Your CPA in Paramus, NJ
Monaco CPA is a virtual CPA practice serving Paramus, New Jersey, providing personal tax preparation, small business accounting, and bookkeeping services to individuals and businesses throughout Bergen County and beyond. With over 3,400 businesses operating in the borough and a median household income exceeding $144,000, Paramus residents and business owners face complex tax situations that benefit from dedicated CPA attention.
CPA Services in Paramus
Monaco CPA is a virtual CPA practice serving Paramus, New Jersey, providing personal tax preparation, small business accounting, and bookkeeping services to individuals and businesses throughout Bergen County and beyond. With over 3,400 businesses operating in the borough and a median household income exceeding $144,000, Paramus residents and business owners face complex tax situations that benefit from dedicated CPA attention.
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 dual-state NYC commuter, a healthcare professional at Valley Hospital, or a small business owner along the Route 4 corridor.
As a New Jersey CPA familiar with Bergen County's tax landscape, Monaco CPA combines deep NJ tax expertise 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 fighting traffic on Route 17 or searching for parking at Garden State Plaza.
Why Paramus Clients Choose Monaco CPA
Paramus residents face a distinctive mix of tax considerations. Bergen County property taxes, while among the lowest-rate in the county thanks to the borough's massive commercial tax base, still produce average bills of $13,058. Combined with NJ state income tax, most Paramus households generate SALT well above the former $10,000 cap. The 2025 increase to a $40,000 SALT cap provides meaningful relief through 2029, but the benefit phases out for taxpayers with modified adjusted gross income above $500,000 and reverts to $10,000 in 2030, creating a finite planning window that demands proactive strategy.
An estimated 25% to 35% of Bergen County workers commute to New York City, and Paramus is no exception. NJ Transit bus routes run directly to the Port Authority Bus Terminal, and Route 4 connects to the George Washington Bridge. Because NJ and NY have no reciprocal tax agreement, commuters must file in both states, and New York's convenience of the employer rule creates additional complexity for hybrid and remote workers. Monaco CPA serves medical practices, law firms, and real estate professionals throughout Bergen County who need multi-state tax expertise.
Paramus is home to a significant Korean-American community within Bergen County's broader Korean-American corridor. Residents with financial ties to South Korea may have FBAR and FATCA reporting obligations, foreign tax credit planning needs, and other cross-border compliance requirements. Non-willful FBAR penalties alone can reach $16,536 per violation, making proper reporting essential.
With over 26% of Paramus residents aged 65 or older, retirement tax planning is a major need. New Jersey's Stay NJ program now reimburses qualifying seniors for 50% of property taxes up to $6,500, stackable with Senior Freeze and ANCHOR benefits. Monaco CPA helps retirees coordinate these programs and plan retirement income distributions to preserve NJ's pension and IRA exclusion, which phases out above $150,000 of total income.
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 Paramus and Bergen County, NJ, including:
Services Available in Paramus
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 Paramus, NJ?
CPA fees in Paramus and Bergen County vary by service. Individual tax returns typically start at $350, while small business returns (S-Corp, LLC, partnership) start at $750. Monaco CPA publishes transparent pricing on our pricing page with no hidden fees or hourly billing surprises.
I commute from Paramus to New York City. Do I need to file in both states?
Yes. NJ residents working in NYC must file a nonresident NY return (IT-203) and a resident NJ return (NJ-1040). NJ provides a credit for taxes paid to New York via Schedule NJ-COJ, but the credit calculation has rules that many tax software programs handle incorrectly. A CPA experienced with NJ-NY commuter tax can prevent costly errors and optimize your filing across both states.
What is the SALT cap and how does it affect Paramus homeowners?
The federal SALT (State and Local Tax) deduction was capped at $10,000 from 2018 through 2024. Beginning in 2025, the cap was raised to $40,000 for joint filers through 2029, with a phaseout starting at $500,000 of modified adjusted gross income. For Paramus homeowners paying an average of $13,058 in property taxes, this increase restores a significant deduction. However, the cap reverts to $10,000 in 2030, creating an important planning window.
Does Monaco CPA handle FBAR and FATCA filings for foreign bank accounts?
Yes. Monaco CPA prepares FBAR (FinCEN Form 114) filings required when aggregate foreign account values exceed $10,000 at any point during the year, as well as FATCA (Form 8938) filings for specified foreign financial assets exceeding $50,000. Bergen County has a significant population of residents with international financial ties, and non-compliance penalties are severe.
What is the NJ BAIT election and should my Paramus business use it?
The Business Alternative Income Tax (BAIT) lets NJ pass-through entities like S-Corps and partnerships pay state income tax at the entity level, creating a federal deduction that bypasses the SALT cap. For most qualifying NJ businesses with income over $100,000, the election produces meaningful federal tax savings. The election must be made annually by March 15.
Can Monaco CPA help with NJ Stay NJ and senior property tax relief?
Yes. The Stay NJ program, which began making payments in February 2026, reimburses eligible seniors 65 and older for 50% of their property taxes up to $6,500. This can be combined with the Senior Freeze and ANCHOR programs for significant total relief. Monaco CPA helps qualifying Paramus seniors evaluate and apply for all available property tax benefit programs.
Ready to Work with a Paramus 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.