Updated for the One Big Beautiful Bill Act (P.L. 119-21, signed July 4, 2025) - Key 2026 tax-law changes (not the subject of this article): SALT maximum raised to $40,000 for 2025 and $40,400 for 2026 for non-MFS filers, with the phase-down beginning above $500,000 and $505,000 MAGI, respectively, and a $10,000 floor; married filing separately uses half those maximums, thresholds, and floor, and the statutory phase-down calculation controls • 100% bonus depreciation made permanent for qualifying property acquired after January 19, 2025 (transition rules apply to earlier acquisitions) • QBI deduction made permanent • New deductions for tips, overtime, and seniors • Federal estate and gift tax basic exclusion amount set at $15M for 2026 and indexed for 2027 and later years under OBBBA (NJ has no estate tax post-2018; NJ inheritance tax still applies by beneficiary class) • NJ does not conform on bonus depreciation (for Gross Income Tax, a New Jersey depreciation adjustment is computed on Worksheet GIT-DEP) or on the federal tips deduction, the federal overtime deduction, or the senior bonus deduction (NJ Division of Taxation OBBBA notice). The Division's OBBBA notice does not address Trump Accounts (IRC 530A, 128 and 6434). Because the Gross Income Tax has its own categories of income and deductions and is not computed from federal adjusted gross income, we treat the federal exclusion for employer Trump Account contributions as not applying for NJ purposes until New Jersey law or the Division says otherwise.
The SALT amounts above are the non-MFS maximums. For TY2025, the phase-down begins above $500,000 MAGI; for TY2026, it begins above $505,000; neither phase-down can reduce the deduction below the $10,000 floor. For married filing separately, the maximum is $20,000 for TY2025 and $20,200 for TY2026; the phase-down begins above $250,000 and $252,500, respectively, and cannot reduce the deduction below the $5,000 floor. The statutory phase-down formula controls.
In This Article
- Virtual and Office-Based Delivery Models
- NJ Authorization Requirements for Virtual Practice
- Security Comparison
- Cost Comparison
- In-Person Workflow Factors
- Facts That Affect Virtual-Service Fit
- Monaco CPA: Virtual-First, NJ Based
- Frequently Asked Questions
- Requesting a Scope
Disclaimer: This article is educational and does not constitute tax advice or create a CPA-client relationship. Consult a licensed CPA before filing.
Virtual and Office-Based Delivery Models
CPA practices can deliver services virtually, in an office, or through a hybrid workflow. Delivery models carry different costs and procedures; the label or office-rent figure alone does not establish a client fee, availability, security control, service quality, or result.
"Virtual" describes delivery method, not credentials, security, scope, availability, or quality. Evaluate those attributes for the individual provider and engagement. This guide identifies comparison factors without selecting a universal winner.
NJ Authorization Requirements for Virtual Practice
Authorization does not depend on delivery method: an individual providing CPA services in New Jersey must hold the applicable NJ license or satisfy the statutory practice-privilege conditions in N.J.S.A. 45:2B-50.1. The firm must separately satisfy any applicable registration or out-of-state-firm exemption conditions under N.J.S.A. 45:2B-54 and N.J.A.C. 13:29 based on its office, title, and services. Verify both the current individual and firm status for the contemplated engagement.
- An active NJ CPA certificate or a current New Jersey statutory practice privilege when its conditions are met
- Compliance with applicable NJ continuing professional education (CPE) requirements: for active-license renewals after the initial renewal, 120 credits during the preceding triennial period, including at least 20 credits in each year, at least 60 technical credits, and a 4-credit New Jersey Law and Ethics course. Licensees engaged in the practice of public accountancy must include at least 24 credits in accounting or auditing, which may include review and compilation. The initial-renewal and inactive-status exceptions in N.J.A.C. 13:29-6.2(d)-(e) apply
- NJ Board firm registration or satisfaction of the applicable out-of-state-firm exemption conditions when required by the contemplated office, title, and services
- Adherence to applicable New Jersey professional-conduct requirements
A CPA based outside New Jersey may hold a NJ license or may qualify for individual practice privilege under N.J.S.A. 45:2B-50.1. The employing firm must separately satisfy the applicable registration or out-of-state-firm exemption conditions under N.J.S.A. 45:2B-54 based on its office, title, and services. Verify the relevant individual and firm authorization through the NJ Division of Consumer Affairs.
Gregory Monaco holds NJ CPA license #20CC04711400 and NJ CPA firm registration #20CB00789800; verify current status with the New Jersey State Board of Accountancy's license-verification portal.
Security Comparison
Virtual CPA Document Workflow
Virtual CPA firms may use portal platforms designed for accounting workflows. Monaco CPA uses TaxDome for accepted-engagement documents. TaxDome publishes the following vendor-level controls and capabilities; availability and enforcement can depend on the firm's account configuration:
- Designated channel: Accepted-engagement documents are exchanged through the client portal identified in the engagement instructions
- Configuration boundary: Follow the current written access and document-exchange instructions; this article does not promise a particular provider configuration or security outcome
- Authentication: TaxDome provides email verification and optional authenticator-app two-factor authentication; administrators can require 2FA
- Access controls and audit trails: TaxDome publishes role-based permissions and logged activity
- Document exchange: Accepted clients use the designated portal for tax documents rather than ordinary email attachments
These are TaxDome's published platform statements, not a guarantee of Monaco CPA's configuration or absolute security. Digital and physical workflows have different risks, and no delivery model eliminates theft, access, configuration, or human-error risk.
Traditional Local CPA: Physical Security
Office-based firms use varied combinations of physical storage, portals, email, fax, and in-person handoffs. Evaluate the actual provider's documented controls rather than assuming a security profile from its delivery model.
Federal law requires covered tax preparers to maintain a Written Information Security Plan (WISP) under the FTC Safeguards Rule (16 CFR Part 314, implementing the Gramm-Leach-Bliley Act). IRS Publication 4557 provides additional IRS-specific guidance and references these requirements. Both virtual and office-based covered preparers must comply; the strength of controls depends on the provider's implemented safeguards, not its delivery label.
Cost Comparison
Virtual-Practice Cost Factors
A virtual practice may avoid office rent while incurring portal, security, insurance, and technology costs. Provider overhead does not determine a client fee or promised saving.
Overhead and client fees vary by provider, scope, staffing, technology, and market. This article does not state a typical percentage difference or imply equivalent services.
Monaco CPA is a solo virtual practice. Current fees are governed by the pricing page and written engagement; no comparative price, quality, or security result is promised.
Office-Based Practice Cost Factors
Office-based providers may incur rent and facility costs, but fees also depend on scope, experience, staffing, records, and market. No 15-30% fee difference or equivalent-return comparison is asserted.
A provider's fee and technical capability must be assessed from its actual engagement, credentials, and procedures rather than its office model.
In-Person Workflow Factors
An office-based workflow may be relevant in circumstances such as these, depending on the provider and engagement:
- Estate and trust administration: This work may require specialist meetings; Monaco CPA does not provide estate or trust services
- IRS or NJ audit representation: Correspondence, office, and field examinations use different procedures. Confirm that an independently selected authorized representative's written engagement covers the actual forum and representation needed; Monaco CPA considers audit and examination representation case by case under a separate written engagement.
- Business owners who prefer face-to-face relationships: Some business owners prefer in-person communication and may compare office-based providers.
- Physical document-intensive situations: A taxpayer with boxes of unsorted receipts, years of unfiled returns, or complex paper records can compare each provider's paper intake, scanning, mailing, and in-person procedures and the work included in the written scope.
- Preferred communication format: A client who wants in-person walkthroughs may compare office-based providers' meeting process, scope, and availability without assuming a particular delivery model produces a better understanding or result.
Facts That Affect Virtual-Service Fit
- Workflow: Portal delivery can avoid travel, but document deadlines, availability, and timing remain governed by the engagement.
- Document workflow: Accepted clients follow the designated client-portal instructions; no comparative security result is promised.
- Response terms: Channel and timing depend on the signed engagement; virtual delivery does not promise a faster response.
- Delivery: Monaco CPA confirms accepted work in a written scope.
- Provider communication: Availability and channels depend on the signed engagement; Monaco CPA does not promise year-round access or calls
Monaco CPA: Virtual-First, NJ Based
Monaco CPA operates as a virtual-first practice based in Livingston, NJ. This means:
- Accepted-engagement documents are exchanged through the designated client portal
- I review contact-form requests and confirm any proposed scope, pricing, and next steps before work begins; sending the form creates no engagement - Contact form
- Do not send tax documents by ordinary email; accepted clients receive the designated document-upload channel
- NJ-licensed CPA; audit, examination, appeals, levy, collection, OIC, and voluntary-disclosure representation are considered case by case under a separate written engagement and may be referred out, and ordinary non-examination correspondence support requires a separate written engagement
- A remote meeting occurs only when included in the agreed written process
- Response timing for accepted engagements only as stated in the signed written scope
- New Jersey matters are reviewed through written intake; acceptance, scope, and availability are confirmed individually
The virtual-first model defines how Greg delivers accepted work. It does not promise a lower fee, broader advisory service, faster response, or superior expertise or security.
Use the contact form to request written intake review; submission does not create an engagement or confirm a service.
Frequently Asked Questions
Is a virtual CPA as qualified as a local CPA?
Delivery method does not determine professional authority. An individual serving a New Jersey engagement must hold the applicable NJ license or satisfy the current statutory practice-privilege conditions; the firm must separately satisfy any applicable registration or out-of-state-firm exemption conditions based on its office, title, and services. Verify the actual individual and firm authorization, scope, and status rather than assuming every virtual practitioner holds a New Jersey license.
How do I exchange documents with a virtual CPA?
Accepted clients use the designated client portal for W-2s, 1099s, and other tax documents and follow the current written access instructions. Do not send tax documents through ordinary email. This article does not promise a particular portal configuration or security outcome.
Can a virtual CPA represent me in an IRS audit?
A properly authorized CPA may represent a taxpayer before the IRS regardless of whether the practice is virtual or physical, but credentials do not promise that service. Audit and examination representation are considered case by case under a separate written engagement; otherwise engage an independent authorized practitioner whose written scope covers the audit.
What if my virtual CPA is not based in NJ?
A CPA based outside NJ can serve NJ clients when the individual holds a NJ CPA license or satisfies the applicable practice-privilege conditions and the firm separately satisfies any registration or out-of-state-firm exemption conditions that apply to its office, title, and services. The professional must still apply the New Jersey rules relevant to the accepted work, such as BAIT, NJ/NY return components, and NJ S-Corp recognition procedures.
How does contact-form intake work?
Start with Monaco CPA's contact form. Greg reads each request personally and tries to reply within a week; if it fits current scope and capacity, the reply proposes a scope, pricing, and next steps. If a video meeting is useful and included in the agreed process, screen sharing can support real-time review; sending the form creates no engagement.
Can I meet my virtual CPA in person if needed?
Monaco CPA is a fully virtual practice. If an agreed written process includes a meeting, it is remote by video or phone; submitting the contact form does not promise a meeting. Accepted-engagement documents use the designated TaxDome client portal rather than paper handoffs.
Related reading: About Monaco CPA | Contact Form & Written Scope | Pricing | Services Overview
More NJ Tax Resources: Tax Preparation Services | Sole Prop vs. LLC vs. S-Corp in NJ: A 2026 Comparison | View All Comparisons
Requesting a Scope
Tax rules change frequently. Use the contact form to request a written scope; sending the form creates no engagement or promise of an outcome. Greg Monaco is a NJ-licensed CPA and the firm's sole practitioner.
