PPP Forgiveness Applications on HoldAugust 5, 2020
Paycheck Protection Program (PPP) borrowers who have completed their covered period and used their funds in line with the requirements for loan forgiveness will have to wait until at least August 10 to be able to submit a forgiveness application, pending economic stimulus legislation that will likely impact PPP forgiveness procedures. The Small Business Administration …
Senate Passes Extension of Paycheck Protection Program – Updated July 1, 2020July 2, 2020
Update: Paycheck Protection Program has been extended until August 8th – read the full article from CNN.com below. Read Article
IRS Provides Guidance on CARES Act Waiver of Required Minimum DistributionsJune 26, 2020
On June 23, 2020 IRS released updated guidance in regard to Required Minimum Distributions (RMD) for 2020. Specifically, Notice 2020-51 provides rollover relief (including an extension of the 60-day rollover period to August 31, 2020), permits certain repayments to inherited IRAs, and sets out Q&As regarding the waiver of 2020 RMDs. The Notice allows taxpayers …
Mnuchin May Consider Extending Tax Filing Due Date AgainJune 26, 2020
Treasury Secretary Steven Mnuchin said on June 23 that he may consider delaying the July 15 deadline for filing tax returns originally due on April 15. Generally, the due date for an individual’s income tax return is April 15. But due to COVID-19, for an individual, the due date for filing Federal income tax returns …
Paycheck Protection Program Loans: Frequently Asked Questions – Updated May 13, 2020May 13, 2020
The Paycheck Protection Program can be challenging to interpret. With many lenders inundated and unable to advise, Curchin is committed to providing the guidance that business owners need in order to navigate the nuances of applying for a PPP loan and meeting the requirements for loan forgiveness. Start by reading the official Frequently Asked Questions …
IRS PPP Clarification Notice 2020-32May 8, 2020
In response to the Paycheck Protection Program loan forgiveness, the IRS on April 30, 2020 released Notice 2020-32. To keep it simple, if you have received loan proceeds under the PPP plan and the loan or portions of the loan are forgiven, the expenses associated with the loan forgiveness are not deductible. Initial understanding and …
NJ Workers: Frequently Asked Questions During the Coronavirus Emergency – Updated April 8, 2020April 8, 2020
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA), which provided additional flexibility for state unemployment insurance agencies and additional administrative funding to respond to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27. It expands states’ ability …
State Income Tax and Corporation Business Tax Filing Deadlines Extended to July 15th – Updated April 1, 2020April 1, 2020
TRENTON – Governor Phil Murphy, Senate President Steve Sweeney and Assembly Speaker Craig Coughlin issued the following joint statement today on the tax filing deadline and the state budget timetable: “The ongoing COVID-19 pandemic has caused hardships, financial strain and disruptions for many New Jerseyans and New Jersey businesses. As part of our response, we …
The CARES Act – Summary of Tax Provision – Updated March 31, 2020March 31, 2020
Dear Clients, Business Associates and Friends: We hope that you are keeping yourself, your loved ones, and your community safe from COVID-19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. In …
Top 15 Takeaways from the 2020 International Builders’ Show in Las VegasMarch 2, 2020
As a leading construction accounting firm in New Jersey and the Mid-Atlantic, The Curchin Group attends trade shows across the U.S. to keep the pulse of the A/E/C sector. Most recently, we visited the National Association of Home Builders (NAHB) International Builders’ Show (IBS) January 21-24, 2020 in Las Vegas, Nevada and the Shore Builders …