Consolidated Appropriations Act, 2021
AKA COVID-19 Relief PackageDecember 23, 2020
Congress passed the 5000+ page Consolidated Appropriations Act, 2021 on Monday, December 21, 2020. Here are some highlights of that bill. Please note this has not yet been signed by President Trump and could be subject to change. Additional 2020 Recovery Rebates – Additional 2020 stimulus payments of $600 per taxpayer and qualifying children. The …
Round Two of the COVID-19 Stimulus PlanDecember 22, 2020
Monday night Congress approved the new COVID-19 related stimulus package. A major development that many contractors have been anticipating, arrived for the holiday season. Under the Consolidated Appropriations Act, 2021 expenses paid with forgiven Paycheck Protection Program (PPP) loans are 100% tax deductible. Businesses who received funding under the Payroll Protection Program (PPP) will now …
New Jersey Pass – Through Business Alternative Income Tax ActOctober 27, 2020
Legislation was passed on January 13, 2020 establishing a pass-through business alternative tax (PTBAT). How Does It Work Starting in 2020, pass-through entities may elect to pay a PTBAT. Paying the tax is an annual election. The tax is based on each member’s share of distributive proceeds. Distributive proceeds mean “net income, dividends, royalties, interest, …
PPP Forgiveness Applications on HoldAugust 5, 2020
Paycheck Protection Program (PPP) borrowers who have completed their covered period and used their funds in line with the requirements for loan forgiveness will have to wait until at least August 10 to be able to submit a forgiveness application, pending economic stimulus legislation that will likely impact PPP forgiveness procedures. The Small Business Administration …
Senate Passes Extension of Paycheck Protection Program – Updated July 1, 2020July 2, 2020
Update: Paycheck Protection Program has been extended until August 8th – read the full article from CNN.com below. Read Article
IRS Provides Guidance on CARES Act Waiver of Required Minimum DistributionsJune 26, 2020
On June 23, 2020 IRS released updated guidance in regard to Required Minimum Distributions (RMD) for 2020. Specifically, Notice 2020-51 provides rollover relief (including an extension of the 60-day rollover period to August 31, 2020), permits certain repayments to inherited IRAs, and sets out Q&As regarding the waiver of 2020 RMDs. The Notice allows taxpayers …
Mnuchin May Consider Extending Tax Filing Due Date AgainJune 26, 2020
Treasury Secretary Steven Mnuchin said on June 23 that he may consider delaying the July 15 deadline for filing tax returns originally due on April 15. Generally, the due date for an individual’s income tax return is April 15. But due to COVID-19, for an individual, the due date for filing Federal income tax returns …
Paycheck Protection Program Loans: Frequently Asked Questions – Updated May 13, 2020May 13, 2020
The Paycheck Protection Program can be challenging to interpret. With many lenders inundated and unable to advise, Curchin is committed to providing the guidance that business owners need in order to navigate the nuances of applying for a PPP loan and meeting the requirements for loan forgiveness. Start by reading the official Frequently Asked Questions …
IRS PPP Clarification Notice 2020-32May 8, 2020
In response to the Paycheck Protection Program loan forgiveness, the IRS on April 30, 2020 released Notice 2020-32. To keep it simple, if you have received loan proceeds under the PPP plan and the loan or portions of the loan are forgiven, the expenses associated with the loan forgiveness are not deductible. Initial understanding and …
NJ Workers: Frequently Asked Questions During the Coronavirus Emergency – Updated April 8, 2020April 8, 2020
On March 18, 2020, President Trump signed into law the Families First Coronavirus Response Act (FFCRA), which provided additional flexibility for state unemployment insurance agencies and additional administrative funding to respond to the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27. It expands states’ ability …