Below you will find a variety of resources to assist with navigating the implications of this serious public health crisis…
Deductibility of Expenses Paid by a Paycheck Protection Program Loan
The Coronavirus Aid, Relief and Economic Security Act[1] (the “CARES Act”) was signed into law on March 27, 2020. The CARES Act was intended to provide relief for individuals and businesses that have been negatively impacted by the coronavirus pandemic. One of the most significant aspects of the CARES Act…
Governor Murphy’s Revised Fiscal Year 2021 Budget Proposal Includes Tax Increases
On August 25, 2020, Governor Murphy released his revised budget proposal for Fiscal Year 2021 (FY 2021). The proposal includes tax policy changes estimated to yield just over a billion dollars for the nine-month FY 2021 period, including: Imposing the millionaire’s tax on all income above $1 million; Permanently incorporating…
New Jersey Sales Tax and Surcharges for COVID-19
The New Jersey Division of Taxation issued a notice on the taxation of surcharges for COVID-19 precaution and prevention costs. Some sellers are imposing additional fees on customer invoices for COVID-19 related cost. These additional charges may be termed a COVID-19 Fee, Coronavirus Fee, PPE Fee, Sanitation Fee, Cleaning Fee…
Long Awaited “Retail Glitch” Technical Correction
The Tax Cuts and Jobs Act (“TCJA”) expanded the bonus depreciation provision in I.R.C. Section 168(k) from fifty (50%) percent to one hundred (100%) percent. Unfortunately, Congress failed to assign qualified improvement property a fifteen (15) year recovery period when drafting the TCJA, rendering qualified improvement property ineligible for bonus…
Amending Partnership Returns
The heading of this note is somewhat misleading, because as the result of changes made by the Bipartisan Budget Act of 2015, you can no longer amend a partnership return (but for a limited duration exception discussed below). If a change needs to be made to a partnership return because…
Remote Notarization of Legal and Estate Planning Documents During the COVID-19 Crisis
On April 14, 2020, Governor Phil Murphy signed into law P.L. 2020, Chapter 26 to allow for remote notarization of documents. The State of New York had taken similar action by executive order of Governor Andrew Cuomo on March 7, 2020 and Pennsylvania’s initial regulatory provision was subsequently overruled on…
New Jersey Extends Certain Tax Filings due April 15, 2020.
On April 14, 2019, Governor Murphy signed P.L.2020, c.___ (A3918) extending to July 15, 2020 the deadline for Gross Income Tax (GIT) and Corporation Business Tax (CBT) filings and payment ordinarily due April 15, 2020. The new law aligns New Jersey with the new federal deadline announced late last month….
The SBA and Treasury Issue Additional Guidance for Paycheck Protection Program
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136 (the “CARES Act” or the “Act”). The legislation is intended to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. One of the most significant…
Coronavirus Aid, Relief and Economic Security Act
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136 (the “CARES Act” or the “Act”). The legislation is intended to provide relief for individuals and businesses that have been negatively impacted by the coronavirus outbreak. Below are summaries of the…
SBA Provides Small Business Guidance
The U.S. Small Business Administration has issued initial guidance regarding the Paycheck Protection Program (the “PPP”), a keystone of the legislative response to the Coronavirus (COVID-19) pandemic. The PPP provides loans designed to provide a direct incentive for small businesses to keep their workers on the payroll. The SBA will…