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, …
IRS Temporarily Stops Mailing Three Balance-Due NoticesAugust 28, 2020
The IRS currently has a large backlog of unopened mail, creating confusion in taxpayers receiving balance-due notices for payments previously submitted. To reduce miscommunication, the IRS is suspending the automatic mailing of three balance-due notices. Read More
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 …
Thomas Reuters Income Tax and Sales Tax Appointment ChartAugust 7, 2020
The latest state by state income tax and sales tax appointment chart has been updated, as of August 7th. See Page 6 for NJ. See Chart
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 …
COVID-19 FAQs from the Occupational Safety & Health AdministrationJuly 20, 2020
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 …
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 …