NJ Tax & Accounting Services
Kurt Simmons CPA provides comprehensive tax and financial services to individuals and businesses throughout New Jersey (NJ). With its pharmaceutical hub and complex state tax considerations, we understand the unique financial landscape that comes with doing business in New Jersey.
Under the CPA Mobility Act, our CPA — licensed in Maryland, Delaware, and Florida — is authorized to provide the full range of attestation, tax, and advisory services to New Jersey clients without the need for an additional state license. This means New Jersey individuals and businesses receive the same comprehensive service as our home-state clients: financial statement audits, tax strategy, IRS representation, virtual CFO services, and every other service we offer — delivered through our technology-forward, virtual-first practice model.
CPA Services Available in New Jersey (NJ)
NJ Individual Tax Preparation
Comprehensive federal and New Jersey state tax return preparation, including complex returns with investments, rental properties, and self-employment income.
Learn More →NJ Business Tax Services
Tax preparation and planning for New Jersey-based businesses including S-Corps, C-Corps, partnerships, LLCs, and sole proprietorships.
Learn More →NJ Cryptocurrency Tax
Specialized crypto tax services for New Jersey investors and traders. DeFi, NFTs, staking rewards, and exchange reporting handled with expertise.
Learn More →NJ Trader Tax Services
Mark-to-market elections, wash sale tracking, and tax optimization strategies for active traders in New Jersey.
Learn More →NJ IRS Resolution
Professional representation before the IRS for New Jersey taxpayers facing audits, collections, liens, levies, or offers in compromise.
Learn More →NJ 83(b) Elections
Equity compensation planning and 83(b) election filing for New Jersey startup employees and founders receiving restricted stock.
Learn More →NJ Financial Statement Audits
Full-scope GAAS-compliant financial statement audits for businesses, nonprofits, and organizations requiring independent assurance.
Learn More →NJ Review Engagements
Limited assurance engagements providing meaningful confidence in financial statements for lender requirements and stakeholder reporting.
Learn More →NJ Compilations
Professionally prepared financial statements from management-provided data for internal reporting, small business needs, and bank presentations.
Learn More →NJ Agreed-Upon Procedures
Targeted, customized engagements designed to address specific areas of concern with flexible scope tailored to stakeholder needs.
Learn More →NJ Employee Benefit Plan Audits
DOL-compliant audits for 401(k), pension, and employee benefit plans meeting ERISA filing requirements and fiduciary obligations.
Learn More →NJ Tax Strategy & Advisory
Proactive, year-round tax planning that identifies savings opportunities. Entity structure optimization, multi-state planning, and strategic initiatives.
Learn More →NJ Cost Segregation Studies
Engineering-based analysis to accelerate depreciation deductions on commercial and residential rental properties, maximizing cash flow.
Learn More →NJ Virtual CFO Services
Fractional CFO capabilities including financial modeling, cash flow management, KPI dashboards, and strategic financial leadership.
Learn More →NJ Business Consulting
Operational assessments, process improvement, internal control design, and strategic planning to drive efficiency and profitability.
Learn More →NJ Estate & Succession Planning
Comprehensive estate planning, business succession strategies, and wealth transfer optimization for business owners and high-net-worth individuals.
Learn More →NJ Capital Markets Advisory
Securities compliance, FINRA regulatory guidance, and capital markets advisory for businesses navigating public offerings, private placements, and broker-dealer requirements.
Learn More →New Jersey Audit Services in Detail
New Jersey businesses, nonprofits, and benefit plan sponsors typically need an independent audit when state law, federal rules, lenders, grantmakers, or boards require external assurance. We perform GAAS-compliant attest engagements scoped to the specific assurance need — most commonly:
New Jersey Nonprofit Audits
Under New Jersey's Charitable Registration and Investigation Act and N.J.A.C. 13:48, charities registered with the NJ Division of Consumer Affairs are generally required to submit audited financial statements when annual gross revenue exceeds $1,000,000, and certified (CPA-prepared) financial statements when gross revenue is between $25,000 and $1,000,000. Audited statements are also routinely expected by the Robert Wood Johnson Foundation, the Geraldine R. Dodge Foundation, the Schumann Fund for New Jersey, the New Jersey Pandemic Relief Fund, and major NJ corporate foundations (J&J, Merck, BMS, Prudential).
New Jersey 401(k) & Employee Benefit Plan Audits
New Jersey plan sponsors filing Form 5500 generally require an ERISA-compliant audit when the plan has 100 or more participants with account balances at the start of the plan year — the participant-counting rule effective post-SECURE 2.0. We perform full-scope and §103(a)(3)(C) limited-scope benefit plan audits for 401(k), 403(b), and defined-benefit plans across New Jersey, including plans sponsored by NJ pharmaceutical headquarters (J&J, Merck, BMS, Bayer), telecom and tech companies along the Route 1 corridor, financial services firms in Jersey City and Hoboken, healthcare systems (RWJBarnabas, Hackensack Meridian, Atlantic Health), and Port of Newark/Elizabeth logistics employers.
New Jersey Single Audits (Uniform Guidance)
New Jersey nonprofits, municipalities, school districts, and pass-through subrecipients that expend $1,000,000 or more in federal awards in a fiscal year (the OMB threshold for fiscal years beginning on or after October 1, 2024) are subject to the Single Audit requirements of 2 CFR Part 200. We perform Uniform Guidance Single Audits, including major-program testing, internal control work, and preparation of the Schedule of Expenditures of Federal Awards (SEFA).
New Jersey Lender, Bonding & Investor Audits
New Jersey banks, surety companies, and pharma-, ports-, and tech-focused private equity and venture investors frequently require audited financial statements as a condition of credit facilities, surety capacity, or capital raises. We deliver audited financials on the timeline lenders, bonding agents, and institutional investors need.
New Jersey Reviews & Compilations
Where a full audit is not required, we deliver review engagements (limited assurance) and compilations (no assurance) — both routinely accepted by New Jersey lenders for smaller credit facilities, by acquirers in NJ M&A diligence, and by stakeholders requiring CPA-prepared financial statements.
New Jersey (NJ) Tax & Business Landscape
Key New Jersey Tax Numbers. Personal income tax: graduated, top rate 10.75% on income above $1,000,000 — among the highest top rates in the U.S. Corporate Business Tax: 9% standard rate, with an 11.5% combined rate for taxable income above $10 million (surtax extended through 2028); minimum tax based on revenue. Sales and use tax: 6.625%. Estate tax: none (repealed January 1, 2018). Transfer Inheritance Tax: 0% Class A (spouse, lineal descendants/ancestors) and Class E (charity); 11–16% Class C (siblings, sons/daughters-in-law); 15–16% Class D (all other non-relatives). Pass-through entity (PTE) elective tax — the Business Alternative Income Tax (BAIT): graduated 5.675% to 10.9% tracking personal NJ tax brackets, available since tax year 2020 — one of the most beneficial PTE workarounds in the country.
Filing Mechanics. Individuals file Form NJ-1040 (residents) or NJ-1040NR (nonresidents and part-year residents). C-corporations file Form CBT-100; S-corporations file CBT-100S. Partnerships file NJ-1065. PTE BAIT election is made annually on Form PTE-100. Returns are due April 15 and administered by the NJ Division of Taxation.
NJ/NY Commuter & Multi-State Considerations. NJ has wage reciprocity with Pennsylvania only — there is no NJ/NY reciprocity. NJ residents owe NJ tax on worldwide income but receive a credit for NY State (and NYC if applicable) tax paid on NY-sourced wages. The credit is generally limited to what NJ would have charged on the same income. NJ residents working remotely from NJ for NY employers face the NY "convenience of the employer" rule, which often makes those wages NY-source despite remote work. We routinely handle NJ/NY, NJ/PA, and NJ/NY/PA tri-state combinations for the enormous Manhattan commuter population.
New Jersey Economy & Who We Serve. New Jersey's economy is anchored by pharmaceuticals and life sciences (Johnson & Johnson, Merck, Bristol Myers Squibb, Bayer, Sanofi — many of the world's largest pharma companies are headquartered in NJ), financial services (Jersey City "Wall Street West," Goldman Sachs, JPMorgan, Morgan Stanley back offices), telecommunications, ports and logistics (Newark and Elizabeth — busiest container port complex on the East Coast), tech (Hoboken/Jersey City), and tourism along the Jersey Shore. Our typical NJ clients include pharma executives with equity compensation, NYC commuters and remote workers facing convenience-of-employer issues, real estate investors, multi-state business owners, and high-net-worth families navigating NJ's unique inheritance tax classes.
CPA Mobility in New Jersey. New Jersey has adopted CPA mobility provisions under the Uniform Accountancy Act, allowing CPAs in active good standing in another U.S. jurisdiction to provide tax, advisory, and (subject to applicable firm-level requirements) attest services to New Jersey clients without obtaining a separate New Jersey individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm all applicable New Jersey State Board of Accountancy mobility and firm registration requirements before commencing any engagement.
Cities and Communities We Serve. Our virtual-first practice serves clients across all of New Jersey, including Newark (largest city; Port Newark, Newark Liberty Airport, Prudential), Jersey City (financial services back-office hub; Goldman, JPMorgan), Hoboken (tech corridor), Princeton (research, pharma, university), Edison and Woodbridge (Route 1 corridor), Trenton (state capital), Paterson, Elizabeth, Lakewood, Toms River, Hamilton, the Jersey Shore (Long Beach Island, Cape May, Asbury Park, Atlantic City), and every New Jersey county.
Why New Jersey Clients Choose Us
- GAAS-compliant audit, review, and compilation experience for nonprofits, benefit plans, and privately held businesses
- Deep expertise in NJ-specific issues: BAIT PTE elections (one of the most beneficial in the country), NJ inheritance tax class planning, NJ/NY/PA multi-state and commuter mechanics including NY convenience-of-employer issues, and pharmaceutical equity compensation
- Capital markets background — Kurt Simmons has passed the Series 65 examination (Passed; not currently held as an active license) in addition to holding the CPA
- Specialized practices in cryptocurrency taxation, active trader tax, and 83(b) elections for NJ pharma/tech employees
- Technology-forward, virtual-first delivery — secure client portal, e-signature, and video consultations
- Transparent, fixed-fee engagements where possible — no surprise hourly invoices
New Jersey CPA — Frequently Asked Questions
Do I need a New Jersey-licensed CPA, or can an out-of-state CPA handle my NJ tax and audit work?
New Jersey has adopted CPA mobility provisions under the Uniform Accountancy Act. A CPA in active good standing in another U.S. jurisdiction is generally authorized to provide tax, advisory, and attest services to New Jersey clients without holding a separate New Jersey individual license. Kurt Simmons holds active CPA licenses in Maryland, Delaware, and Florida, and we confirm any applicable firm-level New Jersey State Board of Accountancy registration before commencing attest engagements.
What is New Jersey's income tax rate, and when is the NJ return due?
New Jersey has a graduated personal income tax with brackets reaching 10.75% on income above $1,000,000 — among the highest top rates in the U.S. Form NJ-1040 (residents) or NJ-1040NR (nonresidents and part-year residents) is due April 15.
Does New Jersey have a SALT-cap workaround for partnerships and S-corps?
Yes. New Jersey's Business Alternative Income Tax (BAIT) has been available since tax year 2020 for partnerships and S-corps. Rates are graduated from 5.675% (income up to $250,000) up to 10.9% (income over $1,000,000), tracking the personal NJ tax brackets. The election is made annually on Form PTE-100, and members receive a corresponding refundable credit on NJ-1040. NJ BAIT is one of the most beneficial PTE workarounds in the country.
Does New Jersey have an estate tax or inheritance tax?
New Jersey repealed its estate tax effective January 1, 2018 — but the NJ Transfer Inheritance Tax remains. The inheritance tax exempts spouse, lineal descendants, and ancestors (Class A) and charitable beneficiaries (Class E), but applies at 11% to 16% to siblings (Class C) and at 15% to 16% to all other non-relative heirs (Class D). Planning around beneficiary class is critical.
I live in New Jersey and work in New York City. How is my tax return affected?
NJ residents owe NJ tax on worldwide income but receive a credit for NY State (and NYC if applicable) tax paid on NY-sourced wages. The credit is generally limited to what NJ would have charged on the same income. NJ residents working remotely from NJ for NY employers face the NY "convenience of the employer" rule, which often makes those wages NY-source despite remote work. We routinely handle NJ/NY commuter mechanics.
When does my New Jersey nonprofit need an audit?
Under New Jersey's Charitable Registration and Investigation Act and N.J.A.C. 13:48, charities registered with the NJ Division of Consumer Affairs are generally required to submit audited financial statements when annual gross revenue exceeds $1,000,000, and certified financial statements (CPA-prepared) for revenue between $25,000 and $1,000,000. Federal Single Audit requirements under 2 CFR Part 200 apply separately when federal award expenditures exceed $1,000,000 in a fiscal year.
Do you serve New Jersey clients outside Newark and Jersey City?
Yes. Our practice is virtual-first, so we serve clients across all of New Jersey — including Princeton, Hoboken, Edison, Woodbridge, Lakewood, Toms River, Hamilton, Trenton, Paterson, Elizabeth, the Jersey Shore, and every New Jersey county — with the same level of access and service.