Jan 27 Tax Items To Check as the Year Winds Up
It's been a very busy year at the IRS, with many special tax changes. This article reviews top issues to discuss with your tax preparer before tax prep time....
Jan 06 Managing Your Business and Staff After the Pandemic
The pandemic foisted changes on society that reset the context for your company, its employees and professionals, but just because the crisis is over doesn't mean you shouldn't incorporate the changes you made into your future strategy. In responding to COVID-19, you publicly and unambiguously...
Jan 27 New Jersey Ends COVID-19 Teleworker Nexus and Withholding Policies
Temporary relief due to expire in October On August 3, 2021, the New Jersey Division of Taxation announced that its COVID-19 temporary guidelines for establishing sales tax/Corporation Business Tax (CBT) nexus and income tax withholding liability in connection with teleworkers will expire on and after October...
Jan 28 S Corporations and PPP Loan Forgiveness
Attaining S corporation status has certain tax advantages. S corporations are treated as passthrough entities for tax purposes and the protection of shareholder assets. However, the relief acts passed in response to the COVID-19 pandemic revealed some potential problems with how income passed to individual...
Jan 28 2021 Child Tax Credit Advanced Payments
More money is coming to more families — and soon. That’s the main takeaway of the changes implemented to the Child Tax Credit (CTC) this year. As part of the March 2021 stimulus bill, the value of the credit as well as the age limit have...
Jan 28 Tax Credit for Vaccination Paid Time Off
Employers that provide full pay for employees who take time off to get and recover from a COVID-19 vaccination are eligible for a paid-leave tax credit. It is funded through an existing program under the American Rescue Plan Act (ARPA) that provides tax credits to...
Jan 31 NJ Small Business Relief Grants UPDATE
Governor Murphy recently signed bills establishing more grant funds for small businesses in New Jersey. The programs include $25 million for microbusinesses (5 or fewer employees), $15 million for small businesses (6 to 50 employees), $10 million for child care centers, and $35 million for “food...
Jan 31 NJ Small Business Relief Grants
Governor Murphy recently signed two bills establishing more grant funds for small businesses in New Jersey. The money will be distributed through the New Jersey Economic Development Authority (NJEDA), which is expected to approve the program at its next board meeting on April 14. The EDA...
Feb 25 American Rescue Plan Act Increases Dependent Care FSA Contributions
A dependent care FSA is a pretax benefit account used to pay for services such as day care, preschool, summer camps, and before or after-school programs. Funds may be used for expenses relating to children who are under the age of 13 or incapable of...
Feb 25 PPP Application Deadline Extended to May 31
The PPP Extension Act of 2021 passed in the U.S. Senate yesterday and is expected to be signed into law by President Biden. The bill extends the Paycheck Protection Program (PPP) application deadline from March 31, 2021 to May 31, 2021. The bill will also...