The Inflation Reduction Act (IRA) of 2022 is helping combat climate change through the enactment of many tax credits that aim to accelerate the widespread use of clean energy.  These tax provisions don’t just help corporations; many are designed for individual taxpayers looking to invest in energy-efficient improvements.

In late August 2023, the IRS announced that interest rates will increase for the fourth quarter of 2023, which begins October 1, 2023.  The new rates will be as follows: For individuals, 8% per year for overpayments (payments made in excess of the amount owed) and underpayments (taxes owed but not fully paid), compounded daily. […]

Throughout the COVID-19 pandemic, several loans and grant programs were available to help qualifying businesses and nonprofit organizations address working capital needs. One of the most popular economic relief programs has been the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) which has made $798B in loans to small businesses and nonprofit organizations. However, on May 4, 2021, the SBA announced that the PPP funds had been exhausted, leaving many New Jersey and Pennsylvania-area businesses and nonprofits to seek alternative funding options.

The COVID-19 pandemic created a host of financial and operational challenges for New Jersey and Pennsylvania-area businesses. Combining stay-at-home orders and forced business closures meant many had to modify operations to sustain the business quickly.

On April 28. 2021, President Biden formally unveiled the next phase in his planned economic recovery package, the $1.8T American Families Plan (AFP). Together with the American Jobs Plan, the AFP is described as a “once in a generation” investment in the diverse needs of American workers and families.

The business challenges presented by the COVID-19 pandemic caught many of us off guard. The abrupt changes resulting from stay at home orders and forced business closures left many with few options to sustain their business. Many were left with little choice but to sharply cut expenses and start employee layoffs or terminations to manage.

The Paycheck Protection Program (PPP), set to expire on June 30, 2020, was given new life with the PPP extension signed into law by President Trump over July 4th weekend. The bill provides small businesses trying to survive amid the COVID-19 pandemic until August 8, 2020, to apply for a portion of the approximately $130B remaining in the program.

On June 15, the Small Business Administration (SBA) again started accepting applications for the Economic Injury Disaster Loan (EIDL) and EIDL Emergency Advance program portal. The program, which was created as part of the Coronavirus Aid, Relief, and Economic and Security (CARES) Act provides financial relief to qualifying businesses and nonprofit organizations impacted by COVID-19. The initial round of funding was exhausted in April, eliminating this important option for those affected the most.

The Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) encourage employers to retain employees while experiencing economic hardship in their businesses. 

The recently issued PPP loan forgiveness application is noticeably shorter than its predecessor (reduced from 11 to 5 pages) and is accompanied by a new instructions supplement. The application also includes guidance on the new 24-week covered period, covered period elections, required expense minimums, FTE safe harbors, FTE reductions, and an overview of the necessary documentation.