In New Jersey, nonprofit organizations that reach a specific threshold of the gross revenue received must comply with certain reporting requirements, including the mandatory submission of an audit conducted by an independent certified public accountant.
The fallout from the COVID-19 pandemic created by forced business closures and other government orders continues to challenge New Jersey businesses. Despite the drop in new cases, partially due to vaccination efforts, many have just started the journey back to profitability.
This month, the Small Business Administration (SBA) issued a new Interim Final Rule changing the loan calculation formula for specific Payroll Protection Program (PPP) applicants. The sweeping changes apply to self-employed business owners, independent contractors, and sole proprietors, with or without employees.
The challenges arising from the COVID-19 pandemic have been difficult to manage for many New Jersey-area businesses. The hardest-hit industries include food service, hospitality, entertainment, and recreation, as demand has plummeted since the pandemic began.
By JOHN BLAKE
The arrival of the COVID-19 pandemic last March sharply impacted both businesses and individuals as significant changes to everyday life were mandated to limit the virus’s spread. The combination of stay-at-home orders and forced business closures left many reeling from the almost overnight shifts. Given the magnitude of the situation, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act to provide comprehensive economic relief.
Many business owners are perplexed by determining whether an individual is acting as an employee or independent contractor. The determination is challenging because there are often confusing federal and state guidelines and because it seems they change regularly. Many are surprised to learn that although an individual may appear to be working in an independent contractor’s role, they are considered an employee by the IRS and state law.
On December 27, 2020, President Trump signed into law the Consolidated Appropriations Act, 2021 (H.R. 133), which includes providing the second COVID-19-related relief to help individuals and businesses through the pandemic.
By JOHN BLAKE
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.
The COVID-19 pandemic has created several new challenges for Trenton and Princeton-area business and individual taxpayers. Over the past seven months, various state and local government orders have impacted how and when businesses can operate, including wearing facemasks and various other requirements for customers and employees.