The federal government responded with two important pieces of legislation, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief and Economic Security (CARES) Act. They both provide significant compliance changes, but more importantly, outline various tax changes, loan options, and additional assistance for independent schools.
By Klatzkin Tax Team
The most recent piece of legislation – the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law by President Trump on March 27, 2020, and provides a substantial temporary revamp of small business loans.
Treasury Secretary Steven Mnuchin announced last week a 90-day extension of the filing deadline from April 15, 2020, to July 15, 2020. On March 20, 2020, the IRS released Notice 2020-18, which provides specific guidance on the extension.
By Klatzkin Tax Team
The swift and decisive actions taken by both state and federal governments in light of the COVID-19 situation have had a profound impact. Many believe the economy has entered a period of contraction with a recession likely if broad financial support, including loans, grants, and other relief, is not offered.
By Klatzkin Tax Team
This is the time of year when most New Jersey businesses work closely with their accountant to answer last-minute questions, provide additional documentation, and sign the needed forms to complete the corporate return.
Under ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, all nonprofit organizations are required to present an analysis of expenses by their function and natural expense classifications in one location.
By ISHAAN ANAND
Effective March 1, 2020, New Jersey employers (with at least 20 employees) are required to offer pre-tax fringe transportation benefits. This means qualifying companies must allow employees to pay for qualifying benefits on a pre-tax basis and purchase items such as bus passes, rail tickets and parking passes for their daily commute.
Tom Martin authored an article for the March/April 2020 issue of New Jersey CPA Magazine, regarding preparing a statement of functional expenses.
Jean Moore and Scott Schindewolf co-authored an article for the March 2020 issue of PIA Magazine titled “It’s Tax Season, Beware of Tax Scams.”
