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Tuesday, October 20, 2020 WebcastMorris/Sussex Chapter

Morris/Sussex Chapter Practitioners' Forum: Review of 2019 Tax Season/Tax Basis Financials (E2010419)

8:00 AM - 9:00 AM EDT



This Practitioners' Forum will take place virtually on Zoom. To receive login instructions, please register for the meeting. You will receive the information via email.

Join the Morris/Sussex Chapter for an open but guided discussion on issues affecting practitioners. Gain insights from fellow CPAs and learn new resources to take back to your practice. This meeting is open to CPAs of all firm sizes and industries.


Discussion of 2019 Tax Season
COVID-19 upended the 2019 tax filing. Deadlines for individuals and certain other tax filings were extended. The IRS shut down field offices, accumulating a backlog of millions of unprocessed paper tax filings. The CARES Act temporarily increased loss limitations, carrybacks and other items enacted in 2017.
The first part of the forum will be a discussion of this extraordinary tax season. Best practices will be discussed as well as how to manage expectations as the IRS and other agencies work to recover from the effects of COVID-19.
Nicole DeRosa, Senior Tax Manager at Wiss & Company LLP, will lead the discussion.

Tax Basis Financial Statements Lenders frequently request “tax basis” financial statements. At first look, it seems redundant since a balance sheet and other income statements are generally included in a company’s tax return. June Toth will review tax basis financial statements and requirements of the Statements on Standards for Accounting and Review Standards (SSARSs) of the AICPA.
June is a Peer Reviewer for public accounting firms and the managing member of ZBT Certified Public Accounting & Consulting.




Nicole DeRosa

Nicole M. DeRosa, CPA

Senior Tax Manager

Wiss & Company, LLP

Nicole DeRosa is a senior tax manager with Wiss & Company, LLP and has more than 12 years of public accounting experience, specializing in taxation for closely held businesses and individuals. In addition to working with clients in an array of industries, she was also an adjunct professor at Raritan Valley Community College where she taught Tax Accounting for Individuals for four years. Nicole is a member of the NJCPA and is the leader of the Emerging Leaders Council. She is also active on the Content Advisory Board, Federal Taxation Interest Group and Emerging Leaders Interest Group. In 2015, she was awarded “30 Under 30” by the NJCPA, which recognizes young professionals who are making a name for themselves in the New Jersey accounting landscape. In 2019 she was awarded the “Women to Watch” Ovation Award which applauds the growth and success of female members for their leadership, potential, contributions and commitment to fostering the success of their colleagues. Most recently, Nicole was named to the 2020 edition of NJ BIZ’s Power 50 List which accounts for the most influential men and women in the accounting profession that helps to keep the states’ business on track. In Nicole’s spare time, she teaches Zumba Fitness and is active in various charitable organizations, such as St. Jude's and the American Heart Association. She is a graduate of Fairleigh Dickinson University, with degrees in Accountancy and Master of Science in Accountancy.

June Toth

June M. Toth, CPA, CFF, CITP, CGMA

Managing Member

ZBT Certified Public Accounting & Consulting, LLC

June M. Toth, CPA, CFF, CITP is the managing member of ZBT Certified Public Accounting & Consulting, LLC in Clark, NJ. June has over 20 years of experience in public accounting. Services she performs include forensic and litigation engagements for contested estates, shareholder disputes, preparation of economic damage reports, and expert witness testimony, individual and business taxation (multistate), estate/fiduciary accounting/taxation, nonprofit information returns, management consulting, litigation support/forensic accounting, compilations, reviews, and audits. Ms. Toth enhances her technical knowledge by active participation in NJCPA interest groups as well as performing Peer Reviews and inspections/engagement quality reviews for other CPA firms.

June is a NJ licensed CPA and received her CFF designation. She is also Certified Part 36 in NY. June is a frequent lecturer presenting on various topics to groups throughout NJ. She is a member of both the AICPA and NJCPA where she is active on various technical groups. Her clients include franchises, service and wholesale industries, multistate entities, nonprofits, estates/guardianships and litigation support/forensic accounting.

She holds a B.S. in Accounting from Rutgers University where she graduated Summa Cum Laude.


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