IRS 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…

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Employee 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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PPP Second Draw Loans

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw…

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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…

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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…

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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…

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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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