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Category: IRS and State tax news

Payments of Nonemployee Compensation made during calendar year 2020, which were previously reported in Box 7 of Form 1099-Misc, are now required to be reported on Form 1099-NEC. Below are important deadlines for each form: 1099-NEC: must be delivered to recipient by: February 1, 2021; Paper a Read More

Recently, the IRS released Revenue Ruling 2020-27 addressing the question that many of us have as to whether a taxpayer that received a PPP loan can deduct expenses paid during its 2020 taxable year if at the end of the year the taxpayer reasonably expects to receive forgiveness of its PPP lo Read More

Effective September 30, 2020, New York State will require all employers to accrue protected sick leave time. Employees are not entitled to use the time until January 1, 2021. The amount of protected leave time will vary by the size and net income of the employer. Employers with 4 or fewer emp Read More

For additional information about this message, please check with your lender for more information. The application will only be available online. Clients will not be able to apply through their business relationship manager.  Encourage them to enroll in Chase Business Online here.  We’re Read More

This is a quarterly payroll tax credit: For 50% of wages paid By eligible employers To eligible employees During the Covid-19 crisis NOT APPLICABLE to employers receiving Small Business Interruption Loans under this Act Determined on a quarter by quarter basis Eligible employers: Employers wh Read More

The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Key Pr Read More

On Tuesday March 17, 2020, the Secretary of the Treasury, Steve Mnuchin, announced that there will be a 90 day interest and penalty free extension of time for certain taxpayers to pay all or part of their Federal income taxes beyond the normal April 15th deadline. This was followed the next d Read More

On January 13, 2020, Governor Phil Murphy signed into law Senate Bill 3246 (S. 3246 or bill) establishing the “business alternative income tax” (BAIT), an elective New Jersey business tax regime for pass-through entities (PTEs). The BAIT program is intended to give New Jersey indi Read More

As part of a larger effort to ensure compliance and fairness, the Internal Revenue Service recently announced that it will step up efforts to visit high-income taxpayers who in prior years have failed to timely file one or more of their tax returns. Click here to be redirected to the article Read More

Here we go again! Another sweeping legislation tax reform was passed recently called the Setting Every Community Up for Retirement Enhancement Act (also known as the “SECURE ACT”). This act is very important to all Americans including baby boomers who are soon near retirement and aimed at Read More

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