On a joint statement Monday from SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin clarified that partial loan forgiveness will also be available under the 60% threshold.
The New Jersey Small Business Development Center (NJ SBDC) recently shared our webinar focusing on small business taxes and updates related to Beneficial Ownership Interest (BOI). This webinar is an invaluable resource for business owners looking to stay compliant with ever-evolving regulations and ensure their operations run smoothly.
NJ SBDC’s website is a treasure trove of curated content designed to empower entrepreneurs and small business owners. With a library of over 100 educational videos, the platform provides insights on a wide array of topics essential for business success. Whether you’re seeking advice on financial management, marketing strategies, or regulatory compliance, NJ SBDC’s video collection is an excellent starting point. Among this extensive library, our webinar stands out as a critical resource for 2024 tax preparation and BOI filing requirements.
The webinar, titled “NJ Thrives #121: 2024 Small Business Taxes & BOI Updates: Stay Compliant, Stay Informed,” offers actionable insights into navigating small business taxes for the upcoming year. It also delves into the critical topic of BOI, a regulatory requirement introduced to enhance transparency and combat financial crimes. BOI mandates that companies disclose information about individuals who own or control significant portions of their business. This process, while necessary, can be complex and time-consuming. However, our webinar simplifies the requirements and provides practical steps to ensure compliance.
One highlight of the session is the educational example featured around minute 53, which demonstrates how to file an initial BOI report. This example walks viewers through the process step-by-step, offering clarity and confidence to business owners who may be unfamiliar with this requirement. By focusing on real-world applications, the webinar equips participants with the tools needed to navigate these regulatory updates effectively.
Beyond the specific topics of taxes and BOI, the NJ SBDC webinar underscores the importance of staying informed and proactive as a business owner. Tax laws and compliance requirements are constantly evolving, and failing to keep up can result in penalties, fines, or missed opportunities. By leveraging resources like this webinar and the broader NJ SBDC video library, entrepreneurs can make informed decisions and position their businesses for long-term success.
In related news, a joint statement issued by SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin clarified that partial loan forgiveness is available under the 60% threshold for the Paycheck Protection Program (PPP). This important update ensures that small businesses can still benefit from PPP loan forgiveness even if they do not meet the full 60% payroll allocation requirement. For more details, read the official statement here and explore the comprehensive article from the Journal of Accountancy here.
If you’re a small business owner in New Jersey or beyond, don’t miss out on this valuable resource. Visit the NJ SBDC website to access the webinar and explore their comprehensive collection of educational content. Staying compliant with tax and BOI regulations doesn’t have to be daunting – with the right guidance, you can confidently meet these requirements and focus on growing your business.
Statement – https://home.treasury.gov/news/press-releases/sm1026
