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…
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…
Employee benefit plan sponsors need to begin preparing for the adoption of Statement on Auditing Standards No. 136 (SAS 136), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA (Employee Retirement Income Security Act of 1974). This auditing standard was enacted by the American Institute of Certified Public Accountants (AICPA), Read More…
Spoiler alert: If it isn’t already, cybersecurity should likely be on your board agenda at every meeting. BDO recently hosted directors and subject matter experts at a regional board roundtables to learn, mentor and network among peers on the topic of ransomware. Here are the top five takeaways from those recent discussions: Increased Risk The global COVID pandemic has created an environment Read More…
The U.S. Senate passed legislation (PPP Extension Act of 2021) on March 25, 2021 that provides a 60-day extension for eligible employers to apply for a Paycheck Protection Program (PPP) loan. The House of Representatives approved the legislation on March 16, 2021. The application deadline was set to expire on March 31, 2021, but now Read More…
The anticipated April 15th deadline to file individual income tax returns and payments has been extended by the Treasury Department and Internal Revenue Service to Monday, May 17, 2021. Without filing an extension, individual’s income tax filings, and payments are not due until May 17th. This relief does not apply to estimated tax payments that Read More…
The manufacturing industry alone claims annual R&D tax credits in excess of $7.4 billion. Innovation is driving the manufacturing industry, and the objective of R&D tax credits is to encourage exactly the type of efforts that are at the core of Industry 4.0. You don’t have to be developing new products or engineering brand new Read More…
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 Read More…
Many nonprofit organizations were forced to shutter or temporarily close their operations under a governmental order as a result of the coronavirus pandemic, while others were forced to severely limit their offerings. One way to continue to pursue your organization’s objectives is to ensure that you are still able to function, even if only in a limited Read More…
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…
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