No matter what holiday you celebrate, the holiday season seems to come and go. Before you know it, it’s tax season. Now you are frantically searching for all the documentation needed in order to file your tax return.
Rather than running around hastily, here are some ways to prepare for the upcoming tax season while still enjoying your free time.
Topics: Professional Services
Payroll Protection Plan (PPP) loans were a lifeline for many small business owners during the worst of the pandemic-driven economic slowdown. In total, the Small Business Administration (SBA) approved nearly 12 million PPP loans, averaging $67,000.
The $46.4 billion New Jersey state budget signed by Gov. Phil Murphy on Tuesday, June 29th, will provide a $500 tax rebate for over 760,000 New Jersey families. This credit will be given to households earning up to $150,000 with at least one dependent child and individuals earning below $75,000 with at least one dependent child.
On Tuesday, June 1st, the New Jersey Society of Certified Public Accountants (NJCPA) announced that Harry P. Wills III, CPA, CGMA will serve as President of the NJCPA Board of Trustees for the 2021/2022 term. It is with great honor that we congratulate Harry on his new leadership role!
The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 on Tuesday, March 30, 2021, when President Joe Biden signed the extension into law.
On March 17, the Internal Revenue Service (IRS) announced the deadline for individuals to file federal taxes would be extended from April 15 to May 17, 2021 (Notice 2021-21). This week, the IRS issued additional guidance on its postponement of the tax deadline for individuals. Like the news release before it, this most recent notice does not extend the April 15 due date for estimated tax payments. To ensure our clients do not miss the deadline for estimated tax payments, we encourage the early submission and preparation of tax returns.
The IRS announced on Wednesday that it is postponing the deadline for all individual tax returns. Returns otherwise due April 15 will not have to be filed until May 17 this year. The IRS says it will issue formal guidance in the near future.
Topics: Professional Services, #COVID-19News
Yesterday, President Joe Biden signed the American Rescue Plan Act into law. This legislation, also known as H.R. 1319, was first passed by the House on February 27. The Senate made several amendments and passed its version of the bill on March 6. The bill then came back to the House for a final vote on Wednesday and was subsequently signed into effect on March 11.
The House of Representatives voted 220–211 Wednesday to approve the Senate version of a $1.9 trillion coronavirus relief bill, which President Joe Biden is expected to sign into law.
The PICPA won a major legislative victory when state lawmakers added a provision addressing Paycheck Protection Program (PPP) loan forgiveness to legislation providing COVID-19 relief to Pennsylvania small businesses. Senate Bill 109 was approved unanimously by the state House and Senate and signed by Gov. Tom Wolf. It is now Act 1 of 2021.