Rivero CPA

April 18, 2021

The Paycheck Protection Program (PPP) application deadline formally changed from March 31 to May 31 when President Joe Biden signed the extension into law. The additional 60 days provided by the bill will greatly help small businesses, not-for-profits, and the CPAs that serve them complete ...

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The IRS has answered questions on how students and higher education institutions should report pandemic-related emergency financial aid grants. Emergency financial aid grants made by a federal agency, state, Indian tribe, higher education institution or scholarship-granting organization to a ...

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The IRS will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before the recent changes made by the American Rescue Plan. This allows taxpayers who earned less than $150,000 in modified adjusted gross income ...

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It's a confusing time for Americans wondering how to make sense of changing deadlines and new financial assistance. Here is a summary of what financial help may be taxable and what is not. Economic Impact Payments (Stimulus Payments) Federal: The payments are not taxable, and they will not ...

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The Treasury Department and IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April ...

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The Internal Revenue Service announced Thursday that the next batch of Economic Impact Payments will be issued to taxpayers this week, with many of these coming by paper check or prepaid debit card. For taxpayers receiving direct deposit, this batch of payments began processing on Friday and ...

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The American Rescue Plan Act of 2021 provides additional relief for the nation’s small businesses and hard-hit industries including: $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services Additional ...

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The IRS urges taxpayers whose identities may have been used by thieves to steal unemployment benefits to file a tax return claiming only the income they actually received. In 2020, some taxpayers received unemployment compensation from their state; this amount is taxable. However, scammers took ...

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When considering your retirement plans during this pandemic, here are three observations and considerations to keep in mind: The pandemic has created a systemic disruption to the economy in ways that many financial advisors never imagined. COVID-19 is not a black swan (an event that is ...

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Individuals and business owners have received various forms of financial assistance during this pandemic. As we head into tax season, many are wondering whether the relief is subject to tax. Below are some answers, from a federal and state perspectives. Find out what is taxable here.

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The Treasury Department and the IRS issued guidance allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a covered loan under the Paycheck Protection Program (PPP). The COVID-related Tax Relief Act of 2020 ...

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The IRS has expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identity. The Identity Protection PIN is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' ...

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The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, recently released additional PPP guidance and resources (these are clickable links):     How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By ...

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2021 Tax Filing Season Begins Feb. 12. This allows the IRS time to do additional programming and testing of IRS systems following the Dec. 27 tax law changes that provided a second round of Economic Impact Payments and other benefits and avoid possible delays in issuing refunds to taxpayers. These ...

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The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, recently released additional PPP guidance and resources:   How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type (Released Jan. 17, ...

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The federal pandemic relief package provided a five-year extension of a new program that allows employers to make nontaxable payments of up to $5,250 to employees as student loan repayment assistance. The student loan repayment assistance program (LRAP) is now extended through 2025, according ...

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The IRS and the Treasury Department have rolled out a second round of Economic Impact Payments as part of the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 to millions of Americans who received the first round of payments last year. The IRS emphasizes that there is no ...

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Expanded tax benefits can help both individuals and businesses give to charity before the end of this year. The Coronavirus Aid, Relief and Economic Security (CARES) Act, enacted last spring, includes four temporary tax changes that are designed to help people and businesses who give to charity ...

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The IRS and its Security Summit partners are warning people of a new text message scam. The thief’s goal is to trick people into revealing bank account information under the guise of receiving the $1,200 Economic Impact Payment. Here’s how this scam works: People get a text message saying ...

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On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law to deliver economic relief and stimulus efforts for individuals, businesses and nonprofit organizations. Here are some guidelines from NJCAP that organizations can adopt to smoothly manage a ...

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Employee business expenses can be deducted as an adjustment to income only for specific employment categories and eligible educators. You can no longer claim unreimbursed employee expenses as miscellaneous itemized deductions, unless you are a qualified employee or an eligible educator. To take ...

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The deadline to apply for New Jersey's Senior Freeze property tax reimbursement has been extended until the end of the year. All eligible residents are urged to take advantage of the additional time to apply for the relief. New Jersey's Senior Freeze program reimburses eligible senior citizens ...

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In an effort to ease the burden on businesses grappling with the economic impact of the COVID-19 pandemic, the New Jersey Assembly voted to approve legislation to relieve businesses of a portion of their unemployment tax obligation during the public health emergency. The legislation would reduce ...

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If you're a New Jersey resident who works in a New York business and now works remotely at home, you'll want to follow this developing legislature. Legislation recently passed that requires the New Jersey State Treasurer to issue a report on New York's taxation of NJ residents' income. This ...

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The U.S. Small Business Administration (SBA) confirms that Paycheck Protection Program (PPP) loan forgiveness applications are not due on Oct. 31. Fears of a late-October PPP surprise came to the SBA’s attention because the application forms display an expiration date of “10/31/2020” in the ...

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2019 Corporation Business Tax calendar year returns being filed under extension have a newly extended Due Date: Nov. 16. This is a revision of the original date, Oct. 15. Some filers receive an extension to file their federal return and need slightly more time to file their New Jersey return. In ...

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Phase 3, which will be funded with $70 million in Coronavirus Aid, Relief, and Economic Security (CARES) Act funding, significantly expands eligibility for the Grant Program and increases the amount of funding businesses can receive. To ensure funding goes to businesses hit hardest by the pandemic, ...

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The IRS issued final regulations on the business expense deduction for meals and entertainment following changes made by the Tax Cuts and Jobs Act (TCJA), which eliminated deductions for expenses related to activities considered entertainment, amusement or recreation. However, taxpayers may ...

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On Sept. 29, Governor Phil Murphy signed New Jersey’s fiscal year 2021 budget which is $1.5 billion higher than the fiscal year 2020 budget, an increase of about 3.5 percent. It includes $700 million in tax hikes and $4.5 billion in borrowing. When added to the “mini budget” that the Governor ...

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Whether it’s something you’ve been doing for years or something you started in an effort to make a little extra money, as a taxpayer, you must report income earned from hobbies in 2020 on next year’s tax return. But — what if there is a loss?  Are you able to report losses on your tax ...

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