Tag Archives: income tax

PPP LOANS ROUND 2

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…

NJ EXTENDS INCOME TAX FILING DEADLINE TO JULY 15TH FOR INDIVIDUAL, PARTNERSHIP AND CORPORATION BUSINESS TAXES

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…

THE TAX CUTS & JOBS ACT: HOUSE BILL vs. SENATE BILL

On Thursday, November 16, the US House of Representatives passed the Republican crafted tax reform bill by a 227 – 205 vote.   That same day, the Senate Finance Committee approved its version of the Tax Cuts and Jobs Act, sending the bill to the full Senate for debate and a vote. The Senate is expected Read More…