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…
New Jersey has enacted the “Pass-Through Business Alternative Tax Act” (BAIT). This act creates an election for pass-through entities (PTE’s) to pay New Jersey income tax at the entity level and creates a corresponding individual income tax credit for the members of the PTE’s. This law was passed in response to the Federal Tax Cut Read More…
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…
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…
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, and Not-for-Profit Organizations, with relaxed regulations, as part of the CARES Act. On July 17th, the Federal Reserve Board has approved two new loan options, which Read More…
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…
Programs Available Under the CARES Act From Main St. to Wall St., all businesses have been affected by COVID-19 in one way or another. Businesses that were considered to be essential service business were affected by employees being unable to work due to their need to care for their children, who were now home from Read More…
On April 14th Governor Murphy signed into law a bill that provides New Jersey taxpayers a three-month extension to pay and file their state individual gross income, partnership, and corporation business taxes. According to the office of New Jersey Governor Phil Murphy, the New Jersey income tax deadline will now be July 15, 2020 to Read More…
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act is the third round of federal government aid related to COVID-19. We have summarized the top provisions in the new legislation below, with Read More…
In response to the economic fallout from the Coronavirus Disease 2019 Pandemic, the IRS has automatically postponed the filing and due dates for all Federal income tax returns and related payments due on April 15, 2020. The filing and payment date for these income taxes have been automatically postponed to July 15, 2020. This includes Read More…
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