On the fourth day of Taxmas, my accountant gave to me the Employee Retention Credit (ERC) and the Paid Sick Leave and Family Leave Credit.

On the third day of Taxmas, my accountant gave to me a technical correction to the definition of Qualified Improvement Property.

On the second day of Taxmas, my accountant gave to me an expanded bonus and Section 179 depreciation.

On the first day of Taxmas, my accountant gave to me – temporary Net Operating Loss (NOL) rules.

The 2020 Presidential election has come and gone.  We will likely have a new president.   The coronavirus is still with us and is threatening to shut down significant parts of the country. 

The COVID-19 pandemic has created challenging conditions for businesses across New Jersey and Pennsylvania. The environment changed almost overnight with stay at home orders and forced business closures and has persisted through restrictions and new safety guidelines.

2020 has been a year of many unwelcome surprises for businesses throughout New Jersey. The initial forced business closures and stay-at-home orders created near panic requiring many to expand credit lines or seek loans to survive.

When signed into law on December 22, 2017, the Tax Cuts and Jobs Act (TCJA) was the most significant change to the U.S. tax code in more than 30 years. The goal was to simplify the tax code while making the United States corporate tax rate more competitive globally.

For months before the Presidential election, Congress debated another round of Coronavirus aid to help individuals, businesses, and government agencies affected by the pandemic.

The end of the year is quickly approaching, but before we ring in the New Year, it’s important to reexamine our tax strategies. It’s an understatement to say that 2020 has been challenging and the economic and fiscal assumptions we relied upon this time last year have likely changed due to the COVID-19 crisis.