Multi-generational Management: Part II


Here’s a link to Part I of this series!

The owner of Mazur and Associates, Stephen J. Mazur Jr., recently went to the Annual Convention & Expo hosted by the NJCPA and was able to sit in on a talk held by Jason Dorsey of The Center for Generational Kinetics. Mr. Dorsey and his firm use generational analysis as clues to understanding people and how to manage them as employees as well as how to gain them as a client base. This following post is a summary of key points and advice from Mr. Dorsey’s presentation on “Crossing the Generational Divide at Work”.

According to Mr. Dorsey, generations are groups of people born at the same time and raised in similar places. He asserts that location and geography are important in analyzing generations and that connecting across generations is the key to better results within your business. There are unprecedented opportunities for employers that are able to adapt well to communicating inter-generationally.

It is important to realize that the driver of growth historically has been Baby Boomers but as that generation ages out, the power of growth is shifting to Generation Y. Where Baby Boomers believe that “less is more”, Generation Y is making money, spending, investing, building families, etc. For employers and business owners, the best way to offset the loss of Baby Boomer generated income is to gain Generation Y revenue. According to Dorsey’s research, Generation Y has the greatest lifetime value for business owners because they are the number one generation to refer their friends to businesses they’ve tried. As a generation Millennials also do not have any established loyalty to companies yet. According to Dorsey, both the job and the consumer markets are currently flooded with Generation Y adults and now is time to take advantage of it. A simple wat to begin using Generation Y’s habits to your advantage as a business owner and employer is to understand that Generation Y adults are excited to work but want to feel as though they are part of the team. Employers should give their new Generation Y hires business cards with their names on it. This way, they can refer their friends to your business using their card.

Though the job market is flooding with excited Generation Y applicants, Baby Boomers do have needed skills that generation y adults simply do not have. Millennials may outspend all other generations and be the largest generation in the workforce, but they also have a delayed adulthood that inhibits them in ways that other generations never had to face. Because of that, it is important to keep your employees diverse in generation. Teams are more valuable with more generations involved and integrated.

As previously mentioned, it is imperative for employers to understand how to communicate with each generation. While it is likely easier for today’s employers to understand and communicate with Baby Boomers, one tip Dorsey provides on how to communicate with younger members of your team or workforce is to understand how the generation thinks. Generation Y adults are not linear thinkers like Baby Boomers are. They are goal-oriented and outcome-driven workers. To reach them as an employer, it is best to start with the last step when explaining a project and backtrack to show the outcome and then steps to get there so that those steps will be followed.

Dorsey also touched upon technology during his talk. He spoke about how technology is only new if you hold onto the way it was before. Adapting is major in keeping up with Generation Y which is the main target for every business owner. He also noted that Millennials are tech-dependent rather than tech-savvy. They cannot build a phone yet they build their life around it. Technology for this generation is used for communication mostly via messaging, texting, and emailing. As an employer, it is important to be fluent in these forms of communication.

In order to build the ideal, diverse and intergenerational team that he described throughout his talk, Dorsey left his audience with a bit of insight into the value of soft skills within a team or workforce. He asserted that soft skills like project management, collaboration, influence, problem-solving, and leadership are really important as personal attributes that enable someone to interact efficiently and harmoniously with other people. Below we have broken each of those soft skills down for you to make them easier to understand and identify within potential new hires as well as within your current staff and even yourself as an employer and leader in your business.

  • Collaboration: Requires a cooperative spirit and mutual respect in order to achieve your client’s goals
  • Influence: Ability to help clients and teammates to make a decision one way or another
  • Problem Solving- Not always having an immediate answer but having the ability to think on your feet assess problems and develop a well thought out solution
  • Leadership- Providing a level of experience to give the client comfort and show that they are getting significant value from their investments with you
  • Project Management- Ability to initiate a plan, execute, control and complete the work in order to help your team and client achieve their goals

Stephen had high praise for Mr. Dorsey’s segment at the convention as well as for the NJCPA event itself. We here at Mazur and Associates make sure to keep up with the latest information on both tax/accounting news as well as news on being business owners and employers to ensure that we are the best possible resource for our clients regardless of what sort of advisement they come to us for. If you have any questions or are seeking professional advice, give us a call at (732) 936-1230 to set up an appointment!

Feel Secure About Social Security


We all have questions about retirement and social security. Will I have enough money after I retire? When is the best time for me to start taking my benefits? How do I plan out my future? Luckily, there are answers to all of these questions. We will take you step by step through a series of hot topic questions about social security benefits and provide you with the answers and tools you will need to make the best decision possible about your future. That way, you can feel secure about your Social Security.

  1. What should I know before I start planning my retirement?

You should know that:

  • Full retirement age is between 66 and 67 years old and your age can affect the amount of benefits you receive and when they start.
  • You can start to receive social security benefits as early as age 62 or as late as age 70; however, monthly benefits are reduced if they are started before full retirement age.
  • If you begin receiving benefits before full retirement age, continuing to work may have an effect on the benefits you receive.
  • Delayed retirement credits can be added to benefits if they are started after full retirement age.

Please also note that the Social Security Administration provides a retirement estimator that can provide personalized estimated of your benefits based on age and “stop work dates” that you enter. We recommend taking a look at it before applying for benefits.

  1. How can I apply for retirement benefits/benefits as a spouse?

There are options to call at 1-800-772-1213 or schedule an in person appointment at the local Social Security Office, however there is now an online application that is faster and more convenient. It only takes around 15 minutes to complete and submit electronically. The qualifications for an online applicant are:

  • At least 61 years and 8 months old
  • Not currently getting benefits on your own record
  • Want the benefits to start within 4 months of application

Note that you can still apply for benefits if you already have Medicare. If you do not have Medicare but are within 3 months of age 65, you can use this application to apply for either Medicare and retirement benefits or just Medicare. Here is a checklist with all of the documents you may need when applying for benefits provided by the SSA.

  1. Will I (we) have enough money?

After understanding the information and using the estimators/calculators provided by the Social Security Administration to run the numbers on how much your benefits and pension(s) will provide for you, it is likely that you will need to bridge the gap between what is provided and what is needed with personal savings. There is a general rule that can help you save enough money to retire. The rule is simple, for every dollar of annual shortfall between your projected income and expenses, it is suggested you save $15 to $20 dollars. For example, if your projected retirement lifestyle expense exceeds your social security benefits and pension(s) income by $20,000 a year, it is likely that you will need to save between $300,000 to $400,000 dollars to ensure that you will have enough money.

  1. When is the right time to take social security benefits?

That all depends on personal situations. There is a Retirement Age Calculator that will help you determine your full retirement age and how your monthly benefits may be affected if you begin to take benefits before your full retirement age. As per the information included with question one, there are many factors that can affect your social security benefits from the age you begin to take them and whether or not you continue to work. Depending on your financial situation or your spouse’s situation, the correct choice may be for you to begin taking benefits early.  However, most people ought to take their benefits right on time–at their retirement age. By deferring until your full retirement age, you avoid deductions.  This also permits one to take full advantage of reaping the maximum possible social security payments provided one’s lifespan is the average, currently 78 to 79 years old.

Feeling secure about Social Security benefits is a rarity, but it does not have to be. With the information and links above, you are well on your way to making an informed decision about when and how to begin earning Social Security benefits. If, however, you are still unsure, there is more information available at As always, here at Mazur and Associates we are readily available to help you make the best and most informed decisions about your Social Security benefits. Call us at (732) 936-1230 to set up an appointment with one of our qualified professionals

What You Need to Know About the New Form W-4


The IRS has recently released a new draft of the redesigned Form W-4, which helps a taxpayer determine their tax withholdings. This redesign was prompted by the Tax Cuts and Jobs Act (TCJA) passed in 2017 which made significant changes to the tax code and taxpayer liabilities, resulting in numerous taxpayers unpleasantly surprised upon filing their 2018 federal tax return. This new and improved Form W-4 is meant to compliment the changes made by the TCJA and simplify the process of determining how much taxpayers should withhold for the 2019 calendar year.

The redesign has simplified the Form W-4 into 5 simple steps and many employees will only need to complete steps one and five. Step one is filling out personal information like the taxpayer’s name and filing status and step five is signing the form. If only steps one and five are completed, the taxpayer’s withholding is calculated using the filing status’ standard deduction and tax rates without any other adjustments.

If steps two through four apply to a taxpayer, it is recommended that the instructions are followed to ensure that their withholdings are adjusted to match the tax payer’s liability more accurately. The IRS suggests that taxpayers who hold more than one job at a time, have a household where both spouses are employed, or have income from alternative sources aside from a job that is not subjected to withholding increase their withholding. If those adjustments are not made, the taxpayer may owe additional taxes upon filing as well as interest and penalties. The IRS also suggests that certain taxpayers consider decreasing their withholding if they are eligible for tax credits like child tax credits or similar dependent based credits and other deductions outside of the standard deduction.

If a taxpayer has multiple jobs, there are three options they may choose from when filing a Form W-4 with this new redesign pending final release for the tax year 2020.
•  Use the calculator provided by the IRS which will guide the taxpayer to add an additional withholding on Line 4c. The taxpayer will need to know the approximate amount that each job pays to complete the entry properly. However, the information is only required to be put on one Form W-4 for one of the jobs held, ensuring accuracy and privacy.
• Please note that if the payment for any of the jobs changes significantly, a new Form W-4 must be filled out and submitted.
•  The taxpayer may achieve the same results as option one by using Worksheet 1 on page 3. This worksheet will also guide the taxpayer to enter additional withholdings on Line 4c. The taxpayer will need to know the approximate amount that each job pays to complete the entry properly. However, the information is only required to be put on one Form W-4 for one of the jobs held, ensuring accuracy and privacy.
• Please note that if the payment for any of the jobs changes significantly, a new Form W-4 must be filled out and submitted.
•  If there are only two jobs held at the same time, the taxpayer can check the box in step 2 on the Form W-4 for both jobs. The standard deduction and tax bracket will be split equally between the two jobs.
• Please note that there is no need to submit a new Form W-4 if the payment amount changes for either job; however this option is a less accurate option that numbers one or two described above. The more similar the payments are between the two jobs, the more accurate the withholdings will be. This option also reveals to the employer that the taxpayer has multiple jobs or has multiple jobs in their household.

The release of the final draft of the redesigned Form W-4 is scheduled for mid to late July as well. Payroll processors will need to update their systems before the final release of the form this coming November. Be aware that taxpayers are not required to submit a new Form W-4 because of this redesign. For the tax year 2019, continue to use the current Form W-4. If there are any other questions about the new Form W-4, there is an FAQ page that the IRS has provided.

With these new changes brought about by the Tax Cuts and Jobs Act, we here at Mazur and Associates CPAs and Business Advisors assure you that we are readily available to help you make the best decisions for your specific tax situation. Make sure that your 2019 federal tax filing is a pleasant endeavor instead of a headache! If you are concerned about your federal withholdings or amount of estimated tax payments, check out our blog post on Paycheck Checkups. Or telephone us at (732) 936-1230 to schedule an appointment.

How To: Multi-Generational Management


Managing a company is hard enough, but managing multiple generations can make it even more overwhelming. Managers and employees alike struggle with generational differences at the workplace and many let these differences inhibit or get in the way of their work. However, these phenomena can be addressed in a non-confrontational way. Managers should strive to take steps that will benefit both the Company and their multi-generational employees. By doing so, employee relationships will improve and therefore smoother operations will result.

There have been many articles written about dealing with a multigenerational workforce that emphasize how difficult and massive these generational age gaps can be, but perhaps these differences are not as acute as first thought. In general, employees, regardless of their age, want the same basic things: clear expectations, company and decision-making involvement, growth opportunities, and resources for professional development. Focusing on these common desires can help cut away at any perceived generational gap. This mind set can also assist in overcoming unconscious biases about generations.

As a manager, it is important to be versatile in the way that you communicate with your employees. Methods of communication can range from text messaging to emailing to face-to-face interaction. Finding a balance in methods of communication within your particular workplace will allow for a higher level of focus and engagement from your employees. It is important to keep in mind, however, that to be the most effective manager you must manage employees based on their goals, abilities, and strengths rather than their generation.

To ensure that all employees are comfortable at the workplace, it is best to avoid generalizations, particularly those about generational differences. Not only does this negative thinking enforce false stereotypes, but it could make certain employees feel less engaged or singled out, thereby causing them to seek employment elsewhere. Drawing less attention to generational age gaps minimizes the potential issue and allows more opportunity to focus on work. It is also critical to encourage everyone to embrace what they have in common. This encouragement can increase collaboration and build trust among coworkers.

Teamwork is an integral component of any workplace and it cannot be avoided simply because of a multigenerational workforce. However, the multigenerational aspect of a team can be a huge positive rather than a negative. Holistic project outcomes are more common when different levels of experience are blended on a team by combining team members with higher level technology skills with others having more career and industry skills. Teams should be created based upon individual skill sets in order to allow everyone on the team to broaden their horizons.

Informal mentoring and reverse mentoring opportunities are perfect for a multigenerational workforce. Each generation has something to teach those before and after it ranging from written or verbal communication skills to prowess in technology, insight, experience, or leadership skills. Taking advantage of mentoring will benefit the organization as all employees feel engaged and valued by the company and management.

Although managing a multigenerational staff can be trying, it is far from an impossible task. Utilizing these tips will help any manager tremendously with the end result being highly productive employees, content in their work environment regardless of their age! Of course, at Mazur and Associates, Certified Public Accountants and Business Advisors, PC, we are poised to assist you in any way we can. Our firm employs multigenerational staff; therefore we possess insight on this issue and can counsel you on how to extract the greatest productivity from your staff and enhance employee job satisfaction at your Company! To schedule a consultation, please contact us at (732) 936-1230 or communicate through our website: We look forward to hearing from you!

Small Business Fraud Research


Small businesses often operate like families, with a lot of trust and responsibility among a small amount of people. While this is normal and can create a wonderful dynamic for the workplace, it also leaves small businesses increasingly vulnerable to fall victim to fraud. To protect your small business from fraud, we have described the most common kinds of fraud that small businesses suffer from. In addition, described below are factors that make small businesses especially vulnerable, red flags to look out for, and preventative measures to take to ensure the safety of your small business.

Kinds of Fraud: The following types of fraud are the most common for small businesses. Being aware and familiar with these terms and definitions can help both owners and employees prevent fraud.
• Payroll fraud – stealing money via the payroll system
• Cash theft
— “Skimming” – taking money before it is logged
— “Larceny” – stealing valuable personal property with high cash value
— “Fraudulent distribution” – allocating extra cash to undeserving/improper parties
• Financial statement fraud
— Online banking falsification
— “False invoicing” – sending seemingly legitimate invoices with the intent of fooling the customer, receiving payment from the customer, overcharging on invoices and pocketing the difference
— “Email invoicing” – similar to phishing scams, an invoiced email is sent that is fraudulent or fabricated under a familiar identity or vendor
• Assets misuse
— Stealing/misdistribution of stock/inventory

Poor business practices that make a small business vulnerable
• Having one employee with a lot of access/responsibility
— Example: Designating one person to take care of all payroll and other financial tasks, including posting transactions into the accounting software and being the person handling bank deposits and issuing/signing checks
• The staff being too familiar/trusting of one another
• A lack of record keeping
— Example: No audits or scrutiny by an outside CPA; little or no sign off systems or checking systems (internal controls)
• A lack of fraud recognition training

Red Flags
• If an employee is suddenly living above their means this could be an indication that they are committing fraud.
• Financial difficulty in someone’s life can motivate them to do desperate things. In the case of a small business employee, this can drive them to commit fraud for financial gain.
• Recent divorce/family issues, just like financial issues, personal trauma can cause people to commit fraud for financial relief or leverage.
• Excessive control issues on the part of an employee can indicate that they are committing fraud. Refusal to take time off or delegate responsibility can be an attempt to keep their fraudulent actions hidden.

Preventative measures small businesses should take
• Segregate financial responsibility
— Hire an accounting firm to handle some of the financial responsibility
— Do not grant total access without oversight
— Have your books, especially source documents such as check images and deposit slips, checked by a third party
— Keep personal and business banking separate
— As the owner, have statements sent to your personal email to avoid tampering and review and discuss “timely delivered” financial statements
— Establish a multi-person sign off system for expense claims, overtime, check writing, accounting payroll function, Audits
— Outsource formal fraud risk assessments
— Audit annually or have CPA review internal controls; conduct Internal and external audits
• Insure your business for loss from employee fraud and dishonesty
• Do not allow personal trust to create blind spots
— Restrict employee access to financial information or inventory/stock
— Conduct background checks on all employees and outside contractors/bookkeepers to ensure qualifications
— Outline and provide a clear employee code of conduct in your Employee Handbook
• Make sure employees take time off so that others can take over their responsibilities and check the legitimacy of their work
— This also refreshes your employees
• Fraud training: This can be outsourced through companies specializing in this type of training.
— Establish a fraud hotline for employees to report signs or evidence of fraud and establish a reward program for tippers as an incentive

Being an owner or employee of a small business that has a fraud problem within can be unsettling, but there are ways to prevent it from happening. Precautionary measures are the best way to deter and prevent fraud from happening while also keeping paranoia at bay. When small businesses suffer from fraud, an employee is not always the assailant, but maintaining strong controls minimizes a Company’s exposure. Your business will be safe and operational while maintaining a happy work environment when you adhere to the practices described in this blog! As always, at Mazur & Associates CPAs and Business Advisors, PC our goal is to protect you from this threat, including being the third party that you may always rely upon to reduce and eliminate fraud at your small business! Feel free to contact us for a consultation with one of our highly qualified CPAs and Business Advisors at or telephone (732) 936-1230.

Tax Records: What to keep and how to keep it


Why do I need to keep tax records?
In the event that you are audited, need to amend a return, have an issue with identity theft, or any number of similar issues, having complete tax records can be a huge help and sometimes even a solution. Tax records are required to apply for all loans and in case you are selected for an audit. You must keep tax records for yourself, the IRS and for the state(s) where tax returns are required to be filed.

If you have not been keeping proper records, you may request a free transcript from the IRS for the past three years that you have filed returns. Go to and use the “Get Transcript” tool to get started.

How long do I have to keep my tax records?
How long you keep your records really depends on what kind of return you file and what sort of tax records you are keeping. The standard duration of time the IRS suggests taxpayers to keep complete records of their tax returns is 3 years. However, there are circumstances that require records to be kept for longer. For example, New Jersey taxpayers must keep complete tax records for the previous four (4) years.

• Keep records for 7 years if you file a claim of loss from worthless securities or bad debt deduction
• Keep records for 6 years if you do not report income that should have been reported and it is more than 25% of the gross income on the filed return for the relevant year.
• Keep employment records for 4 years after the tax becomes due or is paid, whichever is later.
• Keep records for 3 years after the original return was filed or for 2 years after the tax was paid, whichever comes later, if you file a claim for a credit or a refund.
• Keep records indefinitely if you do not file a return or file a fraudulent return

What kind of documents do I need to ensure that my records are complete?
There are a few key documents that you ought to keep with your returns to ensure that your records are complete.

• W-2(s)
• 1099(s)
• Bank Statement(s)
• Brokerage Statement(s)
• Alimony Received *see our blog post on new alimony rules*
• K-1(s)
Expenses & Deductions:
• Receipts
• Invoices
• Alimony Paid *see our blog post on new alimony rules*
• Statement(s) from charities *see our blog post on new rules for charitable contribution documentation*
• Gambling losses
• Closing Statement(s) from purchases and sales of real property
• Purchase and Sale Invoices
• Property Tax Assessment(s)
Retirement Account:
• Form 5498 (IRA Contributions)
• Form 8606 (Nondeductible IRA Contributions)
• 401(k) Statement(s)
• Distribution Records
• Annual Statement
Other Investments:
• Transaction Data (including individual purchase or sales receipts)
• Annual Statement

How do I store my records securely?
There is no standard or mandated way to store your tax records. It is totally up to you! However, there are ways to ensure the security of your records and limit the chance of identity theft and fraud. It is suggested that you scan paper tax returns and financial records digitally, encrypt or password protect them, and then download them onto a flash drive or other external device. As for paper copies, limit the amount of copies you keep and who has access to them. Any document with a social security number or employer identification number should be similarly protected.

You may keep your records on paper in file folders or in banker’s boxes, keep digital copies on a computer or tablet, a mixture between the two, or your own unique method. As long as your records are complete, easy to access, and secure, you can store them however you see fit.

How do I properly dispose of my records once I no longer need them?
Once their usefulness has expired, tax records must be properly disposed of to avoid any identity theft or fraud using your information. Shred all paper copies of returns and documents completely. All electronic copies should be deleted and the hard drive of the device used to store them should be overwritten or destroyed. Remember that computers, tablets, mobile devices, and back-up hard drives among other electronics store information in different places. You may forget to check or not know that sensitive data is being stored there. Be sure to remove any and all information from your devices before disposing of them. This may sometimes require you to use a special disk utility software.

Mazur & Associates CPAs and Business Advisors, PC is more than just an accounting firm. We are here to ensure your security as well as safeguard your tax returns and supporting documentation. We want to make sure that each of our clients keeps their records properly, completely, and securely for the duration they are stored. Please call us with any questions you may have about record keeping and we will assist you in any way we can! Our number is (732) 936-1230 and we are open Monday through Friday from 8 A.M. to 5:30 P.M.

BREAKING NEWS — Murphy’s Minimum Wage: How $15 Dollars an Hour Will Affect You


On Thursday, January 17, 2019, NJ Governor Philip Murphy and legislative leaders agreed on a plan to raise the New Jersey minimum wage from its current amount of $8.85 an hour to $15.00 an hour by January 1, 2024. The agreed upon plan is as follows:

• Increased to $10/hour by July 1, 2019
• Increased to $11/hour by January 2020
• Increased $1/hour every January 1st until $15/hour is reached by January 1, 2024

• Seasonal workers and small business employers with 5 employees or less will reach $15/hour by January 1, 2026

• Farm workers will reach $12.50/hour by January 1, 2024 and then a special committee will review the plan to raise the wage to $15/hour by 2027

• A tax credit will be given to those who hire farm workers with disabilities

New Jersey has joined a small number of states calling themselves the progressive “Fight for $15” minimum wage increase movement which also includes California, New York, Massachusetts and the District of Columbia. While some are very happy about this movement towards a higher minimum wage, small businesses are less enthused. A number of New Jersey small business owners and advocates are speaking out as a collective whole against this increase, claiming that hiring workers for entry level positions has become unaffordable for them. This wage increase has caused some owners to consider moving their business out of state, not hiring seasonal workers, laying off current workers or shutting down completely.

While it is impossible to predict the outcome of this legislation, there are many opinions being voiced on both sides of the issue. Here at Mazur & Associates, Certified Public Accountants and Business Advisors, we are uniquely qualified to help your Company formulate a strategy to navigate its way through this new legislation. Please contact us at (732) 936-1230 or via email to to set up a meeting with one of our experienced Certified Public Accountants and Business Advisors.