New Jersey Economic Recovery Act of 2020
On January 7, 2021, Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. The law provides for the administration of programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, among others.
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Round 2 of Paycheck Protection Program
Congress expanded the Paycheck Protection Program (PPP) established by the Coronavirus Aid, Relief, and Economic Security (CARES) Act with the passage of the Consolidated Appropriations Act which also clarifies the deductibility of certain expenses paid for with funds from a loan under PPP and tax impact on income for the forgiveness of the related debt.
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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
THE LONG-TERM IMPACT OF CARES ACT LOANS AND DISTRIBUTIONS ON RETIREMENT SAVINGS
The Coronavirus Aid, Relief and Economic Security (CARES) Act allowed plan sponsors to relax loan and distribution rules in 2020, giving participants greater access to funds during the pandemic. These provisions were implemented to provide relief as many employees do not have adequate short-term savings. Employee Benefit Research Institute (EBRI) has found that only one Read More…
Recent Blog Post
NEW JERSEY ECONOMIC RECOVERY ACT OF 2020
On January 7, 2021, Governor Phil Murphy signed the New Jersey Economic Recovery Act of 2020. The law provides for the administration of programs and policies related to jobs, property development, food deserts, community partnerships, small and early-stage businesses, among others. In an effort to bolster development, the Economic Recovery Act creates, among other things, Read More…
