The arrival of the COVID-19 pandemic last March sharply impacted both businesses and individuals as significant changes to everyday life were mandated to limit the virus’s spread. The combination of stay-at-home orders and forced business closures left many reeling from the almost overnight shifts. Given the magnitude of the situation, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide comprehensive economic relief.

The Paycheck Protection Program (PPP) has provided millions of financial relief to New Jersey and Pennsylvania-area businesses and nonprofit organizations. It was reported by the Small Business Administration (SBA) since the start of 2021 that $133.5B in loans have been issued with an average amount of $73,966. These loans have helped businesses and nonprofits manage through the persistent pandemic.

Throughout the COVID-19 pandemic, many independent schools have made changes that balance compliance with government orders and students’ educational needs. In doing this, school leaders remain concerned about their institutions’ financial stability, and many are seeking new funding sources heading into 2021.

Many business owners are perplexed by determining whether an individual is acting as an employee or independent contractor. The determination is challenging because there are often confusing federal and state guidelines and because it seems they change regularly. Many are surprised to learn that although an individual may appear to be working in an independent contractor’s role, they are considered an employee by the IRS and state law.

In the fall of 2020, I wrote about whether one should choose to waive or not to waive part of or all of one’s requirement to take a Required Minimum Distribution (RMD).  More than likely, that will not be an option for 2021.

All organizations are required to detail the effects of the COVID-19 pandemic on their organization in the financial statement notes. This disclosure requirement is for commercial entities as well as nonprofit entities.

The COVID-19 pandemic has affected nearly every aspect of daily life, so preparing for your company or nonprofit organization’s audit may have some significant differences this year, considering the remote environment that many of us are working in today.

I recently attended the Princeton Mercer Regional Chamber’s 8th Annual 2021 Central NJ Real Estate Forecast. I joined nearly 300 others virtually for a very insightful discussion from some of the industry’s top experts.

The COVID-19 pandemic has left an indelible impression on American businesses, and nonprofit organizations are no exception. Adapting to the pandemic has been difficult, but it has also spurred innovation.

Paycheck Protection Program (PPP) loans have been a lifeline for many nonprofit organizations during the COVID-19 pandemic. Along with these much-needed funds comes the question of how to account for the loan proceeds and subsequent forgiveness of the loan.