When Congress passed the American Rescue Plan Act (ARPA)  in March 2021, it included expansions of the existing child and dependent care credit and the paid sick and family leave credit.  The IRS recently released some guidance on the expanded tax credits here and here.  Keep reading for a brief overview of what taxpayers and employers need to know about the expanded tax credits, why they’re important, and how they could affect you.

The Paycheck Protection Program (PPP) has been one of the most popular COVID-19 economic relief options available through the Small Business Administration (SBA). Since its rollout as part of the CARES Act in 2020, more than 6.6M loans were approved, totaling $277B. Over this time, the PPP has undergone dozens of updates, changes, and extensions. When the SBA announced on May 4, 2021, that the PPP funds had been exhausted, potential applicants were left to explore other options to help their business or nonprofit organization survive and emerge on the other side of the pandemic.

Cryptocurrency activity is everywhere, and it’s no longer just for the investment elite or bitcoin miners. Whether you’re investing in cryptocurrency or spending it, trading in digital currency can often feel like you’re not dealing with “real” money. But, this isn’t the case. Trading in cryptocurrency can have real federal income tax implications. This article will look at the six most effective ways to reduce taxes on your cryptocurrency gains. First, it’s worth looking at exactly how the IRS taxes cryptocurrencies so you can better understand your potential liabilities.

Throughout the COVID-19 pandemic, several loans and grant programs were available to help qualifying businesses and nonprofit organizations address working capital needs. One of the most popular economic relief programs has been the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) which has made $798B in loans to small businesses and nonprofit organizations. However, on May 4, 2021, the SBA announced that the PPP funds had been exhausted, leaving many New Jersey and Pennsylvania-area businesses and nonprofits to seek alternative funding options.

Have you made any large out-of-state purchases for yourself or your business this year? If so, you may have to pay New Jersey Use Tax. Use Tax applies when a purchase is made outside of New Jersey (be it online or via mail) for use in New Jersey and is taxed at the same rate as New Jersey sales tax: 6.625%.

Taxes play a significant role when we invest in retirement. One possible way to minimize taxes is by investing in a Roth IRA. With a Roth IRA, you contribute after-tax dollars and withdraw the contributions and any earnings tax-free in retirement.

The COVID-19 pandemic created a host of financial and operational challenges for New Jersey and Pennsylvania-area businesses. Combining stay-at-home orders and forced business closures meant many had to modify operations to sustain the business quickly.

The light at the end of the tunnel is shining brighter for many New Jersey and Pennsylvania-area individuals and families. The distribution of the vaccine combined with reductions in COVID-19 cases has resulted in the rollback of government orders. As the end of the pandemic appears to be drawing closer, the unfortunate reality is that many businesses are still struggling to recover.