The federal government responded with two important pieces of legislation, including the Families First Coronavirus Response Act and the Coronavirus Aid, Relief and Economic Security (CARES) Act. They both provide significant compliance changes, but more importantly, outline various tax changes, loan options, and additional assistance for independent schools.
Treasury Secretary Steven Mnuchin announced last week a 90-day extension of the filing deadline from April 15, 2020, to July 15, 2020. On March 20, 2020, the IRS released Notice 2020-18, which provides specific guidance on the extension.
The swift and decisive actions taken by both state and federal governments in light of the COVID-19 situation have had a profound impact. Many believe the economy has entered a period of contraction with a recession likely if broad financial support, including loans, grants, and other relief, is not offered.
This is the time of year when most New Jersey businesses work closely with their accountant to answer last-minute questions, provide additional documentation, and sign the needed forms to complete the corporate return.
Under ASU 2016-14, Presentation of Financial Statements of Not-for-Profit Entities, all nonprofit organizations are required to present an analysis of expenses by their function and natural expense classifications in one location.
Effective March 1, 2020, New Jersey employers (with at least 20 employees) are required to offer pre-tax fringe transportation benefits. This means qualifying companies must allow employees to pay for qualifying benefits on a pre-tax basis and purchase items such as bus passes, rail tickets and parking passes for their daily commute.
Starting a new business is an exciting time where entrepreneurs transform their new or innovative ideas from drawing board to production and delivery. During these initial stages, a business owner has to manage multiple demands and priorities to get key people, processes, and structures into place. For new manufacturing companies, this might mean investment in facilities, machinery, workers, and an ordering system
Ensuring the orderly transfer of one’s estate and assets after death is an important responsibility. This often results in the creation of an estate plan that identifies potential tax issues, explores tax-saving strategies, and implements them over time.
The real estate investment market was presented with a new tax-saving opportunity when Congress passed the Tax Cuts and Jobs Act in December 2017.
The Qualified Opportunity Zone (QOZ) program was written into law at the end of 2017, and these past two years, the IRS has worked to make sense of it. In October 2018, they released their first round of proposed regulations, and six months later, in April of 2019, they released their second.
