IRS Delays Start of Filing Season to February 12, 2021January 15, 2021

The IRS announced on Friday January 15, 2021 that the tax filing season would commence on February 12, 2021. On that date, IRS will start accepting and processing individual tax returns. The IRS needs more time to prepare because of the recent tax legislation that took effect in late December. The tax filing deadline at …

Winter 2020 NewsletterJanuary 5, 2021

Curchin Newsletter Winter 2020

The latest issue of the Curchin Newsletter is here! You can look forward to reading about hot topics in accounting/tax/audit, firm news, and more! In this issue: A 2020 Update on New Jersey’s Pass-Through Business Alternative Income Tax Act Read More

Additional 2020 Economic Impact PaymentsJanuary 4, 2021

Additional 2020 Economic Impact Payments

You’ve probably heard that IRS will be making millions of ”economic impact payments” (also called ”recovery rebates”) in the near future to help people stay afloat during this time of economic uncertainty related to the COVID-19 crisis. These payments are in addition to the $1,200 payments ($2,400 for married couples) issued earlier in 2020. Here’s …

Deductibility of Business Meals Provided by Restaurants in 2021 and 2022January 4, 2021

Deductibility of business meals

You’ve probably heard that the recent stimulus legislation included a provision that removes the 50% limit on deducting business meals provided by restaurants in 2021 and 2022 and makes those meals fully deductible. Here are the details. In general, the ordinary and necessary food and beverage expenses of operating your business are deductible. However, the …

Consolidated Appropriations Act, 2021
AKA COVID-19 Relief PackageDecember 23, 2020

Consolidated Appropriations Act, 2021

Congress passed the 5000+ page Consolidated Appropriations Act, 2021 on Monday, December 21, 2020. Here are some highlights of that bill. Please note this has not yet been signed by President Trump and could be subject to change. Additional 2020 Recovery Rebates – Additional 2020 stimulus payments of $600 per taxpayer and qualifying children. The …

Round Two of the COVID-19 Stimulus PlanDecember 22, 2020

Round Two of the COVID-19 Stimulus Plan

Monday night Congress approved the new COVID-19 related stimulus package. A major development that many contractors have been anticipating, arrived for the holiday season. Under the Consolidated Appropriations Act, 2021 expenses paid with forgiven Paycheck Protection Program (PPP) loans are 100% tax deductible.   Businesses who received funding under the Payroll Protection Program (PPP) will now …

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, …