A Message Regarding COVID-19

A Message Regarding COVID-19

Valued Clients and Friends,

Our office is still considered to be open in this uncertain time but, in the event of any office closures mandated by the federal or state government, we would like you to know that we have the technological capabilities to work remotely to continue to meet your tax and accounting needs.

We will continue to monitor the recommended measures from the Center for Disease Control and our state and local governments. We have been working closely with our team members about how to properly practice respiratory etiquette & hand hygiene. Anyone not feeling well is encouraged to stay home. To protect everyone’s health our team members are also trying to limit client interactions within the office during this time.

We encourage you, our clients, to submit your information to us in the following ways, when possible.

  • Our secure file exchange (tax portal) located on our website. Instructions to register for the portal can be obtained by emailing your accountant.
  • Our share safe file exchange, now located at the bottom of your accountants email. This link will allow you directly upload files us in a secure setting. We also will be able to send you information / returns / work product back via the same method. If you do not have the link please email your accountant.
  • US mail, UPS, Fedex, etc.

We feel that it is our obligation to protect the health and welfare of you, our staff and our families. We would like to thank you, in advance, for your cooperation and understanding as we navigate this pandemic together.


Celebrating Anniversaries

In recent months, we at Capaldi Reynolds & Pelosi, P.A., welcomed new staff, Brian Dziobak, Chris Hill, Janice Swank, Craig Mortensen, Joanna Muller and Patrice Girard to our team.  We pride ourselves on providing an enriching, balanced work life for our staff to thrive.  The best example of our success, our shining moment, is to acknowledge staff who are celebrating anniversaries with our firm.

Capaldi Reynolds & Pelosi staff we are celebrating this year:

Lois Fried, Partner, celebrating 35 years; John Moller, Partner, 25 years; Michael Reynolds, Partner, 20 years; Denise Burcaw, Admin Supervisor, 15 years; Szu-Lun (Allen) Hsu, Principal, 15 years; Viktoryia Olunina, Principal, 10 years; Marta Criales, Senior Accountant, 5 years; Frederick Crum, Senior Accountant, 5 years; Quinn Do, Senior Accountant, 5 years; Clayton Himstedt, Principal, 5 years; Gabriela Lara, Senior Accountant, 5 years; Anna Marie Donohue, Senior Admin Assistant, 5 years; Richard Pollard, Senior Principal, 5 Years; Larry Horowitz, Senior Principal, 5 years.

Our sister firm, CRA Financial Services, LLC is celebrating the anniversaries of Donna Savastani, Chief Compliance Officer, 10 years and Patricia Sandland, Client Services Personnel, 10 years.

We wish you all continued success!

In Memoriam: Therese M. Connell

Therese ConnellIt is with great sadness that we advise our readers of the passing of one of the firm’s partners Therese M. Connell, CPA (Tese) at the age of sixty five, after a lengthy illness.

When we think of and remember Tese in both her personal and professional life, the words that best describe her are “role model”.  Her commitment to honesty, integrity, fair dealing and client service combined with her passion for technical excellence made her not only a role model but a CPA’s CPA.  Tese was recognized throughout Southern New Jersey as an expert in the fields of estate planning, estate and trust taxation, gifting, and estate administration.  She routinely worked with area attorneys in the development and implementation of cutting edge estate planning and asset protection planning.

Tese was also a teacher and mentor who devoted countless hours to the education and training of the members of our firm, with her legacy being a group of professionals within our firm who are well prepared to serve our clients in her areas of specialization.

Please keep Tese and her family in your thoughts and prayers.

The Very Basics of Blockchain


Blockchain is the technology that makes Bitcoin possible and it has been around the edge of my consciousness since Bitcoin came on the scene about ten years ago, but I never really wanted to know more about what it is and how it works until the most recent lettuce recall when experts opined that Blockchain could have identified the source of the contamination and kept lettuce in our stores. How do we get from Bitcoin to lettuce with the same technology? I asked a lot of my very bright friends, many of whom are involved professionally with computers, and not one knew more than I did. So after a trip to the library (where only one book was helpful) and a few Google searches, Ihave a simplistic overview that I can share with you.
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Capaldi Reynolds & Pelosi Partners and Employees Go Red for Women

Go Red for WoFor ten years, Capaldi Reynolds & Pelosi partners and employees have been “Going Red for Women” and the American Heart Association (AHA) to help bring awareness to women and heart disease. According to the AHA, cardiovascular disease (CVD) and stroke are the No. 1 cause of death in American women, claiming nearly 400,000 lives each year, or about one death each minute. CVD kills approximately the same number of women each year as all forms of cancer, chronic lower respiratory disease and diabetes combined.
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Celebrating Anniversaries at Capaldi Reynolds and Pelosi

Robert ReynoldsChairman Bob Reynolds is celebrating sixty years in the profession, many of them at the helm of the Firm that bears his name. He has specialized in complex tax issues, business planning, and wealth creation. Bob remains a mentor to the many professionals he has brought into the Firm, although he will be scaling back his hours a bit.

Jeffrey WilsonJeff Wilson, a partner at CRP, has now been with the Firm for twenty years. Jeff’s specialties are accounting and auditing and tax planning and preparation. Jeff is also the chair of the very successful United Way campaign at the Firm.

Cannabis Business Income Taxes

cannabis taxes

Generally income tax returns are constructed to report business income, and then subtract cost of sales (the cost of producing or purchasing the product being sold) and the expenses of carrying on the business (things like employee wages, rent, and office supplies). There is an overriding provision for businesses that sell cannabis, however. Even though cannabis is legal in certain states, Section 280E of the federal income tax code states that no deduction is allowed for an amount paid or incurred in carrying on a business if the business consists of trafficking in controlled substances. Since marijuana is on the list of controlled substances, no deductions can be taken for the costs of carrying on the business of marijuana sales. Because of this, income tax represents a significant cost for these businesses.
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New Jersey Cannabis Law Update

New Jersey cannabis lawDespite approval of three cannabis bills, including adult use legalization, following a four hour hearing held before the joint session of the New Jersey Senate and Assembly Budget and Appropriation Committees on November 26, 2018, it appears unlikely that marijuana legislation will be voted upon in 2018. December 17, 2018 is the latest voting day of the legislative year and work still remains on gaining consensus on key issues in the bills including the tax rate, expungements and whether the proposed Cannabis Regulatory Commission would be a full-time commission. Work also remains in ensuring the number of votes needed for passage.
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Mandatory Paid Sick Leave Enacted in New Jersey

paid sick leaveBeginning on October 29, 2018 employees in New Jersey may earn up to 40 hours of paid sick leave per year. A benefit year can be defined by the employer and cannot be changed without the approval of the Department of Labor. All New Jersey employers, except governments, are subject to this law. Employers who already have policies in place should confirm that they are in compliance with the new law.
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New Status for Therese Connell

Therese Connell

Therese Connell, one of the firm’s Partners and Director of its Estate and Trust department, marks 25 years with the firm this year. She has decided to move to part-time status at Capaldi Reynolds & Pelosi effective August 31, 2018.

Therese has served in her current role since 1999, where she has been integral in managing firm software and internal processes. She joined the Firm in 1993, after working in another local accounting firm. Therese graduated from Immaculata College with a degree in Home Economics.

During her tenure with the firm, she developed the estate and trust work of the Firm into one of its key divisions. Therese is a mentor to a number of the Firm’s professionals and a trusted advisor to many of the Firm’s clients and business partners. She also plays a critical role in helping the Firm develop and maintain its information technology systems as well as relationships with tax and information systems vendors.

“In the 25 years of her tenure with Capaldi Reynolds & Pelosi, Tese has attained the status as one of the area’s premier experts in her field. Her incredible knowledge base, dedication to excellence, and service philosophy have really made an impact,” said Donna Buzby, one of the Managing Partners of Capaldi Reynolds & Pelosi. “Tese is an inspiration to everyone here, and I hope she continues to work with us for many years.”

Contact Us

332 Tilton Road
Northfield, NJ 08225
phone: (609)641-4000
email: info@capaldireynolds.com

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