Based on the IR-2021-179 release, victims of Hurricane Ida in parts of New York and New Jersey now have until Jan. 3, 2022, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced on 9/8/2021. The IRS is offering relief to any area designated by the Federal Emergency
The New Jersey Economic Development Authority (NJEDA) announced the approval of the Henri/Ida Business Assistance Grant Program at a special meeting of its Board held earlier today. The $10.5 million program will provide grants of $1,000 to $5,000 for businesses and non-profits that suffered physical damage from the effects of recent tropical storms Henri and
In the original Restaurant Revitalization Fund (RRF), there were $28 billions available and the program run out of funds pretty quickly. Applicants within the priority group received approximately $18 billion in grants; including $7.5 billion for women-owned businesses, $1 billion for veteran-owned businesses, $6.7 billion for social and economically disadvantaged-owned businesses and $2.8 billion for
In August 2021, there have been several updates to the Employee Retention Credit guidance plus the National Conference of CPA Practitioners was extremely critical with some of this recent guidance. As you can read on this post, there are still different areas of this tax credit that are litigious and unclear for tax professionals. We
In the SBA Release Number: 21-72 issued on 8/18/2021, the SBA mentioned that in the last two week the PPP Direct Borrower Forgiveness Portal accepted more than 340K submissions. This might be an excellent tool for some lenders that are not processing on time some of the PPP forgiveness applications if they signed up for
The U.S. Small Business Administration (SBA) published new guidance in mid July 2021 designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program (PPP) loans of $150,000 or less. The $150k forgiveness application is just a one page attestation with no payroll (or other) support required. The SBA
The CDC Founders First is awarding grants of $60K 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 employees Will have the ability to add 1-2+ net new
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
