Articles

EMPLOYEE SOCIAL SECURITY TAXES TO BE DEFERRED

  On August 8, 2020, President Trump signed an Executive Order, for the Treasury Department to issue guidance related to the deferral of Social Security Taxes, for employees.  The deferral will apply to wages that are paid from September 1, 2020 through December 31, 2020. Not all employees will qualify for the payroll tax deferral.  Read More…

MANAGING COMPENSATION FOR NONPROFITS

By Michael Conover   The novel coronavirus (COVID-19) crisis has affected all sizes and types of organizations including the nonprofit sector. Regardless of the type of nonprofit, they have been impacted by: forced office closures, dramatic swings (upward or downward) in demand for their services, actual or threatened loss of revenue, budgetary and staff cuts, Read More…

STRENGTHENING INTERNAL CONTROL IN THE COVID-19 ENVIRONMENT

By Carla DeMartini, CPA Due to its mission-driven purpose, a nonprofit organization’s financial and operational sustainability is significantly impacted by its environment. Natural disasters, economic slowdowns and unforeseen events are just a few factors that can adversely affect nonprofit organizations. That is why a strong internal control system has always been a priority for audit Read More…

HIGHLIGHTS FROM THE FAQ ON PPP LOAN FORGIVENESS ISSUES BY THE SBA

On August 4, 2020, the U.S. Small Business Administration (SBA), in consultation with the Treasury, released frequently asked questions (FAQs), on the Paycheck Protection Program (PPP) related to PPP Loan Forgiveness. The publication is divided into four sections addressing different aspects of the process to determine how much of their loan is forgivable.   The following Read More…

FINAL REGS ISSUED ON CHARITABLE CONTRIBUTION RELATED TO SALT BENEFITS

On August 7, 2020, the IRS released final regulations (T.D. 9907) regarding the interaction of the $10,000/$5,000 cap on state and local tax (SALT) deduction and charitable contributions. Your SALT deduction includes real estate taxes, state income taxes (unemployment, disability, family leave, personal property taxes) and local taxes. For tax years after 2017, an individuals Read More…

SBA OPENS MAIN STREET LENDING PROGRAM

On June 15, 2020, the SBA announced that the Main Street Lending Program portal is now open. The Main Street Program provides additional funding to small and mid-size businesses, with relaxed regulations, as part of the CARES Act. The Main Street New Loan Facility (MSNLF) offers eligible borrowers the ability to secure loans ranging from Read More…

NJ ECONOMIC DEVELOPMENT AGENCY SMALL BUSINESS EMERGENCY ASSISTANCE GRANTS

On June 9, 2020, the NJEDA began accepting applications for Phase 2 of the Emergency Assistance Grants.  The grants are available for businesses with 25 or less employees.  The NJEA has $45 million dollars available to distribute, as part of the federal CARES Act. The grant will be in the amount of $1,000 per full-time Read More…

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