Blog & News

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 […]

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 […]

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 […]

People spend their entire adult life preparing to retire. This requires a significant amount of planning and saving. Once your retirement savings plans are set, you start to receive Social Security benefits, and your Pension is ready, you may wonder what could possibly go wrong? However, there are certain tax surprises that the newly retired […]

Everyone is responsible for their own money at some point in their life. In order to have your affairs in order early in life, it is important to create a financial plan. This allows you to be sure your finances are settled for the future. Continue reading below to learn more about what everyone should […]

Instead of in-person audits with an IRS agent, many routine reviews are being handled through form letters. These are known as correspondence audits. The IRS uses these letters as a means to ask for clarification and justification of certain deductions on a person’s tax return. These are commonly seen in the event of large charitable […]

The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked […]

The COVID-19 pandemic caused many businesses to temporarily close for a significant period of time. This has caused a great deal of financial stress. In order to survive this time and continue to thrive as a business, there are many steps that must be taken. The following are five important tasks to help you do […]

Many people keep a savings account to manage their finances. Generally speaking, banks in the United States only allowed a limit of six transfers or withdrawals per month from a savings account. Once the limit was reached, individuals could only access their funds through ATM or branch visits. However, the Federal Reserve Board announced an […]

Under the new life circumstances of the Coronavirus, there are many people and small businesses struggling. It is because of this that the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a stimulus bill that includes a loan program for small businesses to help them during this time. This is known ass […]