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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.

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.

The shortage of accountants and CPAs is becoming everyone’s responsibility. The problem will continue to grow unless critical changes are made. We are engaging with lawmakers who can help us pass legislation as soon as possible — before this crisis gets any worse.

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.

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.