Making Long-Term Decisions About Working From Home

It can be a tough scenario to confront: First you sent your employees home to work remotely due to the COVID-19 pandemic. Now they want to stay there permanently. Should you allow employees to work from home more than they have in the past? Or do you think “This just isn’t working” for one or…

Read More

Federal Tax News

1. The deadline for the third 2021 estimated tax payment is coming up on September 15. Changes in the economy brought by COVID-19 include a new crop of self-employed persons, such as gig-economy workers. Like most people with income that isn’t subject to withholding, these workers may need to make estimated tax payments for the first…

Read More

Deadline Coming: Follow Up on Your PPP Loans

Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000. The PPP program stopped accepting loan applications on May 31, 2021. However, you still may need to complete the requisite…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More

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…

Read More