News & Insights
Philadelphia City Council Passes Bills Affecting Real Estate Development
On December 10th, the Philadelphia City Council passed three bills that impact real estate development citywide. The bills deal with tax abatement for new residential construction and for commercial &…
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What’s in the $900 Billion Pandemic Relief Package? – Updated
On December 21st, Congress passed a $900 billion pandemic relief package that was signed into law by the president on December 27th. The bill comes with a second round of direct stimulus payments and expanded…
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Get Ready for Taxes: Steps to Take Now to Make Filing Easier in 2021
The Internal Revenue Service encourages taxpayers to take necessary actions this fall to help file federal tax returns timely and accurately in 2021. This is the second in a series of reminders to help…
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IRS Releases Guidance Clarifying Rules for Expenses Paid with PPP Funds
On November 18th, the IRS and the Treasury Department released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year…
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Partnerships & S Corps with Income Sourced to NJ Can Deduct State Income Taxes
The IRS issued Notice 2020-75 clarifying that state and local income taxes imposed on and paid by a Partnership or an S Corporation are deductible by the Partnership or S Corporation in computing taxable…
Continue ReadingSimpler PPP Forgiveness Announced for Loans of $50,000 or Less
On October 8th, the U.S. Small Business Administration, in consultation with the Treasury Department, released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50…
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IRS Released Income Ranges for Determining IRA Eligibility Change for 2021
The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021 in Notice 2020-79 PDF, posted on…
Continue ReadingBurlington County to Offer Zero-Interest Loans to Small Businesses
The Burlington County Board of Chosen Freeholders and Burlington County Bridge Commission announced the launch of a new interest-free loan program aimed specifically at aiding small businesses impacted…
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Reminder: October 15th is Extended Return Due Date for Individuals
The IRS reminds taxpayers who filed an extension that the October 15 due date to file 2019 tax returns is approaching. Taxpayers should complete their tax returns and file on or before the October 15 deadline…
Continue ReadingRe-examining the Wayfair U.S. Supreme Court Decision Two Years Later
The U.S. Supreme Court’s June 2018 landmark ruling in South Dakota v. Wayfair, Inc. has greatly increased exposure to sales tax for businesses with interstate sales by overturning the physical presence…
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