On October 26, 2020, the IRS announced changes coming to various retirement plans for the tax year 2021. The cost-of-living adjustments will affect income limits for pension plans and other retirement accounts.

The COVID-19 pandemic has had numerous impacts on businesses, including decreased revenue, interruptions in supply chains, and having employees work from home. The pandemic has led business owners to pivot and change how they are operating. One item that may be of concern to some business owners, and often overlooked, is whether or not employees that live in a different state from where the business is located and working from home during the pandemic will cause nexus in different states.

The good news is that several updates and changes have been announced since the beginning of October. It started with the announcement that the Small Business Administration (SBA) has started approving forgiveness application and forwarding payments to banks. It was followed up by the issuance of a new “simpler” loan forgiveness application for borrowers with loans less than $50,000.

Steve Klein, CPA, authored an article, “Why COVID-19 Should Not Hold You Back from Selling Your Business,” that appeared in the September 23, 2020 issue of New Jersey Business.