News & Insights
IRS Says All Stimulus Checks Thus Far Have Been Sent. What If You Didn’t Get One?
The IRS said that it has issued all of the coronavirus relief checks that it is legally permitted to disburse and that people who haven’t received the full amount to which they are entitled can claim a…
Continue ReadingIRS Provides Greater Flexibility for Health FSAs & Dependent Care Assistance Programs
The Internal Revenue Service provided greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under…
Continue ReadingEmployee Retention Credit Extended for Employers Who Keep Workers on Payroll
The Internal Revenue Service urges employers to take advantage of the newly-extended employee retention credit, designed to make it easier for businesses that, despite challenges posed by COVID-19, choose…
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Haefele Flanagan and Trilogy Partners Announce New Affiliation
(January 12, 2021 – Maple Shade, NJ and Yardley, PA) Haefele Flanagan, an expert accounting and advisory firm, and Trilogy Partners, a business consulting firm, announce their affiliation today, with a…
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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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