If you received your PPP loan, what should you do now? The main purpose of the PPP loan is to keep your employees on payroll and the proceeds should be used for: Payroll costs, including payment of state and local taxes based upon compensation Group healthcare benefits and retirement Interest on mortgage obligations Rent Utilities […]
Archives for April 2020
COVID-19 Tax and Financial Updates 04-17-2020
Tax Updates Some taxpayers have started to receive their Economic Impact Payments The CARES Act also provided retroactive tax law changes, such as allowing improvements to nonresidential buildings to be eligible for bonus depreciation (the ability to be expensed 100% in one year), while reducing the number of years of depreciation from 39 to 15 […]
COVID-19 Tax and Financial Updates 04-10-2020
Here are the latest updates and some reminders: Tax Updates Tax deadlines: both New Jersey and New York have finally extended the tax deadline from April 15th to July 15th. If you have an existing installment agreement with the IRS, payments due between April 1 and July 15, 2020 are suspended. CARES Act economic impact […]
COVID-19 Tax and Financial Updates 04-03-2020
Here are the latest updates and some may have already changed after this was written: Tax Updates Tax deadlines: both New Jersey and New York have finally extended the tax deadline from April 15th to July 15th. CARES Act economic impact payments: payments will begin in the next three weeks and will be distributed automatically. […]