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…
On December 27, 2020, the Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law. The CAA, 2021 Act greatly expanded the Employee Retention Credit (ERC). The credit is now available to more businesses and extends the date for wages paid through June 30, 2021. Under the CARES Act, the ERC was available to qualified Read More…
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 on December 27, 2020. The Consolidated Appropriations Act also clarifies the deductibility of certain expenses paid for with funds from a loan under PPP and tax impact on income Read More…
As we start a new year, we wanted to share a few reminders of ways that individuals may lower their taxable income before filing their 2020 taxes and in the future. All else being equal, it is our view that tax rates are likely to increase in the coming years. One key factor driving this Read More…
On Monday December 21, the House and Senate approved $900 billion in relief for individuals and businesses affected by the coronavirus pandemic. President Trump is expected to sign the bill into law on Tuesday December 22nd. Highlights of the new legislation are as follows: A refundable tax credit of $600 for single taxpayers, $1,200 for Read More…
As we eagerly bid farewell to an unprecedented year, we take a deep breath and look to 2021 with optimism. We hope you reflect on your perseverance this past year with pride in each of your accomplishments. May you begin 2021 with positivity, with new ideas and refreshed energy, with enthusiasm in knowing we’re Read More…
The IRS has recently announced that they have expanded the availability of IP PIN’s on a national basis. Previously, the IRS issued IP PIN’s only to individuals that were victims of identity theft. The IP PIN would change each year and the IRS would send a letter each year, to persons that had previously been Read More…
On November 18, 2020, the IRS released Revenue Ruling 2020-27, which outlines the treatment of the loan proceeds that a business expects to be forgiven. Prior to the release of this Revenue Ruling, businesses expected to expense 100% of their business expenses, that were covered by the PPP Loan, on their 2020 tax returns and Read More…
Each year, the IRS adjusts for inflation key tax limits and tax brackets, based on the cost of living adjustments (COLA). Here are some important tax adjustments announced for the filing of 2021 tax returns, that become effective on January 1, 2021: Income Tax Changes Tax brackets for all filing statuses. The highest 37% individual Read More…
New Jersey Governor Phil Murphy signed Executive Order 192 on October 28th, which makes effective November 5, 2020, new COVID-19 related health and safety mandates for employers. The order states that every business, school, nonprofit and governmental office require any employee, customer or visitor who is physically present to undergo a daily health screening, maintain Read More…
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