COVID-19 not only took a heavy toll on businesses from the readily recognized standpoint of lost sales and services revenues that were not or could not be generated but also on the proverbial back end, as businesses still had to deal with the mounting challenges of having to meet their financial commitments and responsibilities toContinue reading “year-end-taxes-blog-1-2048×1684”
Part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act was the $669 billion Paycheck Protection Program (PPP). As the year comes to a close, businesses are looking to apply for loan forgiveness where applicable and repay unused or unneeded funds. The original Revised Full Forgiveness Application was quite complicated and covered several aspects that wouldn’tContinue reading “What You Need To Know About The PPP Loan EZ Forgiveness Application Form”
The Small Business Association (SBA) launched the Paycheck Protection Program (PPP) in response to the coronavirus pandemic. Although it’s a loan program, it is entirely forgivable when businesses use it appropriately and document the usage. And now, there’s new legislation that adds further flexibility to how you can spend the money to make it simpler for businessContinue reading “New Legislation Adjusts Rules of Paycheck Protection Program”
The Tax Cuts and Jobs Act of 2017 established a new investment vehicle called an Opportunity Zone. An Opportunity Zone is an economically disadvantaged community where investments are potentially incentivized. Due to the new tax law, investments in these communities may be eligible for tax breaks. Opportunity Zones have now been allocated in every stateContinue reading “New Investment Vehicle Called An Opportunity Zone”
While 2020 started off strong, the impact of the coronavirus pandemic has hit businesses hard. In light of these trying times, the US federal government passed the CARES Act, which includes two loan programs. The Paycheck Protection Program (PPP) helps with ensuring businesses can meet their payroll requirements, including paying themselves as independent contractors. IfContinue reading “What You Need To Know About PPP And EIDL Small Business Loans”
Along with the Tax Cuts and Jobs Act of 2017 came several new rules and limitations for depreciation and expensing. The new tax law increased the amount that a taxpayer can expense in the year the asset was placed into service. The maximum allowable deduction has been increased to $1 million from $500,000. The TCJAContinue reading “New Rules And Limitations For Depreciation and Expensing”
In 1967, The Supreme Court of the United States held that a state cannot require a seller to collect taxes for goods that are sold or shipped into the state if they do not have a physical presence within the state. It is important to understand the time in which this holding was held. ThisContinue reading “How Technological Advancements Paved Way to New Precedent on Sales Taxes”
The Tax Cuts and Jobs Act of 2017 has brought about a dramatic, albeit temporary, change to the estate and gift tax regulations. As a result of the new law, the exemptions for the transferred property have been increased from $5 million, under the previous law, to $10 million for individuals. For married couples filingContinue reading “Changes To The Estate And Gift Tax Regulations”
More than two years have passed since President Donald Trump signed into law the Tax Cuts and Jobs Act of 2017, also known as Tax Reform. In the minds of many Bergen County NJ business owners, that December 22, 2017, event is not at the forefront of operating their businesses. However, some of the changesContinue reading “7 Tax Reform Changes That Affect Your Bergen County NJ Business”
With the passing of the Tax Cuts and Jobs Act of 2017 came Section 163(j). Section 163(j) calls for the limitation of deductions for business interest expense. All taxpayers who have business interest expenses are subject to Section 163(j) except those that meet the requirements for the gross receipts test. In order to meet theContinue reading “How Section 163(j) Helps Small Businesses”
