NJCPA Focus

NJCPA Focus is an informative blog that discusses timely issues, trends and developments in the accounting industry from NJCPA members, staff and other professionals. 

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    Using AI for an R&D Study?

    Posted: February 24, 2025
    There are common, routine, non-technical tasks that artificial intelligence (AI) can help with in CPA practices, but with complex tax matters, such as research and development (R&D) and the Employee Retention Credit (ERC), AI tends to lack the necessary human judgment.
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    The Overlooked Step: Understanding the Importance of Internal Controls

    Posted: February 7, 2025
    Accountants and CPAs must advocate for internal controls not only as a best practice but as a critical component of financial systems. Internal controls are not just technical tools — they are essential safeguards that protect organizations from financial risks
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    It’s Time to Modernize the Painfully Obsolete $150,000 PAL Threshold

    Posted: February 5, 2025
    Every CPA who handles real estate clients is familiar with the $150,000 passive activity loss (PAL) limitation. Part of our role is to warn clients just how quickly a teacher-and-firefighter household, or two average professionals, can lose these crucial tax benefits.
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    5 Tactics Used by Highly Effective Leaders in the Heat of Busy Season Battles

    Posted: February 4, 2025
    Like elite sports teams and military units, high-performing accounting firms hold their composure during times of duress. Firms with a strong culture and governance model are particularly well equipped to handle “battlefield” conditions.
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    3 Best Practices for Budgeting Success

    Posted: January 24, 2025
    For accountants, helping businesses navigate budgeting effectively is not just about balancing numbers — it’s about enabling them to achieve their financial and operational goals and make informed decisions.
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    How New Jersey Residents Can Avoid Double Taxation on New York and Pennsylvania Income

    Posted: January 17, 2025
    Multi-state taxation can significantly affect a taxpayer’s finances, but proactive planning can help minimize its impact. CPAs need to be aware that accurately filing Form NJ-COJ ensures that individuals receive the full credit for taxes paid to other jurisdictions, preventing double taxation.
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    Understanding and Choosing the Best IRA

    Posted: January 9, 2025
    IRAs are essential components of a well-rounded retirement plan, offering tax advantages and opportunities for long-term growth. The decision to choose a traditional IRA, Roth IRA or implement a backdoor Roth strategy depends on each person’s unique financial situation.
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We welcome interest in writing for NJCPA Focus. Please refer to the following guidelines in writing a blog post:

  • Have no more than 400 words in length.
  • Use bullet points/tips/recommendations, when possible.
  • Link to an objective or independent report or article, if available.
  • Do not sell a product or service.

To submit a blog post for consideration, contact Kathleen Hoffelder, content editor at NJCPA, via email. All posts will be entered by NJCPA staff and reposted on social media.