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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After contributing through payroll and self-employment taxes for decades of work, many Social Security beneficiaries are astonished when they learn that their benefits may be subject to federal and sometimes state income taxes. When benefits were first paid in 1940, they were explicitly and completely excluded from federal taxable income. However, in the 1970s and in the midst of Social Security’s first funding crisis, it became necessary to contemplate some changes. The National Commission on Social Security, chaired by Alan Greenspan, recommended taxing 50% of Social Security benefits. Congress did not like the thought of taxing low-income retirees. In 1983, Congress passed and President Reagan signed into law legislation which would potentially require up to 50% of Social Security benefits to be included in taxable income. As you will see in this article, some low-income taxpayers can exclude some, and in certain cases, all their benefits from taxable income. 
There are reports all over the news that some taxpayers are disappointed with the size of their federal tax refunds. Since we have a pay as you go tax system, each year we estimate the taxes we are going to owe on our income and either pay estimated taxes or have withheld the appropriate amount of taxes so that when we file our returns, we’ve come close to the tax liability. If we overestimate what will be owed, we get a refund; if we underestimate we get a bill for the remaining taxes due and possibly interest and penalty on the deficiency. 
Late last month, Governor Phil Murphy passed legislation calling for the gradual increase of the state’s minimum wage from $8.85 per hour as of January 1, 2019, to $15.00 per hour by January 1, 2024. The first jump in hourly minimums is set to take effect this July, when minimum wages paid by most business owners will rise to $10.00 per hour. There are a number of considerations that small business owners and employees alike must take into account with the newly-passed legislation, but we have summarized the most significant takeaways below: 
For 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. 
In an effort to stabilize the individual health insurance marketplace, New Jersey lawmakers enacted legislation that became effective January 1, 2019. The new legislation did not change any of the provisions of the Affordable Care Act (ACA) but reaffirmed the aspects of the Act that have been questioned or altered on the Federal level. 
Every year some of our clients go through a mad rush getting the information needed to file 1099s timely and correctly. How does one stop this madness? A Form W-9 should be obtained from the vendor BEFORE any payments are issued. W-9s can be more easily obtained while the vendor is awaiting approval, when the vendor has more incentive to cooperate than after payment has been made. 
Get Ready for Taxes!
Chairman 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.
Jeff 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.
The best Christmas present for your accountant is organized records. Follow these simple steps and you’ll feel the love all the way through 2019. Use Quickbooks to help: