News & Insights
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…
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Simpler 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…
Continue ReadingIRS: 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…
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