BFS CPA Firm

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BFS CPA firm provides high quality tax and accounting professional & personalized services throughout the New Jersey area.

Blessing Financial Services, LLC, located in Bridgewater, New Jersey, is a full-service accounting CPA firm serving clients throughout the New Jersey area, dedicated to providing its clients with professional, personalized services and guidance in a wide range of tax, accounting and audit needs. Jane Chen, is a licensed CPA, CGMA, MBA and Advanced Intuit Quickbooks ProAdvisor, who has successfully handled tax payers’ IRS reviews & audit cases and helped nonprofit organizations to reinstate their tax-exempt status. She has decades of international & domestic experience in both public/private and non-profit environments, providing high quality, and cost effective professional services in the following areas:

* Business & Individual Tax Return Preparation & Tax
* Quickbooks Accounting/Writing-Up
* Payroll
* IRS Representation
* Quickbooks Accounting System Services
* Internal Audit
* Non-profit Organization Consulting
* Business Startup

Blessing Financial Services, LLC is thoroughly conversant with Chinese business culture. Jane Chen, CPA is fluent in both English and Chinese language (Mandarin) with an emphasis on specialized business practice integrating the Western and Eastern profit motives with synergized profit results. The Firm continues to build its trust-worthy, respectful working relationship with clients through its honesty/integrity and class.

10/26/2026

If your business offers employees a 401(k) plan, be sure to comply with all applicable regulations. Misunderstanding or inadvertently ignoring eligibility rules — for example, when workers must be allowed to start participating — can result in IRS penalties. It can also harm employees who are mistakenly excluded. Contact us at (908) 393-9752 with questions.

10/23/2026

Cryptocurrency holders: Be alert for a new IRS impersonation scam. Fraudsters are mailing fake IRS letters directing recipients to a bogus “Digital Asset Compliance Portal.” The letters instruct recipients to scan a QR code that leads to a fraudulent website designed to look like IRS.gov. The site may ask for personal information, cryptocurrency wallet details, or exchange account credentials that criminals can use to steal identities or digital assets. If you receive one of these letters, don’t respond. Report any suspicious communication to the IRS immediately. If you have questions about an IRS notice or digital asset reporting, we’re here to help. Contact us at (908) 393-9752.

10/21/2026

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Call us at (908) 393-9752 for help identifying and managing the costs associated with a business continuity plan.

10/19/2026

Good news: IRS penalty relief just got easier for many individuals and businesses. The new Automatic Exemption from Penalty (AEP) process may provide automatic relief from certain failure-to-file, failure-to-pay and failure-to-deposit penalties if you’ve filed returns and paid federal taxes on time for the previous three years (or 12 consecutive quarters for quarterly returns). You must still pay any tax and interest due. AEP will replace First Time Abate relief for eligible returns with original due dates on or after Jan. 1, 2027. During the transition, some eligible taxpayers may still receive penalty notices. Contact us at (908) 393-9752 to determine whether you qualify for AEP or other penalty relief.

10/16/2026

The IRS has released its 2026–2027 per diem rates for certain business travel expenses, effective Oct. 1, 2026. Under the high-low substantiation method, the rate for lodging, meals and incidental expenses for travel to high-cost localities within the continental United States (CONUS) rises to $329 per day, from $319. The rate for other CONUS localities rises to $230, from $225. The portion attributable to meals remains $86 for high-cost areas and $74 for other areas. The incidental-expenses-only rate remains $5. Employers can pay more than the IRS per diem rates, but excess amounts generally must be substantiated or treated as taxable wages. Contact us at (908) 393-9752 to learn about all your options for substantiating business travel expenses.

10/14/2026

The gift tax annual exclusion is a simple way to transfer assets gift-tax-free. To qualify, a gift must be of a “present interest” — an unrestricted right to the immediate use of the property or the income from it. So a gift to a trust generally doesn’t qualify. But gifts to a trust with a “Crummey” provision can. After each gift to a Crummey trust, beneficiaries receive temporary withdrawal rights lasting at least 30 days. If they don’t withdraw the gift, the amount remains in the trust until distributed in the future according to the trust’s terms. Call us at (908) 393-9752 for details.

10/12/2026

If you ever wonder how your business’s financial results stack up against others in your industry, consider a benchmarking study. It can show you exactly where you stand. Contact us at (908) 393-9752 to get started. We’ll help you compare key financial metrics, highlight what you’re doing well and uncover areas that need attention. From there, we’ll help build a strategy to strengthen your financial footing and minimize risks in an ever-changing market. Let’s turn your financial statements into action plans!

10/09/2026

If you’re sending money abroad, beware of a possible 1% excise tax. This new tax generally applies to transfers of cash, money orders or cashier’s checks from U.S. senders to foreign recipients via certain remittance transfer providers such as Western Union and MoneyGram. But transfers made via credit or debit card, bank account transfer, or digital wallet aren’t subject to the excise tax. Essentially, the tax doesn’t apply to transfers from accounts in financial institutions subject to Bank Secrecy Act requirements or to credit or debit cards issued in the U.S. So to avoid the extra expense, consider using a card or ACH transfer from your own bank account. Contact us at (908) 393-9752 to learn more.

10/07/2026

For businesses, gamification is a way to use game-like strategies to motivate both customers and employees. For example, rewards programs may help strengthen customer loyalty and encourage repeat purchases. Internally, employee recognition systems, sales leaderboards and training milestones may improve performance and promote skill development. When implemented thoughtfully, these efforts can reinforce desired behaviors and support long-term growth. Call us at (908) 393-9752 for help designing and evaluating your gamification initiatives.

10/05/2026

If you own a life insurance policy and your estate exceeds the gift and estate tax exemption amount, a portion of its proceeds could be lost to estate tax. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (908) 393-9752 to discuss whether an ILIT might be appropriate for your situation.

Address

23 Jenna Drive
Bridgewater, NJ
08807

Website

http://www.blessingfinancialservices.com/

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