Alloy Silverstein continues to remain operational to help clients meet the tax deadlines and aid businesses through these trying times. We’ve centralized the following Coronavirus tax, business, and legislative information that may be helpful to you:
While our CPA and accounting team may be working remotely, we’re still working for you. Please don’t hesitate to reach out if we can be of any assistance in a tax, financing, or business advisory matter as you cope during this unprecedented COVID-19 pandemic.
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March 22, 2021 · Angela Venti unpacks the key tax and business relief highlights of the latest COVID-19 relief bill, the American Rescue Plan Act, signed into law on March 11.
January 28, 2021 · Ren Cicalese III, CPA, MST covered the new changes to Employee Retention Tax credit (ERC), including qualifications, calcuations, overlap with PPP, and how to amend past payroll tax returns.
January 19, 2021 · Ren Cicalese III, CPA, MST thoroughly covered the latest changes on Paycheck Protection Program (PPP) second draw loans, loan modifications, tax deductibility, new relief opportunities, and the action steps to take next for your small business.
December 10, 2020 · Ren Cicalese III, CPA, MST discussed how business owners can maximize their Paycheck Protection Loan forgiveness.
The SBA has announced new updates and the final application and registration process for the Restaurant Revitalization Fund. The process begins on Friday, April 30, so get your documents in order now. Alloy Silverstein is here to help if you need assistance.
In an effort to aid struggling small businesses, the Consolidated Appropriations Act introduced a 100% business meal deduction, formerly 50% with the TCJA.
Thanks to recent legislation, the whirlwind of tax changes just keeps going. Now if you have children 17 or under there is a new, higher child tax credit in place for 2021.
The NJEDA Small Business Emergency Assistance Grant Program is back for Phase 4 with $85 million in grant money.
The ARP provides $28.6B to the Restaurant Revitalization Fund to help the hardest hit industry throughout the pandemic: Food and beverage.
Both Pennsylvania and New Jersey have followed suit in postponing their state filing date for individuals to May 17, 2021.
Did you receive unemployment income in 2020? There was a tax surprise in the American Rescue Plan you need to know about.
The latest COVID-19 relief bill introduced another round of stimulus checks. However, this time with different restrictions. Alloy Silverstein has answers to your commonly asked questions.
It’s official. Late on Thursday, March 17, 2021 the Treasury and IRS confirmed that the federal individual tax deadline will be automatically postponed to May 17, 2021.
The latest COVID-19 relief bill has made its way through the U.S. Senate, House of Representatives, and is expected to be signed by President Biden by the end of this week for final approval. The American Rescue Plan Act of 2021 contains another round of stimulus checks, expanded unemployment benefits, child tax credits, additional COVID-19 funding, increased small business relief, and more initiatives that may impact your individual and business tax planning.
Earlier this week, President Biden announced several adjustments to the SBA’s Paycheck Protection Program (PPP) geared to help funds get into the hands of the smallest businesses. See the latest updates here.
New legislation expanded the Employee Retention Tax Credit (ERC) that was originally introduced with The CARES Act in March of 2020, leaving employers with many questions about how they can now use the ERC along with their Paycheck Protection Program (PPP) loans. See our answered FAQs.
The application window is opening the week of January 11, 2021 for first draw and second draw loans for the Paycheck Protection Program. Here’s what you need to know before applying.
President Trump has signed the Consolidated Appropriations Act, 2021 which includes $900 billion of funding. This new bill will provide more stimulus money to individuals, additional PPP loan money for small businesses, funding towards the COVID-19 vaccine, and more.
If your business has been operating remotely, you may be affected by state and local tax laws. Alloy Silverstein accountants can help you with the potential tax implications of a remote workforce.
Alloy Silverstein has provided a post-pandemic reopening checklist to help you begin resuming business in the new normal.
The Small Business Administration and Department of Treasury have posted a new, revised version of the Paycheck Protection Program(PPP) forgiveness application that reflects the changes of the PPP Flexibility Act.
The SBA’s Economic Injury Disaster Loan has been closed since May 4, 2020, to allow agriculture businesses to apply for relief. On June 15, 2020, the portal has been reopened for eligible applicants to apply for both the SBA’s EIDL and Advance Program.
Former governor of New Jersey, Chris Christie, and his wife, Mary Pat, have initiated the New Jersey 30 Day Fund Program to help small business owners survive the COVID-19 pandemic. The funding will award up to $10,000 and does not need to be repaid.
Last night, the U.S. Senate approved the Paycheck Protection Program Flexibility Act, an overhaul of the PPP forgiveness criteria, which was passed by the House of Representatives on May 28. It is currently awaiting President Trump’s signature. Following are the key highlights:
For the past six weeks, the IRS has been distributing Economic Impact Payments (aka stimulus checks) as part of the CARES Act. While many taxpayers have received their funds by direct deposit, the IRS has announced that nearly 4 million people will receive their payments via a prepaid debit card beginning this week.
The second phase of funding for the NJEDA grant now allows both sole proprietorships and home-based businesses to be eligible. Also, 501(c)(3), 501(c)(4), and 501(c)(7) non-profit organizations are now eligible.
Late on Friday, May 15, the SBA and U.S. Treasury jointly released the loan forgiveness application for Paycheck Protection Program (PPP) borrowers. The 11-page document provides guidance on payroll periods, interpretation of eligible expenses, and more of the unanswered questions being asked by the business community. Download the application here and also our complimentary documentation checklist.
While COVID-19 is having a devastating impact on the nation’s economy, there are opportunities to use this time to take stock of your current financial situation and establish habits that will put you on a stronger financial footing once the pandemic ends and the economy recovers.
The SBA continues to publish FAQs and clarify guidance on the Paycheck Protection Program (PPP). Below are several timely updates on partnerships and seasonal employers, safe harbor limit, and NJ’s push for small businesses to continue to apply.
The IRS has confirmed that no deduction will be allowed under the Internal Revenue Code for normally deductible expenses such as wages, employee benefits, interest, rent, utilities, etc. if the payment of the expense results in forgiveness.
You’re not alone in trying to navigate the financial uncertainty during the coronavirus pandemic. 10 million+ American workers who lost their paycheck because of COVID-19 need to find creative ways to pay bills.
To keep your business solvent through the COVID-19 pandemic, stay focused on the 3 rules of cash:
The latest details on the new COVID-19 pandemic relief bill passed by the Senate, the U.S. Chamber of Commerce Foundation Save Small Business Fund, and NJ’s CDFI Emergency Assistance Grant Program as of April 22, 2020.
Business owners who were able to secure SBA funding from the Paycheck Protection Program (PPP) are beginning to receive their loan proceeds. A major benefit of the Program is the advertised loan forgiveness. However, forgiveness is only applicable if the proceeds were spent on specific expenses. In order to maximize your chance at PPP loan forgiveness, your next steps are very important. Keep the following in mind.
The Federal Reserve announced a Main Street New Loan Facility among several actions aimed at pumping in another $2.3 trillion of financing into U.S. businesses. Here are the highlights of two lending programs aimed at small businesses:
As stimulus checks related to the coronavirus pandemic begin to arrive this week, the NJCPA informs taxpayers who are eligible to receive the Economic Impact Payment that there are several ways to spend those payments to keep on sound footing during these uncertain times.
On April 14, 2020, the SBA released a new interim final rule on the Paycheck Protection Program (PPP) and updated their Program FAQs. Among the new guidance is clarification for Schedule C filers and partners in a partnership.
The IRS has begun disbursing the Economic Income Payments (or Recovery Rebate checks) this week. However, some taxpayers and non-filers require an extra step before they can successfully receive their payments.
Governor Murphy may have announced the extension of NJ state taxes on April 1, but details were not finalized until April 13. See what’s extended and what’s not…
For those struggling financially as a result of the Coronavirus, there are relief available options available to pause student loan payments.
The IRS has begun the process to distribute the Economic Impact Payments (also known as the Recovery Rebate or stimulus checks). Below are answers to your commonly asked questions: How much is the payment? Who is eligible? What if I am a Non-Filer?
New Guidance from the IRS: Yesterday the IRS released guidance that extends all tax returns and tax payments originally due on or after April 1, 2020 but before July 15, 2020 until July 15, 2020.
What to know about the NJ Small Business Emergency Assistance Loan Program.
Larger enterprises and organizations are rallying together to help small businesses continue forward throughout this pandemic. Applying for federal funding within the last week has certainly had its obstacles and some state funds are already at capacity. Following are some alternative support routes to consider.
Angela Venti and Mike Regina were guests on the BiggerPockets Podcast to discuss the small business relief opportunities within the Economic Injury Disaster Loan and the Paycheck Protection Program.
The IRS is updating its policies and procedures in the wake of the COVID-19 pandemic to protect taxpayers, communities, and IRS employees and partners.
Here is a snapshot of the unemployment benefits section of the CARES Act Coronavirus relief bill and how it affects individuals and businesses.
There is a lot of information circulated each and every day on the COVID-19 pandemic and legislative changes. For a short-and-sweet recap on what you need to know regarding your taxes, we present the following video.
While this is a worrying time for most businesses, there are things you can do to lessen the impact once this is all over.
On April 1, 2020, Governor Murphy finally announced that the NJ state income tax filing deadline and the corporation business tax filing deadline will be extended from April 15th to July 15th.
[UPDATE: Applications open on April 3 and 13.] New Jersey, Burlington County, Pennsylvania, and the City of Philadelphia are trying to help those facing economic hardship. Each have announced a mix of loans and grants that small businesses and not-for-profits can apply.
As a small business owner, there are now two affordable financing options—The CARES Act’s Paycheck Protection Program and the Small Business Association’s Economic Injury Disaster Loan (EIDL). Following is a comparison of the two loan programs:
On March 27, 2020 President Trump signed into law 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 significant impact on the economy and bring relief to individuals and businesses impacted by COVID-19 or the Coronavirus pandemic. Following are the key tax provisions:
Presented by the U.S. Chamber of Commerce, following is a guide on how small businesses can apply for a forgivable loan through the Paycheck Protection Program. Applications open on April 3. See the top questions and more:
Alloy Silverstein presents a guide for small businesses experiencing hardship and losses during COVID-19. Now that New Jersey is a declared disaster state, this Small Business Administration (SBA) financing is available to New Jersey small businesses.
It’s highly likely that the Coronavirus and it’s resulting impacts, could put some significant pressure on your business. Here are four tips for getting your business through difficult periods so you can look forward years of business ownership.
In response to the need for taxpayer clarification, the IRS published a new frequently asked Q&A page on the relief measures. This page is a flexible tool that will be updated periodically.
It’s official. On Friday, March 20, 2020, Treasury Secretary Mnuchin announced that the April 15 tax filing deadline is in fact being postponed to July 15, 2020. The filing deadline extension applies to federal income tax returns for individuals and C-corporations.
On March 18, 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 medical leave coverage, updates to unemployment insurance, increased Medicaid funding, free coronavirus testing, and new employer tax credits to help business fund these initiatives.
The 24-Hour News Cycle moves from Impeachment to COVID-19 to the Primaries – What’s next? When major events make headlines, it’s easy to put yourself in the picture. Knowing, as well, how such events might affect the financial markets, it’s also easy to wonder how your investments and retirement strategy might fare.
f your company relies on suppliers in various geographic locations, it’s likely that at some point your business will face a supply chain disruption. Here are some steps you can take to respond to such situations and even prepare ahead of time for them.
Alloy Silverstein continues to monitor the COVID-19 pandemic and we’d like to share resources that may be helpful to your business during these trying times. Further state and federal legislative measures to aid businesses impacted by COVID-19 are still pending. We will keep you updated.
With the nation in fear and panic over COVID-19, individuals are more susceptible to fraud and theft. Fraudsters know customers may be extra vulnerable during these times, so they are getting creative. Protect yourself by being aware of these different tactics that scammers are using in an attempt to get a hold of your information.
[Edit: Updated on 3/20] While the federal government grants you an additional 3 months to pay your 2019 taxes, you are still required to file your tax return by April 15 or file for an extension. Here are some thoughts on different situations.
[Edit: Updated on 3/20] The Coronavirus continues to impact the daily lives of millions of Americans, including their taxes. On March 17, The U.S. Treasury announced relief measures to try to aid individual and business taxpayers during these trying times. However, until the IRS released additional guidance, there has been some confusion on what is due and when.
While the Coronavirus, also known as COVID-19, is officially an international pandemic, it’s slowly but surely making its way across the United States. It’s not yet a cause for panic, but it does call for some preparations to keep your company’s workflow running smoothly and your employees safe.
Looking into affordable video chat and voice calling options for your small business? These four popular, user-friendly alternatives to Skype will help you connect seamlessly with staff, colleagues, and customers.
Telecommuting is one of the hottest commodities in modern business. Contrary to its casual appearance, working from home comes with its own diverse cast of problems; however, it can be an incredibly rewarding experience for both you and your employees. If you’re interested in creating a remote team, here are a few pointers on getting started.
Many business are now working remotely, but telecommuting also presents some challenges – in particular, two core issues: keeping track of what remote workers are doing and ensuring that remote and in-house teams form a cohesive unit. These tips can help you effectively manage and support your remote employees.
As property costs rise, many employers have turned to a cost-effective alternative: the remote employee. Unfortunately, while the benefits of employing remote workers outweigh the cons, there are some safety-related downsides to having an extensive list of remote employees on payroll. Here are a few ways you can cut down on the risks.
After a disaster like a hurricane or a flood (or a pandemic), we often think of the recovery process in terms of physical repairs to damaged property. Businesses, however, must also cope with the recovery of their records. Why would I recover faster if my accounting records were in the cloud?
If there’s any guarantee in life, it’s to expect the unexpected. Small businesses are the most impacted when it comes to disasters. By focusing on some of the most critical elements of a disaster plan, you can avoid being overwhelmed by the challenge.
With the frequency of natural disasters, mass shootings and cyber threats, it’s important that your business is ready if it faces its own disaster. Most small businesses don’t have formal disaster recovery plans and as a result, 40 to 60% permanently close after one strikes. Don’t be part of that statistic.
If you’re on the fence about implementing a paperless payroll system in your business, consider these benefits of ditching your paper checks and W-2s in favor of online ones.
Small businesses forced to close and limit hours are facing tough times. Here are several ways to continue to help and support your favorite local businesses from the comfort of your home.
IRS Special Section on Coronavirus →
SBA to Provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus →
New Jersey Business Action Center’s page on COVID-19 updates for NJ businesses →
State of NJ’s COVID-19 Information Hub →
NJ Department of Health’s COVID-19 webpage →
NFIB Small Business Resources in Response to Coronavirus →
Philadelphia’s COVID-19 Small Business Relief Fund →
List Of Coronavirus (COVID-19) Small Business Relief Programs →
CDC Resources for Businesses and Employers →
DOL’s COVID-19 or Other Public Health Emergencies and FMLA Q&A →
