Blog

𝐍𝐉 𝐏𝐇𝐀𝐒𝐄 𝟐 π’πŒπ€π‹π‹ ππ”π’πˆππ„π’π’ π‹πŽπ€ππ’ (𝟐/𝟏/𝟐𝟎𝟐𝟏)

The New Jersey Economic Development Authority (NJEDA) will open pre-registration for Phase 2 of its Small Business Emergency Assistance Loan Program at 9:00 a.m. EST on Wednesday, February 10, 2021. The $10 million program expansion will support New Jersey small businesses and nonprofits impacted by the COVID-19 pandemic and will be capitalized by a United […]

𝐑𝐔𝐋𝐄𝐒 𝐟𝐨𝐫 𝟐𝐧𝐝 𝐃𝐑𝐀𝐖 𝐨𝐧 π…πˆπ‘π’π“ 𝐏𝐏𝐏 π‹πŽπ€ππ’ (𝟏/πŸπŸ•/𝟐𝟎𝟐𝟏)

The SBA (Small Business Administration) has provided rules for SBA employees and lenders on reapplications or requests for increases on a First Draw PPP Loan that was approved on or before August 8, 2020. First Draw PPP Loan increases can only be made by the current owner of the loan and only under the circumstances […]

πƒπ„π€πƒπ‹πˆππ„ 𝐟𝐨𝐫 π†πˆπ•πˆππ† π„πŒππ‹πŽπ˜π„π„π’ π…πŽπ‘πŒπ’ πŸπŸŽπŸ—πŸ“-𝐁 & πŸπŸŽπŸ—πŸ“-𝐂 𝐄𝐗𝐓𝐄𝐍𝐃𝐄𝐃

Form 1095-B and 1095-C providers need additional time beyond the January 31, 2021 due date to gather and prepare information to issue these forms to individuals. So the deadline has been extended from January 31, 2021, to March 2, 2021. No extension is made with respect to the due date for filing the 2020 Forms […]

πˆπƒπ„ππ“πˆπ“π˜ ππ‘πŽπ“π„π‚π“πˆπŽπ πˆπƒπ¬ 𝐟𝐨𝐫 𝐀𝐋𝐋 π„π‹πˆπ†πˆππ‹π„ π“π€π—ππ€π˜π„π‘π’ (𝟏/𝟐𝟏/𝟐𝟎𝟐𝟏)

The Identity Protection PIN Opt-In Program is now available to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers’ personally identifiable information. The IP PIN […]

π…π„ππ‘π”π€π‘π˜ 𝟏- πˆπ’π’π”π„ & π…πˆπ‹π„ π„πŒππ‹πŽπ˜π„π„ 𝐖𝐀𝐆𝐄 π’π“π€π“π„πŒπ„ππ“π’ (𝟏/πŸπŸ—/𝟐𝟎𝟐𝟏)

Employers must file Form W-2 and other wage statements byΒ Monday, February 1, 2021. This is also the date Form W-2s are due to employees. Employers are required to file copies of theirΒ Form W-2, Wage and Tax Statement, andΒ Form W-3, Transmittal of Wage and Tax Statements, with the Social Security Administration by January 31. However, since […]

𝐍𝐉 π„π‚πŽππŽπŒπˆπ‚ π‘π„π‚πŽπ•π„π‘π˜ 𝐀𝐂𝐓 𝐨𝐟 𝟐𝟎𝟐𝟎 (𝟏/πŸπŸ‘/𝟐𝟎𝟐𝟏)

New Jersey has enacted the Economic Recovery Act of 2020. It provides economic help for small businesses and supports economic recovery and growth for much of the next decade. A new program called the Main Street Recovery Finance Program provides a direct $50 million appropriation for grants, loans, loan guarantees, and technical assistance to small […]

𝐍𝐎 π‘π„ππ€π˜πŒπ„ππ“ 𝐨𝐟 𝐄𝐗𝐂𝐄𝐒𝐒 π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“π’ ππ„π‚π„π’π’π€π‘π˜ (𝟏/𝟏𝟏/𝟐𝟎𝟐𝟏)

Don’t worry if the Economic Impact Payments (EIPs) you received exceed the amount you are entitled to when you calculate the proper amount on your 2020 tax return. The COVID-19 Relief law deals with EIP overpayments with new Internal Revenue Code Sec. 6428A. ADDITIONAL 2020 RECOVERY REBATES FOR INDIVIDUALS. Sec. 6428A(e)(1) states (in relevant part): […]

π…πŽπ‘π„πˆπ†π π•πˆπ‘π“π”π€π‹ π‚π”π‘π‘π„ππ‚π˜ π€π‚π‚πŽπ”ππ“π’ π’πŽπŽπ π“πŽ 𝐁𝐄 π‘π„ππŽπ‘π“π€ππ‹π„ (𝟏/πŸ•/𝟐𝟎𝟐𝟏)

Presently, there is no requirement to report a foreign virtual currency account. But, this will change shortly. The Financial Crimes Enforcement Network (FinCEN), a bureau of the US Treasury, intends to propose to amend the regulations implementing the Bank Secrecy Act (BSA) regarding reports of foreign financial accounts (FBAR) to include virtual currency as a […]

π„π‚πŽππŽπŒπˆπ‚ πˆπŒππ€π‚π“ ππ€π˜πŒπ„ππ“π’-𝐏𝐀𝐑𝐓 𝟐 (𝟏/πŸ“/𝟐𝟎𝟐𝟏)

The IRS and the Treasury Department have been delivering a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments in 2020. Payments will be made by direct deposit, paper checks or debit cards. For […]

ππ‡πˆπ’π‡πˆππ† π„πŒπ€πˆπ‹π’ (𝟏/πŸ‘πŸŽ/𝟐𝟎𝟐𝟎)

Phishing emails involving payroll direct deposit and wire transfer scams are targeting businesses and professionals. These emails generally impersonate a company employee, often an executive, and are sent to payroll or human resources personnel. The email from the “employee” asks the payroll or human resource staff to change his or her direct deposit for payroll […]