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Reminder: Tax Day for Individuals is May 17th!

The April 15th deadline to file individual income tax returns and payments has been extended by the Treasury Department and Internal Revenue Service to May 17, 2021. This relief does not apply to estimated tax payments that are due on April 15, 2021.

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Summary of the American Rescue Plan (ARPA) of 2021

On March 11, 2021, President Biden signed into law the controversial and long-awaited ARPA, 2021 legislation. The legislation will provide a third round of stimulus checks, to qualifying individuals and families, among other tax benefits. To summarize the impact of the legislation, which provides for $1.9 trillion of relief, the following categories will provide benefits to both individuals and businesses, and addressed as follows:

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Electronic Communications to Reduce the Spread of COVID-19

The health & safety of our clients and employees is paramount and therefore, BKC has been taking enhanced precautions concerning the spread of Coronavirus (COVID-19). Read more about alternative communication options to minimize potential risks as we work towards the upcoming tax deadlines:

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BKC & BDO Alliance USA

BKC is an independent member of the BDO Alliance USA, a nationwide association of independently owned local and regional accounting, consulting and service firms with similar client service goals. This alliance allows us to better service our clients with greater flexibility, efficiency and cost-effectiveness.

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RECENT TAX TIDBIT

NEW YORK STATE ENACTS ITS OWN PASS-THROUGH ENTITY TAX

Governor Cuomo signed the New York State Fiscal Year 2021-2022 budget bill on April 19, 2021. Included in this bill is New York State’s version of a pass-through entity (PTE) tax. New York is the final state in the tri-state area to pass such legislation. Similar to New Jersey’s version, eligible entities need to make Read More…

Recent Blog Post

NEW JERSEY ECONOMIC DEVELOPMENT AGENCY ANNOUNCES NEW FUNDING

On Monday, April 12, 2021, Governor Murphy signed a bill authorizing the New Jersey Economic Development Agency (NJEDA) to issue grants to non-profits and small businesses.  The NJEDA will issue a total of $85 Million under Phase 4 of the Small Business Emergency Assistance Grant Program.  The program is intended to provide short-term assistance to Read More…

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