In the late hours of March 25, 2020 the U.S. Senate unanimously passed the Coronavirus Aid, Relief, and Economic Security Act (dubbed the CARES Act), an anxiously awaited bill to help Americans navigate this new COVID-19 induced economic environment. While the bill...
The senate passes the third bill to help the economy with current COVID-19 crisis, but what does it mean for you? Below is a brief summary of the CARES Act. We will be diving into the details today and we will get more information out to you as it becomes available....
Navigating your business through the COVID-19 pandemic can feel as confusing as ever. We have gathered the top resources that may help you sustain your business sustain through the negative effects of COVID-19: Tax Extensions In Philadelphia, the BIRT and NPT...
In light of the passage of the Families First Coronavirus Response Act ("Families First"), many business leaders now face navigating how to adhere to it. Although the legislation is complex and much more expansive that what we are highlighting, there are some high...
March is Women’s History Month! To many, March is a celebratory month for the brave women who first fought for equality and paved the way for the women of today. We all have demanding lives, especially in tax season, let us take a quick moment to dive into the...
This January, NJ Governor Phil Murphy signed the Pass-through Business Alternative Income Tax Act into law. This established a new elective pass-through business “alternative income tax” with a parallel income tax credit for members. This new tax structure is...
Although the Tax Cuts and Jobs Act’s (TJCA) changes to meals and entertainment expenses went into effect for expenses incurred or paid after December 31, 2017, the deductibility of meals and entertainment expenses remains a hot (and confusing) topic among ...
The new revenue recognition standards under ASC 606 are now in effect for all non-public companies. The new standard provides a five step model for recognizing revenue. The five steps are described below with items that companies should consider as they evaluate their...
The “Setting Every Community Up for Retirement Enhancement Act”, or the SECURE Act, began impacting individuals on January 1, 2020. One of the major changes brought on by this Act is to eliminate, for most individuals, the ability to take required minimum...