PPP: Simpler Forgiveness for Smaller LoansOctober 30, 2020

PPP: Simpler Forgiveness for Smaller Loans

Business owners who received a Paycheck Protection Program (PPP) loan of $50,000 or less can now apply for loan forgiveness through a simplified application. The U.S. Small Business Administration (SBA) announced the change on October 8, while Treasury Secretary Steven Mnuchin said the Treasury Department and SBA will continue to advocate for additional legislation in …

New Jersey Pass – Through Business Alternative Income Tax ActOctober 27, 2020

Legislation was passed on January 13, 2020 establishing a pass-through business alternative tax (PTBAT). How Does It Work Starting in 2020, pass-through entities may elect to pay a PTBAT. Paying the tax is an annual election. The tax is based on each member’s share of distributive proceeds. Distributive proceeds mean “net income, dividends, royalties, interest, …

Telecommuting and Sales NexusAugust 18, 2020

Nexus Based on COVID-19 Telecommuting This chart shows which states have issued specific guidance on whether telecommuting employees temporarily working in a state due to the impact of COVID-19 create corporate income tax nexus for an employer who does not operate in that state. See Corporate Tax Chart This chart shows which states have issued …

PPP Forgiveness Applications on HoldAugust 5, 2020

PPP Forgiveness Applications on Hold

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 …

COVID-19 FAQs from the Occupational Safety & Health AdministrationJuly 20, 2020

COVID-19 FAQs from the Occupational Safety & Health Administration

The Occupational Safety and Health Administration (OSHA) is providing guidelines to help keep workers safe as businesses reopen during the ongoing coronavirus pandemic. Employers should look to OSHA’s COVID-19 FAQs for information on workplace sanitization, face coverings, healthcare, coronavirus testing, reporting, employee training and more. The page contains recommendations as well as descriptions of mandatory …

IRS Provides Guidance on CARES Act Waiver of Required Minimum DistributionsJune 26, 2020

IRS Provides Guidance on CARES Act

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 …