On April 1, Governor Murphy announced the intention to extend the state’s tax deadline from April 15 to July 15. As of Monday, April 13, the state legislature voted to approve the extension and, with…

Late on March 25, 2020 the Senate passed the Coronavirus Aid Relief and Economic Security Act (CARES Act). The CARES Act is a stimulus bill featuring over $2 trillion in measures designed to make a…

We’re Here for You On March 18, 2020, President Trump signed the Families First Coronavirus Response Act (FFCRA) into law. The Act provides taxpayers a range of benefits including paid sick leave, expanded family and…

It’s hard to believe, but only one in two Americans has access to a 401(k) retirement plan. That’s because many small businesses don’t offer them, especially companies with fewer than 25 employees. That may change…

Last tax season was a learning experience for everyone who had partnership, S corporation or sole proprietor income as they tried to understand the new qualified business income (QBI) deduction. The rules and regulations challenged…

Late filing of S corporation and partnership returns can be costly. The last couple of years, the IRS has been penalizing late filers of S corporation and partnership tax returns. This despite the fact that…

Business owners don’t always do tax research about the various expenses they make.  Many assume that all expenses related to their business are deductible on their tax returns.  In many cases, this is true, but…

Mileage rates for travel are now set for 2020. The standard business mileage rate decreases by 0.5 cents to 57.5 cents per mile. The medical and moving mileage rates also decreases by 3 cents to…