News & Insights
IRS: Deadline to Return Distributions to Retirement Accounts is Aug. 31
The Internal Revenue Service reminds IRA owners, beneficiaries or workplace retirement plan participants who received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover…
Continue ReadingAs Peak Hurricane Season Nears, IRS Reminds People to Prepare for Natural Disasters
The Internal Revenue Service reminds people to create or maintain an emergency preparedness plan. A well-thought-out plan is a critical component for surviving natural disasters. Taxpayers, whether individuals…
Continue Reading50,000 ‘Catch-Up’ Stimulus Checks to Go Out in September, IRS Says
The IRS announced that about 50,000 people will be receiving stimulus checks in September. The “catch-up” relief payments will go to those people whose initial Economic Impact Payment under the CARES…
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$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 ReadingIRS 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 ReadingIRS 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…
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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 ReadingNew 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…
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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 ReadingPaycheck 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…
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