Transitioning Ownership The decisions made regarding ownership of the family office or closely held business may not necessarily be the same decisions that are required for leadership and management. It’s critical to understand and acknowledge the different elements that proper succession planning entails. The family wealth enterprise has three interconnected circles of participation—the family members, Read More…
Owners of many small business that are close to the border of other states, as is common in our home state of New Jersey, may not have to worry about paying taxes to other states. If all your work is being done in your home state, and business is just being conducted in your home Read More…
On August 8, 2020, President Trump signed an Executive Order, for the Treasury Department to issue guidance related to the deferral of Social Security Taxes, for employees. The deferral will apply to wages that are paid from September 1, 2020 through December 31, 2020. Not all employees will qualify for the payroll tax deferral. Read More…
New Jersey has enacted the “Pass-Through Business Alternative Tax Act” (BAIT). This act creates an election for pass-through entities (PTE’s) to pay New Jersey income tax at the entity level and creates a corresponding individual income tax credit for the members of the PTE’s. This law was passed in response to the Federal Tax Cut Read More…
By Michael Conover The novel coronavirus (COVID-19) crisis has affected all sizes and types of organizations including the nonprofit sector. Regardless of the type of nonprofit, they have been impacted by: forced office closures, dramatic swings (upward or downward) in demand for their services, actual or threatened loss of revenue, budgetary and staff cuts, Read More…
By Carla DeMartini, CPA Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit Read More…
On August 4, 2020, the U.S. Small Business Administration (SBA), in consultation with the Treasury, released frequently asked questions (FAQs), on the Paycheck Protection Program (PPP) related to PPP Loan Forgiveness. The publication is divided into four sections addressing different aspects of the process to determine how much of their loan is forgivable. The following Read More…
On August 7, 2020, the IRS released final regulations (T.D. 9907) regarding the interaction of the $10,000/$5,000 cap on state and local tax (SALT) deduction and charitable contributions. Your SALT deduction includes real estate taxes, state income taxes (unemployment, disability, family leave, personal property taxes) and local taxes. For tax years after 2017, an individuals Read More…
On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, and Not-for-Profit Organizations, with relaxed regulations, as part of the CARES Act. On July 17th, the Federal Reserve Board has approved two new loan options, which Read More…
On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, with relaxed regulations, as part of the CARES Act. The Main Street New Loan Facility (MSNLF) offers eligible borrowers the ability to secure loans ranging from Read More…
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