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SALT 'Workaround' Approved by IRS

Posted by NJCPA on Nov 10, 2020 11:09:13 AM
SALT 'Workaround' Approved by IRS

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.

The notice describing the forthcoming proposed regulations applies to these types of income taxes starting today, and also allows taxpayers to apply these rules to specified income tax payments made in a taxable year of a partnership or an S corporation ending after Dec. 31, 2017, and before the date the forthcoming proposed regulations are published in the Federal Register.

Updates on the implementation of the Tax Cuts and Jobs Act (TCJA) can be found on the Tax Reform page of IRS.gov.

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Republished with permission from the New Jersey State Society of CPAs
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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Construction, Professional Services, #COVID-19News

New PPP Loan Forgiveness Applications Released

Posted by NJCPA on Jul 8, 2020 12:40:26 PM
New PPP Loan Forgiveness Applications Released

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.  

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, #COVID-19News

Reminder: Three New Tax Credits Are Available to Many Businesses Hit by COVID-19

Posted by NJCPA on Jun 5, 2020 12:01:55 PM
Reminder: Three New Tax Credits Are Available to Many Businesses Hit by COVID-19

The IRS today reminds employers affected by COVID-19 about three important new credits available to them.

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Topics: Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Healthcare, #COVID-19News

A Letter from the NJCPA about Racial Injustice in America

Posted by NJCPA on Jun 4, 2020 1:31:39 PM
A Letter from the NJCPA about Racial Injustice in America

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.

It is profoundly disturbing when some peaceful protests turn violent and are marred by looting and vandalism. Violence should be condemned and is, in fact, not a solution. But we cannot lose sight of the larger picture — we need things to change, and we need them to change now.

We need tangible commitments from our nation’s leaders to address racial inequalities once and for all, but every one of us needs to do the work, to identify, challenge and change the values, structures and behaviors that perpetuate systemic racism. We encourage you to find ways to embrace this mission, not only in the workplace, but in your local communities if possible. Valuing those with different backgrounds and continuously fostering a spirit of inclusiveness starts with each of us.

The NJCPA’s purpose includes elevating the accounting profession and helping our members to create positive impact through their work. Today and every day, we stand together with our employees, members, partners and friends in the fight against racism, injustice and inequity. Together, we must build a more just and equitable society.

This year has certainly presented its share of challenges, but we are encouraged by the good that exists in so many people. In the words of Martin Luther King, Jr., “The time is always right to do what is right.” We encourage you to continue to focus on doing what is right for your community and each other.

As always, be safe and stay well.

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GASB Continues to Address Practice Issues Arising from COVID-19 Pandemic

Posted by NJCPA on Apr 9, 2020 10:00:00 AM
GASB Continues to Address Practice Issues Arising from COVID-19 Pandemic

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.

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Topics: Government Entities, Federal Services, #COVID-19News

Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

Posted by NJCPA on Apr 8, 2020 10:00:00 AM
Applications for NJEDA Small Business Emergency Assistance Loan Program to Open April 13

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.

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Topics: Government Entities, Not-for-Profits, For-Profit Entities, Funeral Homes, Construction, Professional Services, Healthcare, Federal Services, #COVID-19News