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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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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Since we are moving rapidly into the height of municipal budget season, it seemed like a good time to discuss some terms relating to property assessments that can be confusing to some people. Hopefully, we can clear up some of this confusion. Let me begin by stating that I do not profess to be a…

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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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On March 26, 2021, Nisivoccia hosted a School Business Administrator (SBA) Roundtable discussion. Partners at Nisivoccia Kathi Mantell, Heidi Wohlleb, Valerie Dolan, and Man Lee were presenters on the panel, along with Sheryl Leidig of Wayne Public Schools, Robin Tedesco of Mount Arlington Public Schools, and Alicia Valverde-Mesa of Morris Hills regional School District. The…

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Our Managing Partner, Bud Jones, hosted a Virtual CMFO Roundtable on Friday, March 19, 2021. Nisivoccia Partners John Mooney and Ray Sarinelli were also presenters on the panel. Jon Rheinhardt of Borough of Wharton, Chris Battaglia of Borough of Caldwell, John Buck of Municipal Software Inc., Fred Knapp, Esq. & Jonathan McMeen of Laddey, Clark and…

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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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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

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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