The Infrastructure Investment and Jobs Act (P.L. 117-58), enacted on November 15, 2021, retroactively terminated the Employee Retention Credit (ERC) for the fourth quarter of 2021. This early termination does not apply if the employer is a recovery startup business, the credit continues to apply to wages paid before January 1, 2022. A “recovery start-up Read More…
On October 20, 2021, the Economic Development Authority (NJEDA) will open applications for the new Small Business Improvement Grant Lease Program. This is the first of several programs that the NJEDA will be rolling out, as part of the Main Street Recovery Program. $10 million dollars has been allocated to the Business Lease Program, with Read More…
Under new Tax Law Article 24-A, an optional pass-through entity tax (PTET) that partnerships or New York S Corporations may annually elect to pay on certain income for tax years beginning on or after January 1, 2021. Individual pass-through entity owners electing to pay PTET who are subject to personal income tax may be eligible Read More…
The New Jersey Division of Taxation (Division) on June 3, 2021 unveiled a new combined reporting initiative, designed to help companies voluntarily comply with their historic separate-company return filing requirements for periods prior to 2019. The initiative will run from June 15, 2021 to October 15, 2021. Background on New Jersey Filing Requirements New Jersey Read More…
The choice of entity is among the most important decisions facing business owners when starting a business or investment activity. The choice of tax entity generally includes a C-Corporation, S-Corporation or Partnership, each having its own advantages and disadvantages that must be evaluated in terms of how the entity’s tax and legal characteristics align with Read More…
Congratulations to 2021 NJBIZ ICON Award recipient, Edward J. Kurowicki, MBA, CPA/CFF, CVA, Founding Shareholder of BKC, CPAs, PC for this esteemed honor. The NJBIZ ICON Awards recognize New Jersey business leaders over the age of 60 for their contributions, their success and their leadership. Winners were chosen by a group of independent judges following 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…
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…
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…
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