Regardless of your age or financial standing, it is never too early to create a comprehensive financial plan. Even if you do not consider yourself as having significant assets to create such a plan, the truth is, you most likely have far more than you think. The bottom line is that creating a financial plan […]
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There are few businesses that deserve more respect than restaurants, especially in these unprecedented times. Through the pandemic, restaurant owners have grappled with hurdle after hurdle, and though over the summer there appeared to be a light at the end of the tunnel, this is no longer the case as COVID cases skyrocket to numbers […]
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CARES Act Sec provides that a recipient of a PPP loan may use the loan proceeds to pay payroll costs, certain employee benefits relating to healthcare, interest on mortgage obligations, rent, utilities, and interest on any other existing debt obligations. If a PPP loan recipient uses their PPP loan to pay those costs, they can […]
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PPP loans are getting a second life. There will be some helpful changes, like tax deductions for expenses paid with forgiven loan proceeds. Congress recently passed a $900 billion COVID-19 relief bill that pumps billions of dollars back into the popular Paycheck Protection Program (PPP) that ended in early August. Under the PPP, small businesses […]
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We wanted to provide this reminder to ensure that you meet your obligation for all 2020 payments to unincorporated individuals and businesses of $600 or more (rents, services, prizes, attorney fees, etc.). The IRS is increasingly focusing their attention in this area since it is the agency’s main weapon against under reporting of income. Penalties […]
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There are few things more important to the success of a business than continually checking to ensure it is operating to its fullest potential. There are many ways that business owners can do this, however, in most cases, audits are essential. Essentially, audits can provide clarity when it comes to the financial status of a […]
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In January 2020, New Jersey passed a law that allows pass-through entities to pay income tax at the entity level. On November 10, 2020, the IRS today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. Specifically, the proposed regulations will clarify that state and local income taxes imposed on and […]
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As expected based on chatter over the last few days, the IRS finally issued a Revenue Ruling today (Rev. Rul. 2020-27) denying any taxpayer the ability to deduct expenses “forgiven” under the PPP loan program incurred in 2020. This applies even if you wait until 2021 to ask for forgiveness. As mentioned previously their logic […]
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There are few things more important to business owners than understanding the value of their business. Please continue reading and speak with our experienced New Jersey CPAs to learn more about the wide array of circumstances wherein your business may require valuation services. Business Owner Divorce: There are few things more complicated than divorce, and […]
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Creating and running a business is a proud and important part of life. During the course of having a business, there may be times in which a business owner needs some extra financial assistance. During this time, they may look to a bank for this help. In order to receive a business loan from a […]
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