Manufacturing & Distribution

THE STAKEHOLDER VALUE MANDATE

From stakeholder buy-in to supply-chain transparency and beyond, companies across the globe face a variety of challenges when developing and implementing ESG (environmental, social, and governance) strategies. But this has not deterred CEOs from incorporating ESG principles into their core business strategy, embracing corporate visions that: Deliver long-term value for all stakeholders; Contribute to the betterment of Read More…

IRS MID-YEAR CHANGE TO STANDARD MILEAGE RATE

Effective July 1 through December 31, 2022, the standard mileage rate for the business use of employees’ vehicles will be 62.5 cents per mile – the highest rate the IRS has ever published—up 4 cents from the 58.5 cents per mile rate effective for the first six months of the year. The new rate for Read More…

EIDL BORROWERS RECEIVE ADDITIONAL DEFERMENT

On March 15, 2022, Isabella Casillas Guzman, the head of the U.S. Small Business Administration announced that the SBA is providing an additional deferment for existing borrowers of Economic Injury Disaster Loans (EIDL loans).  The additional deferment provides for a total of 30 months deferment of principal and interest payments, from the date of the Read More…

TERMINATION OF THE EMPLOYEE RETENTION CREDIT

The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…

NJEDA SMALL BUSINESS LEASE GRANT PROGRAM

On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program.  This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program.  $10 million dollars has been allocated to the Business Lease Program, with Read More…

NJEDA SMALL BUSINESS IMPROVEMENT GRANT PROGRAM

On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program.  This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program.  $15 million dollars has been allocated to the Business Lease Program, with Read More…

SBA ANNOUNCES CHANGES TO THE EIDL PROGRAM

On September 8, 2021, the SBA announced major changes to the Economic Injury Disaster Loan (EIDL) Program.  New COVID EIDL policy changes include the following: Maximum loan cap increased from $500,000 to $2 million Use of funds was expanded to include payment and pre-payment of business non-federal debt incurred at any time (past or future) and Read More…

PRESIDENT BIDEN’S DISASTER DECLARATION FOR NEW JERSEY AND NEW YORK

On September 1, 2021 New Jersey and New York were hit with the remnants of Hurricane Ida, which caused catastrophic damages in the state of Louisiana a couple of days prior. Some portions of New Jersey and New York received excessive storm damage due to flooding and tornadoes. On September 2nd, President Biden approved an Read More…

NEW YORK STATE PASS-THROUGH ENTITY TAX

Under new Tax Law Article 24-A, an optional pass-through entity tax (PTET) that partnerships or New York S Corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. Individual pass-through entity owners electing to pay PTET who are subject to personal income tax may be eligible Read More…

TAX PROPOSALS FROM THE BIDEN ADMINISTRATION & CONGRESS

      This article has been superseded by this update:  BUILD BACK BETTER ACT PASSES THE HOUSE OF REPRESENTATIVES Original 9/3/21 Article: The Biden Administration’s 3-part economic recovery plan proposal is known as the “Build Back Better agenda”.  It has evolved quite a bit of the last few months but this is how it Read More…