FFCRA – Important Updates [Now Effective April 1]

The Department of Labor has determined that the effective date for the Families First Coronavirus Response Act (FFCRA) will be April 1, 2020. The text of the FFCRA states that the act takes effect “not later than 15 days after the date of enactment.”

In our previous communication on the FFCRA Update, we stated the effective date would be April 2, 2020.  The DOL has made it clear that this is not the case and that the law will be effective April 1, 2020.

COVID-19 Update: New Jersey Small Business Grants & Loans

The New Jersey Economic Development Authority approved a package of seven initiatives that can be worth an estimated $75 million to $100 million to help businesses cope with the impact the coronavirus outbreak has had on the economy.

All business owners who are interested in these and other programs should get documentation in order and begin to apply as soon as possible.

COVID-19 Update: Families First Coronavirus Response

What employers need to know about the new emergency family leave and paid sick leave laws

The Families First Coronavirus Response Act (H.R. 6201), which was signed into law on March 18, 2020, provides paid emergency family leave and paid sick leave for people affected by COVID-19.

These provisions take effect April 2, 2020 and expire on December 31, 2020. They will not be applied retroactively, according to the Department of Labor.

COVID-19 Update: Unemployment Benefits

If you are an owner of a corporation, or you own more than a five percent equitable or debt interest in the corporation, you will not be considered unemployed during your term of ownership. You aren't eligible for unemployment benefits.

Currently, owners are only entitled to unemployment benefits upon termination of corporate owner status or if corporate operations have permanently ceased because of impending dissolution of the corporation. However, the New Jersey Economic Development Authority (EDA) is expected to address the issue at a special board meeting. Fingers crossed, EDA announces some positive news for business owners.

COVID-19 Update: Small Business Loans & Grants

Small businesses are currently eligible to apply for an Economic Injury Disaster Loan (EIDL) through the Small Business Association (SBA) due to Coronavirus (COVID-19).

New York City and Philadelphia are offering financial relief to small businesses who are impacted by the pandemic. We believe New Jersey, New York, and Pennsylvania will soon offer relief grants and loans.

Fed, NJ & NJ Officially Extend Tax Filing Deadline

The IRS has extended the federal filing deadline to July 15, 2020. New Jersey has also extended its filing deadline to June 30, 2020.

There is no guidance on an extended filing deadline from New York as of this notice, although we do expect one.

KRS Working Remotely During COVID-19 Crisis

KRS is committed to the safety and health of our staff and clients. To that end, we are following the recommendations of the Bergen County Executive and Governor Murphy by adopting a contingency plan to move our office to work remotely effective March 19th.

Our team will continue to give you the same service you have come to expect from us no matter where we work. Although you should continue to call our office and email our staff as you have in the past, there are some suggestions you can follow to assist in these efforts.

COVID-19: Impact on Your Tax Preparation and Deadlines

We know there is a lot of concern and uncertainty due to the Coronavirus (COVID-19). KRS has been closely monitoring the situation for several weeks. The health and safety of our employees and clients is a top priority as is ensuring all tax requirements are met by the respective deadlines.

The IRS has yet to define who would be considered affected and determine the extension deadline. We are continuously following up with the IRS and state government for additional guidelines.

We encourage our clients who are able to file on time to send in their tax documents as soon as possible and file by April 15th, especially if they are expecting a refund.

KRS Managing Partner Maria Rollins Named to ROI NJ’s Power List

Cheers to Maria Rollins who is among ROI-NJ's Influencers in the Accounting Industry for a second year.

In naming Rollins to their accounting industry list, ROI noted KRS is a “boutique firm [that] continues to get it done for its clients — and its employees. Rollins, who preaches work-life balance, was thrilled when KRS was named one of the 101 Best & Brightest Companies in the Nation to work for — for the second consecutive year.”