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…

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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…

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Burlington 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…

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Re-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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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…

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As 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…

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