The CDC Founders First is awarding grants of $60,000 to 20 small businesses in Philadelphia/New Jersey. The program qualifications are below: Must be located in the Philadelphia/New Jersey metro area (Philadelphia, Camden, Burlington, Mercer, Morris and Essex Counties)Must have a current staff of 2-20 employeesWill have the ability to add 1-2+ net new premium wage jobs
In the IR-2021-168, the IRS provides relief for certain employers claiming the Work Opportunity Tax Credit (WOTC). The WOTC is a federal income tax credit available to employers that hire certified members of certain groups specified in the Internal Revenue Code who face significant barriers to employment, including Designated Community Residents or Qualified Summer Youth
In the IRS IR-2021-161, the IRS reminded that businesses, charities, and others with Employer Identification Numbers must update responsible party information within 60 days of any change. IRS regulations require EIN holders to update responsible party information within 60 days of any change by filing Form 8822-B, Change of Address or Responsible Party - Business.
On the Tax Tip 2021-103, the IRS reminds us the importance of using legitimate and reliable payroll services (for example, well known companies such as Paychex, ADP, Gusto, etc.). The IRS mentioned that "when hiring a company to handle payroll and payroll tax, employers should carefully choose their payroll service provider. This can help a
The IRS as part of their Tax Tip 2021-94 provided more clarification on the hobby activity and how to report hobbies (Schedule 1, Form 1040, line 8). Note that the IRS might disregard expenses on a business if they consider that it is a hobby or just for the purpose of offset other income and
The IRS in their COVID Tax Tip 2021-89 communication reminds us that "The first step of good tax planning is good recordkeeping." We always recommend to 1) use checks, credit cards and debit cards for your expenses, so there is no need of keeping all the bills and invoices, 2) do not commingle - separate
We have seen different States issuing more legislation in the recent years combating the misclassification of independent contractors, that should have been categorized as employees. If categorized correctly, these employees would have been contributing to social security and medicare at the Federal level, plus unemployment, family leave, etc. at the State level. On July 9,
Pre-registration will be open until Wednesday, June 30th, at 5:00 p.m. EDT (Started on May 26, 2021). Applications will become available following the pre-registration period, as pre-registered applicants will be asked to return to https://programs.njeda.com/en-US/ to complete an application based on the following schedule: Restaurants (Food Services and Drinking Places, NAICS begins with 722), Child
From the Issue Number: CL-2021-17, the IRS featured the IRS Commissioner, Charles Rettig, discussing how taxpayers who file and pay on time play a vital role in the tax system. “More than 98 percent of the tax revenue collected by the IRS comes in voluntarily from taxpayers. When you do your part by filing your
In April 2021, there was a report from Fortune media listing some of the companies that paid zero in their 2020 tax return. There are different options on the tax code allowing those companies to avoid paying taxes, such as international transactions, real estate investments, research and development, etc. Note that even if the federal
