The Bottom Line
The Bottom Line is where Klatzkin’s advisors provide analysis and insight into key developments in taxation, accounting, and other issues and how they affect businesses and individual taxpayers.

What’s in The American Jobs Plan?

By JOHN BLAKE

On March 31, 2021, the Biden Administration released an overview of The American Jobs Plan (Plan), which broadly outlines a proposed $2T modernization investment in the nation’s transportation, environmental and digital infrastructure and spread over eight fiscal years. The Plan includes fixing highways, upgrading ports, airports, and other transit centers. It calls for the modernization of public buildings, including federal facilities, upgrades to water delivery infrastructure, and revitalization of American manufacturing and innovation.

IRS Issues Guidance on Unemployment Benefit Exclusion on 2020 Tax Returns

By MICHELLE ROBB

When the American Rescue Plan Act of 2021 was signed into law on March 11, 2021, it included a provision that allows taxpayers that earned less than $150,000 in modified adjusted gross income to exclude up to $10,200 of unemployment compensation claimed in 2020 on their 2020 individual tax returns (up to $20,400 for married couples filing jointly if both received benefits).

2021 Required Minimum Distributions

By FRANK G. SWEENEY

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.

COVID-19 Effects Are a Required Financial Statement Disclosure

By MICHELLE S. MARTIN

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.

Preparing for an Audit in a Virtual Environment

By MICHELE D. SLOCUM

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.

Event Recap: 2021 Central NJ Real Estate Forecast

By JOHN BLAKE

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.

PPP Loan Accounting Guidance for Nonprofits

By THOMAS H. MARTIN

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.

PPP Loan Maximum Calculations for Nonprofits

By CHRISTOPHER S. MAYNARD

The Consolidated Appropriations Act, 2021, created many new opportunities for New Jersey and Pennsylvania-area nonprofit organizations.

PPP Loan Accounting Guidance for Business Entities

By MICHELE D. SLOCUM

Paycheck Protection Program (PPP) loans have been a lifeline for many businesses 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.

COVID-19 Relief Opportunities for Nonprofit Organizations

By MICHELLE S. MARTIN

The COVID-19 pandemic has created new operational and financial challenges for many businesses, including nonprofit organizations.

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