Your CPA in Chatham, NJ
Monaco CPA is a virtual CPA practice serving Chatham Borough, Chatham Township, and the surrounding Morris County area. We provide personal tax preparation, small business accounting, multi-state tax planning, and bookkeeping services to individuals and businesses throughout the region.
CPA Services in Chatham
Monaco CPA is a virtual CPA practice serving Chatham Borough, Chatham Township, and the surrounding Morris County area. We provide personal tax preparation, small business accounting, multi-state tax planning, and bookkeeping services to individuals and businesses throughout the region.
Founded by Greg Monaco, CPA, the practice is built on a simple idea: you deserve the same level of attention and care that large corporations receive from their accounting firms. Every engagement is handled personally by Greg, whether you are a Wall Street commuter navigating NJ/NY dual-state filing, a pharma executive managing RSU taxation, or a small business owner evaluating entity structure options.
Monaco CPA combines deep knowledge of the NJ tax landscape with the convenience of a fully virtual practice. All consultations are conducted via video call or phone, and documents are exchanged securely through an encrypted client portal. No need to drive down Main Street or find parking at the train station.
Why Chatham Clients Choose Monaco CPA
Chatham residents face some of the most complex tax situations in New Jersey. With median household incomes exceeding $200,000 and property taxes averaging $16,000 to $18,000 per year, the federal SALT deduction cap is a defining tax issue. Even with the 2025 increase to $40,000, the relief phases out for households with MAGI above $500,000, a threshold many dual-income Chatham families exceed. For pass-through business owners, the NJ BAIT election offers a valuable workaround, and Monaco CPA can help you determine whether it applies to your situation.
An estimated 30 to 50 percent of Chatham working households include at least one NYC commuter, making multi-state NJ/NY taxation the foundational tax challenge for the community. Post-pandemic hybrid work has added a new layer: New York's Convenience of the Employer rule can tax days worked from your Chatham home office as NY income unless your employer specifically requires you to work remotely. Careful tracking of work location days is critical, especially during residency audits conducted by both states.
Chatham's concentration of finance and pharmaceutical professionals means executive compensation planning is a frequent need. RSUs, incentive stock options, and deferred compensation plans each carry distinct tax treatment, and improper handling can trigger significant AMT exposure or Section 409A penalties. If you are considering selling your Chatham home and relocating out of New Jersey, the NJ exit tax requires a prepayment at closing that can reach $30,000 or more on a seven-figure home. Monaco CPA helps you plan for these scenarios well in advance.
Whether you are a W-2 earner on the Midtown Direct line, a professional running a consulting practice as an LLC or S-Corp, or a household managing capital gains from investment portfolios, Monaco CPA provides tax planning tailored to Chatham's high-income landscape. Use our estimated tax calculator to project your quarterly obligations, or explore our crypto tax services if you hold digital assets.
Work Directly with Greg
Every engagement handled personally - your CPA knows your name and your situation.
NJ Licensed CPA
Livingston-based virtual CPA licensed in New Jersey, serving clients statewide.
Virtual Convenience
Secure portal, video consultations, and e-filing from anywhere.
Responsive Communication
All inquiries answered within one business day.
Areas We Serve
Monaco CPA serves clients throughout Chatham and Morris County, NJ, including:
Services Available in Chatham
Accurate, stress-free tax returns for W-2 earners, freelancers, and self-employed individuals.
Year-round strategies to help reduce your tax liability legally.
Returns and compliance for S-Corps, LLCs, partnerships, and sole proprietorships.
Monthly bookkeeping, QuickBooks Online setup, and financial reporting.
QuickBooks Online setup, cleanup, training, and ongoing support from a Gold Certified ProAdvisor.
Payroll processing, tax filings, and compliance for NJ businesses.
What Clients Say
“Greg was very professional in helping me with my taxes. He broke it down and explained all the details. He was very easy to communicate with. His tax planning and strategies helped me save money.”
Brandon B.
“Great service and really efficient. The virtual process was straightforward and saved me a ton of time.”
Eric R.
“Greg took the time to listen to my concerns and answer my tax related questions and put my mind at ease. I would definitely recommend to others.”
Mike D.
These testimonials reflect individual client experiences and do not guarantee similar outcomes. Results vary based on each client's specific facts and circumstances. No client was compensated for providing a review. Tax savings and outcomes depend on individual tax situations and are not typical of all client experiences.
Frequently Asked Questions
How much does a CPA cost in Chatham, NJ?
CPA fees in Chatham and Morris County vary by service. Individual tax returns typically start at $350, while small business returns (S-Corp, LLC, partnership) start at $750. For Chatham households with multi-state NJ/NY filing, executive compensation, or AMT exposure, fees reflect the additional complexity. Monaco CPA publishes transparent pricing on our pricing page with no hidden fees.
I commute from Chatham to NYC. How does dual-state filing work?
Chatham residents working in New York must file both a NJ resident return (NJ-1040) and a NY nonresident return (IT-203). NJ provides a credit for taxes paid to NY, and NJ residents are exempt from NYC's city income tax, saving over 3%. Hybrid workers must carefully track days worked in each state, because New York's Convenience of the Employer rule can tax work-from-home days as NY income unless the employer specifically requires the remote arrangement.
What is the NJ exit tax and how does it affect Chatham homeowners?
When selling a Chatham home and moving out of New Jersey, sellers must prepay the greater of 8.97% of the net capital gain or 2% of the total sale price at closing. For a $1.5 million Chatham home with $800,000 in appreciation, the withholding could reach $30,000 even after the federal $500,000 primary residence exclusion. This is a prepayment against your NJ tax liability, not an additional tax, but the cash flow impact at closing catches many sellers by surprise.
Does Monaco CPA help with RSU and stock option tax planning?
Yes. Many Chatham residents receive RSUs, incentive stock options (ISOs), and non-qualified stock options as part of their compensation. RSUs are taxed as ordinary income upon vesting, with NJ and NY each claiming a portion based on workday allocation. ISOs create no regular income tax at exercise but generate significant Alternative Minimum Tax (AMT) exposure. Monaco CPA helps model these scenarios in advance to avoid surprise tax bills.
What is the SALT cap and how does it affect Chatham residents?
The federal SALT deduction cap limits how much state and local tax you can deduct on your federal return. With Chatham property taxes averaging $16,000 to $18,000 per year, most households exceed the cap before even counting NJ state income tax. The 2025 increase to $40,000 provides relief for households under $500,000 MAGI, but the cap phases back down for higher earners. For pass-through business owners, the NJ BAIT election offers a workaround by deducting state tax at the entity level.
Does Monaco CPA serve clients outside of Chatham?
Yes. While serving Chatham residents, Monaco CPA works with clients virtually across all of New Jersey and nationwide for federal tax preparation. All services are delivered remotely through an encrypted client portal, so you get personalized CPA attention without leaving your home.
Ready to Work with a Chatham CPA?
Start your tax return through the secure portal or send a message to discuss your needs.
Monaco CPA is licensed by the New Jersey State Board of Accountancy (Firm License #20CB00789800). Services are provided remotely to clients nationwide. Monaco CPA does not maintain physical offices outside New Jersey and does not hold CPA firm permits in other states.