To view the entire 30 Under 30 list, please visit www.njcpa.org/30under30.

New Jersey Society of CPAs Names New COO

Theresa Hinton

Theresa Hinton has been named COO of the New Jersey Society of CPAs (NJCPA), replacing the retired Ellen McSherry.

Hinton’s long history with the NJCPA includes the past nine years heading up member engagement and chapter relations, as well as acting as interim director of continuing professional education. She had previously managed the organization’s membership development and chapter relations, and helped direct operations.

“We congratulate both Ellen on her retirement and Theresa on taking the reins as COO,” says NJCPA CEO and executive director Ralph Albert Thomas. “We thank Ellen for her dedication and commitment, and we are confident Theresa is well suited for the role. She brings a wealth of knowledge to the position.”

More news from the NJCPA

New Jersey Society of CPAs Announces 2020-21 Board of Trustees

The New Jersey Society of Certified Public Accountants (NJCPA) has appointed the following professionals to its board of trustees:

  • President: Alan Sobel, SobelCo
  • President-Elect: Harry P. Wills III, Bowman & Company
  • Secretary: Jordan Amin, EisnerAmper
  • Treasurer: Carol Donatiello Iocca, WilkinGuttenplan
  • Immediate Past President: Kyle M. Sell, Deloitte & Touche
  • CEO and Executive Director: Ralph Albert Thomas, NJCPA

“New Jersey can benefit greatly by the collective wisdom, ideas and intellect of our CPA community,” says Sobel. “CPAs work tirelessly to ensure all kinds of businesses receive fair tax and economic advantages.”

In addition, the following individuals have been appointed as NJCPA trustees for the 2020-21 term:

  • Dennis Bartlett, Cullari Carrico
  • Michael J. Coletti, Mazars USA
  • Isabel Del Corral, McIntee Fusaro Del Corral
  • Joanne Geylin, EisnerAmper
  • Jesse M. Herschbein, Prager Metis
  • Noorus Khan, Smolin Lupin & Co.
  • Jason Lauretta, ADP
  • Justin D. O’Horo, Withum
  • Kathleen F. Powers, Matheny Medical and Educational Center
  • Michael A. Stillitano, Hapag-Lloyd
  • Christopher Stoop, EisnerAmper
  • June Toth, ZBT Certified Public Accounting & Consulting

More news from the NJCPA

Businesses Need a Reopening Timeline: New Jersey Society of CPAs Survey

Citing a need for lawmakers to pivot to a business-focused strategy to begin the recovery process, 65% of respondents in a recent survey of 305 members by the New Jersey Society of CPAs (NJCPA) said a timeline of how and when businesses can reopen will help small businesses more than other forms of economic relief, such as deferring tax payments or extending deadlines.

Survey participants believe 39% of their business clients will recover to pre-crisis levels in six to 12 months once the stay-at-home restrictions begin to be lifted, while 34% of clients will need more than a year to recover and 12% of clients will not recover and will most likely go out of business. Accounting firms also expect to share in the pain, with 40% of survey participants expecting their firms’ revenue to decrease by 11%-25% during the pandemic. Even so, half of respondents’ firms have so far made no changes to the staffing levels.

“This survey shows that business owners need a comprehensive and specific plan for reopening the state, a clear statewide strategy that’s coordinated with medical experts and New Jersey’s business community,” says NJCPA executive director and CEO Ralph Albert Thomas. “The state’s businesses are counting on the administration, the Restart and Recovery Commission and the Restart and Advisory Council to deliver an effective plan of action. We offer our assistance in meeting the multitude of challenges ahead.”

New Jersey CPAs Agree U.S. Student Loan Debt is Financial Crisis

More than 80% of 623 CPAs polled in June by the New Jersey Society of Certified Public Accountants (NJCPA) said they either “strongly agreed” or “somewhat agreed” that student loan debt at $1.6 trillion in the United States is a financial crisis.

More than 75% of respondents considered student loan debt in New Jersey to be a “major problem.”

Poll respondents said their clients have put off major life decisions and purchases due to their high student loan debt. Of the nearly 270 respondents who said they knew someone who delayed this kind of decision or purchase, 80% said they put off buying a home and an almost equal number said they chose not to save for retirement. More than 65% put off saving for emergencies, while 42% put off getting married and 39% delayed having children.

Suggested solutions:

  • Federal and state governments limit public college price increases – Schools, for example, should have to publicly report the amount of funds on hand and used for infrastructure each year as excess funds should be used to lower tuition. Respondents also recommended limiting tuition percentage annual increases for any institution for which students use student loans to attend.
  • Companies help reduce student loan debt – Companies can offer employees bonuses to pay their student loan obligations. The federal government could also give a tax deduction to an employer who offers to pay off part of an employee’s student loan debt up to a limit of their 401(k).

“The poll is a telling sign that student loan debt is a major problem in the United States. New Jersey’s legislature needs to recognize this and welcome programs and initiatives to shrink student loan debt, particularly if they want young professionals to remain in the state,” says Ralph Albert Thomas, CEO and executive director at NJCPA.

More news from the New Jersey CPAs

New Jersey Society of CPAs Moves to New Office

The New Jersey Society of Certified Public Accountants (NJCPA) has moved its office to another location in Roseland, at 105 Eisenhower Parkway, Suite 300.

The move provides a larger and more technologically advanced educational learning center for continuing professional education classes, streaming capabilities for meetings, webinars and seminars, and a more modern facility for networking and social gatherings.

“We welcome all of our members and nonmembers alike to come visit our new location, take a class, meet some colleagues and engage with our staff,” says Ralph Albert Thomas, CEO and executive director, NJCPA. To see photos of the new location, visit njcpa.org/move.

More news from the New Jersey Society of CPAs

New Jersey Society of CPAs Names Deloitte’s Kyle Sell President

Kyle Sell

The New Jersey Society of Certified Public Accountants (NJCPA) has named Kyle Sell, audit and assurance partner at Deloitte & Touche LLP in Parsippany, N.J., president for the 2019/2020 term.

Since joining the NJCPA in 2004, Sell has served on numerous committees and interest groups. From interviewing NJCPA scholarship candidates interested in the accounting profession to teaching at his alma mater, Lafayette College, he knows first-hand how to inform the next generation about the benefits of becoming a CPA. As president, he will focus on engaging more young professionals as well as work to ensure the accounting field remains open and diverse to all.

“Taking on the role of president seems to be a natural fit for Kyle, whose dedication to the next generation and to furthering the profession are truly commendable,” says Ralph Albert Thomas, executive director at the NJCPA. He succeeds Sarah Krom, MP of SKC & Co. CPAs, in Boonton Township, N.J., who served as president for the 2018/2019 year.

More news from the New Jersey Society of Certified Public Accountants

New Jersey CPAs Say Minimum Wage Should Be Raised, But Not to $15

More than 55% of the 1,204 New Jersey CPAs surveyed earlier this month by the New Jersey Society of CPAs support raising the state’s minimum wage from the current $8.60 per hour, or $8.85 starting Jan. 1.

However, if the minimum wage were raised to $15 an hour – even over a period of years – 63% of those surveyed said it would hurt the state’s economy.

The majority of those surveyed supported a minimum wage hike even without exemptions for seasonal or teenage workers. Nearly 50% of survey respondents said such exemptions would not affect their opinion. Yet, 32% said they would be more likely to support a gradual minimum wage hike to $15 with the exemptions included.

Gov. Phil Murphy is in favor of having a $15 minimum wage in the state without any exemptions, but opponents and others have supported the exemptions to get more widespread acceptance of the full hike. New Jersey’s current minimum wage also excludes employees who are tipped, student workers and other exempt occupations.

Raising the minimum wage will have an inflationary impact, causing ripple effects which will impact consumers, and ultimately drive businesses out of New Jersey, say respondents, according to NJCPA. As one commented, raising the minimum wage is “nothing more than a short-term stop gap…It’s a false front for the politicians, not a true economic creator or benefit.”

Any wage hike should also be indexed to reflect the difference in cost of living in various New Jersey communities, according to respondents. Several cited the need for the wages to remain below $15, though increased from its current level, as it is a minimum wage designed for entry-level workers and not a living wage to support a family.