$15M added to NJ Grant Helping Small Businesses

Small businesses still waiting for state assistance may have a better chance at relief after Gov. Phil Murphy said his administration will offer another $15 million in grants. Murphy announced the third…

Continue Reading

IRS Unveils “Dirty Dozen” List of Tax Scams for 2020

The Internal Revenue Service announced its annual “Dirty Dozen” list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact…

Continue Reading

IRS Issues Final Regulations on Business Interest Expense Deduction Limitation

The Internal Revenue Service issued final regulations (PDF) regarding the provision of the Tax Cuts and Jobs Act that limits the deduction for business interest expense, including basic statutory amendments…

Continue Reading

July 1, 2020: City of Philadelphia Wage Tax Rate Increase for Non-Residents

The new Wage Tax rate for non-residents of Philadelphia who are subject to the Philadelphia City Wage Tax is 3.5019% (.035019). The Wage Tax rate for residents of Philadelphia remains 3.8712% (.038712)…

Continue Reading

New Jersey Family Leave Insurance Update Effective July 1, 2020

Family Leave Insurance provides New Jersey workers cash benefits to bond with a newborn, newly adopted, newly placed foster child, or to provide care for a seriously ill or injured family member. While…

Continue Reading

SBA Revises Guidance on PPP Loan Forgiveness, Updated Application Released

On June 11th, the Small Business Administration (SBA) released a revised Interim Final Rule covering the PPP Loan forgiveness process based on the new legislation included in the PPP Flexibility Act. This…

Continue Reading

Paycheck Protection Program Changes on the Horizon

Last night, the Senate passed new PPP legislation called the Paycheck Protection Program Flexibility Act, which was passed by the House last week. It now heads to the President’s desk where he is expected…

Continue Reading

Loan Forgiveness Application Released for Paycheck Protection Program

On May 15th, the Small Business Administration (SBA) along with the U.S. Department of the Treasury released the long awaited Paycheck Protection Program Loan Forgiveness Application along with detailed…

Continue Reading

SBA Provides Guidance on How it Will Review Borrowers’ Economic Necessity Certifications

On May 13, 2020, the SBA updated its Frequently Asked Questions, adding Question 46 which provides some guidance on how the SBA will review borrowers’ economic necessity certifications. There is good…

Continue Reading

IRS Disallows Deduction on Expenses Paid with PPP Forgiveness Money

One of the most important aspects of the CARES Act was the Paycheck Protection Program (“PPP”).  Obtaining a PPP loan has been the priority for most small and mid-size businesses. It was so popular…

Continue Reading