KRS Insights Webinar: COVID-19 Relief and Payroll Protection Program Updates

Join our Tuesday, December 1, 2020, 11:00 AM webinar and find out what's going on with the PPP program.

If you are a business owner and a PPP participant, you likely have many questions as the program draws to an end. In this webinar, the KRS CPAs team will provide insights on PPP updates, the loan forgiveness application process, income tax impacts, and future implications.

Reminder: No RMDS This Year

The Coronavirus Aid, Relief and Economic Security (CARES) Act enacted to provide relief in response to the coronavirus (COVID-19) pandemic includes a provision to waive Required Minimum Distributions (RMDs) during 2020 for individual retirement accounts (IRAs) and retirement plans, including for beneficiaries with inherited accounts.

New Jersey Pass-Through Entities Can Now Pay Income Tax

The Pass-Through Business Alternative Income Tax Act (BAIT) allows pass-through businesses to pay income taxes at the entity level instead of the personal level. Most pass-through entities are owned by an individual or group of individuals. Income from that entity flows through to the owners and the owners pay tax on the income.

Enacting this legislation allows New Jersey taxpayers a way to work around the $10,000 limitation by allowing pass-through entities to pay income tax instead of the individual.

Governor Murphy Signs COVID-19 Workplace Safety Executive Order

Governor Phil Murphy signed Executive Order No. 192, which mandates workplace health and safety standards during the COVID-19 pandemic.

The executive order, which goes into effect on November 5th at 6am, will require all New Jersey employers in both the private and public sector (including non-profits and governmental/educational entities) to follow all health and safety protocols outlined in the executive order.

Employer Voting Requirements in NJ and NY

Although some employees may choose to vote by mail during the COVID-19 pandemic, others will want to cast their ballots in person. They may have the right to take time off from work to do so depending on state law.

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.