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.

Federal and State Tax Deadlines Extended

By LAURA WEBER-CARNEVALE

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. 

Coronavirus COVID-19-Related Tax Credits

By JOHN BLAKE

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.

Certain New Jersey Employers Required to Provide Pre-Tax Transportation Fringe Benefits

By ISHAAN ANAND

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.

Choosing a Business Structure

By MICHELE D. SLOCUM

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

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