NJEDA Opens Pre-registration for Phase 4 of Small Business Relief

The New Jersey Economic Development Authority (NJEDA) announced Phase 4 of the Authority’s Small Business Emergency Assistance Grant Program on Wednesday, April 14, adding $85 million in funds from the CARES Act. Phase 4 will provide grants up to $20,000 to New Jersey small and medium sized businesses and non-profits that have been negatively impacted…

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Appropriations Law Addresses PPP Forgiveness, Tax Treatment

The Consolidated Appropriations Act (CAA), signed into law in late December 2020, allocated additional funding for forgivable loans through the Paycheck Protection Program (PPP) — for both first-time and so-called “second-draw” borrowers who’ve been hit by the economic effects of the COVID-19 pandemic. It also includes several critical provisions related to loan forgiveness and tax…

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Updates to the Employee Retention Tax Credit

tax credits

Below you will find a summary outlining the three Acts impacting the Employee Retention Credit (ERC), including the most recent changes implemented by the American Rescue Plan Act of 2021. The Coronavirus Aid, Relief, and Economic Security Act (CARES) enacted on March 27, 2020 provides an Employee Retention Credit to employers to keep their employees on payroll. An eligible…

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Self-Employed May Be Eligible for COVID-Related Tax Breaks for 2020

If you’re self-employed as a sole proprietor, partner or limited liability company (LLC) member, COVID-relief legislation passed in 2020 included tax breaks that may affect your 2020 personal federal income tax return. In some cases, the tax savings may be significant. Here are two important COVID-related tax breaks that every self-employed individual should consider before…

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PPP Deadline Extension plus Other Program Updates

The PPP Extension Act of 2021 has been formally signed by President Biden, which extends the Paycheck Protection Program through May 31, 2021. The program, originally scheduled to expire on March 31, 2021, will continue accepting applications until May 31, 2021. We would like to note that May 31, 2021 is Monday, Memorial day so applications…

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The American Rescue Plan Act Tax Implications

President Joe Biden signed into law the American Rescue Plan Act (H.R. 1319) on March 11, 2021. Among the act’s many provisions are several tax items including the tax treatment of 2020 unemployment benefits, the phaseout ranges for economic impact payments, and the treatment of student loan debt forgiveness were changed by the Senate. Below…

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A Good Business Plan Can Help Your Practice Thrive

stethoscpoe medical records

For healthcare professionals who are obtaining loans to expand their practices — or simply to set up operations — generating a business plan makes sense. And with the current economic uncertainty brought about by COVID-19, it’s even more important. This article points out that a good business plan will enable physicians to operate a successful…

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New Jersey Retirement Program

NEW  New Jersey Retirement Program New Jersey has implemented a new law, effective March 2021, requiring New Jersey businesses (both for-profit and non-profit) with at least 25 employees and which have been up and running for 2 years, to provide a retirement plan for their employees. New Jersey will require business owners to either sponsor a…

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Form 1099 Changes in 2020

form 1099

The 1099-MISC form has been used in the past to report certain payments, including nonemployee compensation, to the IRS. Beginning with tax year 2020, the Form 1099-MISC has been redesigned due to the creation of Form 1099-NEC. Employers will no longer report nonemployee compensation, such as payments to independent contractors, on Form 1099-MISC, they will…

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Payroll Protection Program Second Round Funding (PPP2)

The Coronavirus Response and Relief Supplemental Appropriations Act (the Act) was signed into law on December 27, 2020. On January 6, 2021, the Treasury/SBA issued IRS revenue ruling 2021-02 regarding PPP loans. Second Round Funding (PPP2) The Act provides additional PPP funding for small businesses. The last day to apply for second draw funding is…

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