The U.S. Treasury Department recently issued its green book which has shed light on many of the income tax proposals that will help fund the Biden administration’s infrastructure plan. The green book details tax proposals of the “Made in America Tax Plan” targeting corporate tax law changes, as well as the “American Families Plan” targeting […]
For employers claiming the employee retention credit (ERC) for 2020, the IRS recently issued guidance for those claiming the credit for 2020 calendar quarters. The newly released guidance provides clarification, as well as descriptive information, pertaining to the retroactive changes under the new law and the expanded eligibility for the ERC. PPP Loan Recipients May […]
Today, the U.S. Small Business Administration (SBA) and Treasury issued guidance for the changes and second round of the Paycheck Protection Program (PPP). The guidance included two interim final rules (IFRs). The 82-page IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” consolidates the rules for PPP forgivable loans for first-time […]
The Families First Coronavirus Response Act of 2020 (“FFCRA”) expired, however, employers may still be able to receive a tax credit for voluntarily offering sick pay and family leave to employees. As of April 2020, the FFCRA mandated that employers with fewer than 500 employees, and certain governmental employers, provide emergency paid “sick leave” and […]
Recently the Internal Revenue Service (IRS) and the Treasury Department began delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments earlier this year. The initial direct deposit payments began arriving as early as […]
Today we are providing additional clarification regarding the relief bill approved by Congress on 12/21/20. The bill creates a second loan from the Paycheck Protection Program, called a “PPP second draw” loan for smaller and harder-hit businesses, with a maximum amount of $2 million. Eligibility Employ not more than 300 employees; Have used or will […]
We have received many calls and emails regarding the revised COVID-19 Relief Package that was approved and sent on for a vote in the House and Senate. Highlights of the second COVID-19 stimulus package are: Unemployment insurance The bill enhanced unemployment insurance benefits through the Federal Pandemic Unemployment Compensation (FPUC) program. It provides an additional […]
If you own a business, you may wonder if you’re eligible to take the qualified business income (QBI) deduction. Sometimes this is referred to as the pass-through deduction or the Section 199A deduction. The QBI Deduction: Is available to owners of sole proprietorships, single member limited liability companies (LLCs), partnerships, and S corporations, as well […]
On September 29, 2020, New Jersey Governor Phil Murphy signed into law a budget bill that includes tax rate increases for higher-income individuals and corporations, along with tax rebates/cuts for lower-income individuals. Individual Tax and Withholding Rates Increased The New Jersey Gross Income Tax (NJ GIT) rate on individuals with taxable income in excess of […]
Additional Guidance for Owner-Employees and Non-Payroll costs The U.S. Small Business Administration (SBA) and Treasury issued an interim final rule addressing Paycheck Protection Program forgiveness issues related to owner-employee compensation and the eligibility of nonpayroll costs. Owner – Employees As provided in previous rules, compensation for owners of an S Corporation or C Corporation cannot […]
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