Sincoff & Sincoff LLC

10/21/2026

Paying someone on a 1099 feels simpler. No payroll withholding, no unemployment contributions, one form at the end of the year.

That's why it's tempting. But in New Jersey, getting it wrong is expensive, and the state's test for who counts as an employee can be tougher to pass than the federal one.

The short version: New Jersey starts by assuming every worker is an employee. To treat someone as an independent contractor, the business has to prove all three parts of the state's ABC test.

Fail any one part and that worker is an employee for state purposes, which means back contributions, penalties paid directly to the worker, and possibly personal liability for owners and managers. The IRS runs its own separate test on top of that.

1099 or W-2 in New Jersey? How the ABC test works, the 2026 rule changes, misclassification penalties, the IRS test and the new $2,000 1099 threshold.

10/21/2026

We all take risks in everyday life, but gambling through betting apps can create unexpected tax consequences. The apps report winnings to the IRS on Form W-2G, while losses are not reported. Depending on the type of wager, a win of $600 to $1,200 or more may generate another W-2G. Casino reporting rules differ, but the tax issues are similar. Imagine receiving more than 1,200 W-2Gs by January, only to finish the year with just a few comps and $50 in net winnings. The “Big Beautiful Bill” changed the federal deduction allowed for gambling losses, while state tax treatment remains a separate and often more complicated matter. Your classification may also depend on your activity, recordkeeping, reporting, and expenses: most gamblers are amateurs, but you could be qualified as professional or not a professional. Careful advance planning is essential to determine your next move and reduce your tax burden.
We at Sincoff and SINCOFF LLC are specialists in Planning for this and in all areas of Business, doing it ahead of time, and taking opportunities by the horns. Surprises can be great but only pleasant surprises.
Full Service, Accounting, Tax, Compliance and Planning Firm with Partners that we trust, in Financial Planning, Pensions, Insurance, Computer Services, Payroll, and the Law.
Call Us, Google Us, Zoom Us, meet with Us. Offices in Central and Southern New Jersey and meeting place in New York City.

10/14/2026

Today - we received some news on our economy.

We need to assume that the cost of services and goods will continue to increase after the Midterm Elections. We must be diligent because this situation will decrease your cash flow, which is more important than your net profits.

We must also look at the different taxes that you may be subject to. On the state level, we need to be careful that the compliance of your business will allow you to get escape fines. Areas to review include Sales Tax Compliance, Gig Workers, Independent Contractors, as well as new rules for coverage for health insurance, pensions, disability and employees. Some of these rules can apply to any business with two or more employees on the federal and state business tax level.

Call now to connect with business.

09/28/2026

We are welcoming October. It is to plan for the Next three months and look back on last 9 months so we can make corrections. Artificial intelligence we have found to have great implications but it limitations. As consultants and Accountants we embrace it but we also understands it faults in planning and communication. We are different a small firm that plans with you. Call us and see a difference. We answer the phone if not we call you back.

09/16/2026

Every tax return has what's called a statute of limitations on it, which says how far back you can amend your tax return to get a refund, or how far back the IRS can look to assess additional tax. Generally, that statute of limitations is three years after you file a tax return. Let’s learn more about it

The General Three-Year Rule

For most clients, it's going to be those three years that you're going to want to make sure you keep your records for, either being able to say you had a mistake and go back and amend, or for the IRS to come to you and say they think something happened in a given year and need to see your records. For most people out there, it's going to be three years after you file a tax return as the statute of limitations.

Learn how long NJ businesses should keep tax, payroll, and accounting records, from the 3-year rule to indefinite cases.

08/17/2026

One of the key areas that will determine the strength or weakness of your cash flow is your accounts receivable. Effective management of your accounts receivable ensures your business is paid on time, reducing your overall financial stress.

Effective management will ensure that your business not only gets paid on time and reduces your overall financial stress, but also operates more efficiently and effectively because you have the cash flow coming in the door.

What Is Accounts Receivable

Accounts receivable is the money owed to your business by your customers. This is money you have delivered the service for; you've delivered the product, and you're waiting for them to mail payment for those open invoices.

Accounts Receivable for Business

Typically, it takes customers 30, 45, 60, or sometimes 90 days to pay those invoices.

Discover accounts receivable strategies for small businesses, from clear payment terms to prepayment discounts and reports.

07/23/2026

Buying a business is very straightforward when you know how. For people who've never bought a business before, laying out the essentials that you need to know is what allows you to buy a business successfully.

Buy a Business That You Understand

The first thing to decide is what type of business you want to buy. Deciding on the type of business you want to buy is important because it will inform how you look for those businesses and how you structure the deal.

You should buy a business that you understand because if you think about it, it doesn't really make sense to buy a business that you don't understand. If you already own a business, buy a business that's similar or identical to yours, buy part of your supply chain, or maybe buy part of your distribution chain.

Business For Sale

How to Find Business Sellers and What NOT to Do

Now that we've decided which type of business we want to buy, the next step is to find people who want to sell it.

Buying a business: pick a sector you know, find off-market sellers, ask the right questions, negotiate price and terms.

07/16/2026

A friend of my fathers from college days and all his life gave me something to think about these past years about being in business. We are never experts or specialists in anyone area, we are members of a group that thinks with an eye to being CREATIVE. I have held that thought to be a mantra since going on my own. Some people look to the past, we look to the future

07/07/2026

Working for yourself is the dream. Set your own hours, chase your own clients, and keep what you earn. Then April rolls around, and reality bites hard. Nobody withheld a single dime. When you're self-employed, the whole tax job, planning, saving, and filing, lands squarely on you, and only you.

But it really doesn't have to be a scramble. A little prep genuinely changes everything. Here are some real ways to get your taxes sorted when you work for yourself, so filing season stays boring, in the very best possible way.

Get Ahead Before Tax Season

The secret isn't some clever trick pulled in April. It's what you quietly do the other eleven months. For the self-employed, two simple habits carry most of the weight here: clean books and a real plan for the money.

Keep the Books Clean

How To Prepare Taxes As a Self-Employed

Records first. Always. When you work for yourself, every single dollar counts, so track them all year, never in a panic later.

Self-employed tax prep: quarterly estimated payments, deductions, clean bookkeeping, CPA guidance. Stay ahead of April deadlines.

06/25/2026

Tax Consulting in Monmouth and Burlington Counties, NJ, is about more than just filing tax returns.

A great tax consultant separates themselves from the average tax accountant who just files tax returns, and works to make a difference in the lives of the business owners they have an impact on.

A tax consultant can carry a lot of different responsibilities depending on who they work for.

What a Tax Consultant Does

A tax consultant can work in a public accounting firm, providing tax services to many clients. A tax accountant can also work for a corporation, providing tax services for the corporation; this is what people refer to as working in industry.

Tax Consulting in Monmouth & Burlington Counties, NJ

The work of Tax Consulting in Monmouth and Burlington Counties, NJ, falls into two big groups: tax compliance and tax consulting.

Tax Compliance

A tax consultant will prepare tax returns, and a lot of them.

Tax consulting in NJ: tax compliance, planning, QBI deductions, tax credits, and year-round strategies to minimize business taxes legally.