SBA Releases New PPP Loan Forgiveness Form for Loans $50K or Less

The U.S. Small Business Administration has released SBA Form 3508S, a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less.

The new form allows borrowers to self-certify they used the money appropriately and receive complete forgiveness.

Disaster Relief Payments: A Simple Way To Help Employees

When the COVID-19 pandemic was declared a national emergency earlier this year, it triggered Section 139 of the Internal Revenue Code.

Under Section 139, employers can provide tax-free payments or reimbursements to employees for certain expenses associated with a qualified disaster — such as the COVID-19 crisis.

KRS CPAs Receives NJBIA 2020 Award for Excellence

We are excited to announce we have been honored with the New Jersey Business and Industry Association’s 2020 Awards for Excellence.

This year’s NJBIA awards acknowledge four executives and 16 companies who have improved the quality of life in New Jersey in outstanding ways. We are one of four Outstanding Employers being honored for creative and forward-looking approaches to HR management.

IRS Updates Form 941 To Reflect COVID-19 Tax Credits

The IRS has revised Form 941, Employer's Quarterly Federal Tax Return, to accommodate COVID-19-related employment tax credits granted under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES).

This article explains which tax credits are allowed under FFCRA and CARES, the changes made to Form 941, and how to use it to claim credits.

Tax Scams: The Pandemic Edition

The IRS has published its annual list of "dirty dozen" tax scams.

They publish this list every year, but 2020 is special, as the scammers have managed to turn the pandemic to their advantage.

Meet Our Newest Team Member: Roanne Isip

On September 8, Roanne Isip joined the KRS Team as our new Receptionist/Administrative Assistant. Daily, she helps manage the flow of the office anywhere from phone calls and mail to assisting her colleagues with anything they may need.

Updated Coronavirus-Related Child Care Leave Guidance

The Department of Labor (DOL) issued new questions and answers related to new school schedules and paid leave under the Families First Coronavirus Response Act (FFCRA).

Additionally, the DOL released a letter on expanded unemployment eligibility under the Pandemic Unemployment Assistance provisions.

How Workers Can Return

With the pandemic being a national emergency that involves an infectious disease, you must take precautions when recalling your employees to the work site.

This article offers four suggestions to utilize in your return-to-the-office plans, including ideas for establishing workplace safety protocols.

IRS Guidance on Payroll Tax Deferment Presidential Order

According to IRS Notice 2020-65, the employee Social Security tax deferral may apply to payments of taxable wages to an employee that are less than $4,000 during a bi-weekly pay period, with each pay period considered separately. No deferral is available for any payment to an employee of taxable wages of $4,000 or above for a bi-weekly pay period.

Our CPAs do not recommend utilizing this tax deferral at this time. This article is meant to apprise our clients of this optional program. If you are considering this tax deferral, you should contact your accountant immediately to discuss the possible issues that could arise.