“The SBA’s COVID Economic Injury Disaster Loan program offers a lifeline to millions of small businesses who are still being impacted by the pandemic,” SBA Administrator Isabella Casillas Guzman said. “We’ve retooled this critical program – increasing the borrowing limit to $2 million, offering 24 months of deferment, and expanding flexibility to allow borrowers to
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
As part of the IRS Tax Tip 2021-112, the IRS reminded the taxpayers their Bill of Rights. We highly recommend reaching out to a tax professional once you get a notice from any tax authority to ensure it is address on a professional and timely matter. We noted that some of the notices received by
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
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
If you missed the May 17, 2021 deadline, you might have filed an extension and you will be in one of the following scenarios: 1) If an individual taxpayer is owed a refund, there’s no penalty for filing late. If you are getting a refund, file as soon as possible as US taxpayers lose over
Taxpayers can access the Where's My Refund? tool two ways: Visiting IRS.gov - https://www.irs.gov/refunds Downloading the IRS2Go app To use the tool, taxpayers will need: Their Social Security number or Individual Taxpayer Identification number Tax filing status The exact amount of the refund claimed on their tax return The tool displays progress in three phases: Return
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
Over the last couple of days, we found different articles published on the media that New Jersey residents will have paid taxes for almost a million dollars over their lifetime. This is more than any other States ( Massachusetts and Connecticut residents come close at $827,185 and $805,213 respectively). On average, the other residents pay
