During the COVID-19 pandemic, many New Jersey and Pennsylvania businesses faced significant operational, financial, and working capital challenges. Due to government regulations, the almost overnight changes often left companies with no way to generate income or pay expenses. These challenging circumstances forced some to close while others sought to take advantage of new federal relief opportunities available through the Small Business Administration (SBA).

The tight grasp of the COVID-19 pandemic continues to loosen as all indications are that business is beginning to return to normal. The continued distribution of the vaccine and the rollback of state and local restrictions have meant the demand for services and hiring has picked up the pace. It was recently reported that New Jersey businesses had regained 54% of the jobs lost during the pandemic.

When you reach a certain age, you are required to take distributions from your retirement account. These “required minimum distributions” (RMDs) vary based on age, life expectancy, working status, and account balance, and those who fail to take all that they’re required will pay a hefty penalty. Unfortunately, there’s no way to skirt the RMD rules, but there is something you can do with RMD funds that you don’t need: donate them to charity.

Cyberattacks against businesses across the U.S. have sharply increased over the last year. Ransomware is the fastest-growing type of cybercrime that companies face, with annual losses exceeding $20B. For example, in May of 2021, hackers targeted the billing systems of America’s largest oil pipeline, Colonial Pipeline, causing gas price spikes and shortages across the East Coast. Later, hackers attacked the world’s largest meat producer, causing about ten of its plants to shut down temporarily

External auditors help assure that your organization’s financial statements are accurate, fairly presented, and free from fraud, but they can do so much more than that.

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.

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.