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Category: Tax planning and law changes

On December 27, 2020, the President signed into law a $900 billion Coronavirus stimulus package.  Included in this bill is a second round of Paycheck Protection Program (PPP) funding, as well as several updates to the first round of PPP funding released with the CARES Act last spring. This l Read More

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

CARES Act Payroll Protection Program Application is available here.  Please click on the links below to access the forms. Borrower Paycheck Protection Application Form –  Click here to access form. Borrower Information Fact Sheet – Click here to read more. 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

The ongoing COVID-19 pandemic is deeply affecting everyone’s day to day lives. As a result, this is also affecting virtually all businesses and their normal daily operations. The accounting and financial reporting processes are two viable aspects of your business which must maintain their e Read More

The Families First Coronavirus Response Act was passed by the Senate on March 18, 2020. The Act will take effect April 2, 2020 and expires on December 31, 2020. Employers covered under this relief bill will receive tax credits to allow them to provide enhanced benefits to those employees affe 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

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

In response to last year’s U. S. Supreme Court decision, South Dakota v. Wayfair, Inc., which ruled that states can impose sales tax collection responsibilities on businesses even if they don’t have a physical presence in their state, many states have amended their laws and issued guidanc Read More

Both the Tax Cuts and Jobs Act (TCJA) and Congress’s massive new spending package received widespread media coverage, but a couple of provisions that incentivize investments in low income housing have largely gone under the radar. One provision in the tax law offers significant tax breaks f Read More

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