COVID-19 Resource Center

Helping our Community through an Unprecedented Time

COVID-19 Resource Center

Alloy Silverstein CPA Firm COVID-19 Resource Center

 

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    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.

     

    Alloy Silverstein Accountants and Advisors
     

    Important Information:

    • Office Status & Client Resources

      As of March 23, Alloy Silverstein’s professional staff will be working remotely. Please click the following link for more operational details.

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    • Relief Loans & Grants: We Can Help!

      If you need help navigating the loan and application process for SBA relief, the Paycheck Protection Program, or NJEDA grants, turn to a trusted Alloy Silverstein CPA to help get your information in as quickly and as accurately as possible.

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    Latest Resources:

    • COVID-19 Business Tax Consulting

      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.

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    • Post-Pandemic Reopening Checklist

      Alloy Silverstein has provided a post-pandemic reopening checklist to help you begin resuming business in the new normal.

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    • Revised PPP Forgiveness Application and New EZ Application Published

      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.

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    • EIDL and Advance Program Reopens

      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.

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    • New Jersey 30 Day Fund 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.

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    • Paycheck Protection Program Flexibility Act: New PPP Changes Approved by House and Senate

      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:

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    • IRS Stimulus Payments Arriving by Debit Card

      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.

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    • NJEDA Announces Second Round of Grant Funding

      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.

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    • PPP Loan Forgiveness Application Now Live [Free Checklist]

      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.

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    • Use Your COVID-19 Budget to Improve Financial Habits

      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.

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    • The Latest PPP Updates as of May 13, 2020

      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.

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    • IRS Releases Guidance on PPP Tax Deductibility

      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.

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    • Ideas to Help Pay Bills During Tough Times

      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.

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    • The 3 Rules of Cash: A COVID-19 Pandemic Reminder

      To keep your business solvent through the COVID-19 pandemic, stay focused on the 3 rules of cash:

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    • More PPP Funds On the Way, Plus Additional Relief Opportunities

      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.

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    • The Key to Paycheck Protection Program Loan Forgiveness

      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.

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    • Federal Reserve Unveils Main Street Business Lending Program

      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:

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    • How Should You Use Your Coronavirus Stimulus Check?

      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.

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    • New Paycheck Protection Program Guidance for Self-Employed and General Partners

      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.

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    • IRS Economic Impact Payments Portals for Filers and Non-Filers Now Live

      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.

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    • Guidance on New Jersey’s Extended Tax Deadline

      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…

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    • What’s the Deal with Student Loan Relief?

      For those struggling financially as a result of the Coronavirus, there are relief available options available to pause student loan payments.

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    • Economic Impact Payments for Taxpayers and Non-Filers

      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?

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    • IRS Extends Even More Tax Deadlines

      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.

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    • NJEDA Small Business Loan Window Opens April 13

      What to know about the NJ Small Business Emergency Assistance Loan Program.

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    • Businesses Helping Businesses: More Grant and Relief Opportunities

      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.

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    • BiggerPockets Podcast: Angela Venti Discusses SBA Relief Options

      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.

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    • IRS Updates As a Result of COVID-19

      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.

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    • How the CARES Act Enhances Unemployment Benefits

      Here is a snapshot of the unemployment benefits section of the CARES Act Coronavirus relief bill and how it affects individuals and businesses.

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    • COVID-19 Tax Summary [Video]

      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.

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    • 6 Things To Do For Your Business During The COVID-19 Pandemic

      While this is a worrying time for most businesses, there are things you can do to lessen the impact once this is all over.

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    • New Jersey Tax Deadline Extended to July 15

      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.

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    • NJEDA Grants and Additional Resources For South Jersey Employers Impacted By COVID-19

      [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.

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    • Paycheck Protection Program vs. Economic Injury Disaster Loan

      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:

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    • The CARES Act: Key Tax Provisions for Businesses and Individuals

      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:

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    • Paycheck Protection Program: Relief for Small Businesses Within the CARES Act

      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:

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    • SBA Financial Assistance Guide [Infographic]

      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.

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    • 4 Tips for Getting Your Business Through Tough Times

      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.

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    • IRS Publishes Q&As on Filing Deadline Extension

      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.

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    • Tax Deadline Extended to July 15

      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.

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    • Employer Tax Credits Available in Coronavirus Relief Bill (FFCRA)

      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.

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    • Coronavirus & More: The Media’s Impact on Your Financial Strategy

      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.

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    • What to do When Your Supply Chain Faces Disruption

      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.

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    • Business Assistance During the COVID-19 Pandemic

      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.

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    • Beware of Coronavirus Scams and Fraud

      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.

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    • What Does the Extended Tax Payment Deadline Mean for Me?

      [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.

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    • Tax Season Update: Payment Extended, Filing is Not

      [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.

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    • Preparing Your Workforce for an Outbreak Threat

      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.

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    • App Options to Get Started with Online Meetings

      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.

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    • Creating a Remote Work Team

      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.

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    • Advice for Managing Remote Teams

      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.

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    • How Do You Protect Remote Workers?

      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.

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    • Why Cloud Accounting Should Be Part of Your Disaster Plan

      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?

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    • The Essentials of an Effective Business Disaster Recovery Plan

      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.

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    • Don’t Let a Disaster Derail Your Business

      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.

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    • The Case for Paperless Payroll

      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.

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    Ideas to Support Small Business During COVID-19

    Support Small Business

    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.

    Alloy Silverstein’s Tax Planning & Business Advisory Experts:
    • Reynold P. Cicalese, CPA, PFS, CGMA

       

    • R. Dennis Vogt, CPA

       

    • John M. Adams, CPA, PFS, CFP®, CGMA

       

    • Reynold Cicalese III, CPA, MST

       

    • Anne D’Amico, CPA, PFS

       

    • Kelly A. Raso, CPA

       

    • Kim M. Sheehan, CPA, PFS

       

    • Julie M. Strohlein, CPA

       

    • Christopher R. Cicalese, CPA, MSTFP