Yesterday, New Jersey Governor Phil Murphy and State Treasurer Elizabeth Maher Muoio announced that New Jersey will follow the federal government's lead in making PPP loans tax exempt at the state level and allowing recipients to deduct business expenses that were paid with the loan proceeds.
The IRS today issued Notice 2020-75, which announces rules to be included in forthcoming proposed regulations. Specifically, the proposed regulations will clarify that state and local income taxes imposed on and paid by a partnership or S corporation on its income are allowed as a deduction by the partnership or S corporation in computing its non-separately stated taxable income or loss for the taxable year of payment, and therefore are not subject to the state and local tax deduction limitation for partners and shareholders who itemize deductions.
On June 17th, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020.
The IRS today reminds employers affected by COVID-19 about three important new credits available to them.
Like many, we are deeply troubled by the death of George Floyd. People are right to be upset about this senseless injustice, and we must confront the truth that African Americans and other communities of color live with feelings of anger, frustration and fear over systemic racism on a daily basis.
The Governmental Accounting Standards Board (GASB) continues to share concerns about the stakeholder impact of the coronavirus (COVID-19) pandemic. The GASB is actively addressing and responding to the evolving situation. We are committed to supporting and assisting stakeholders during this uncertain period.
The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, at 9 a.m. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan, a PDF version of the application will be available on Monday, April 6. The loan program is part of a package of initiatives announced last week to support businesses and workers facing economic hardship due to the outbreak of the novel coronavirus COVID-19.