CPA NEWS

Email Newsletter - 3/23/20

The coronavirus economic bill did not pass as Democrats claim it 

is too favorable to Wall Street than Main Street (general working

people).  Both parties agreed to keep negotiating.

 

For your information, the U.S. Small Business Administration offers an 

Economic Injury Disaster Loan Program to small business owners in 

all U.S. states and territories affected by the coronavirus.

 

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

 

​If you are a business owner (sole proprietorship, ​S corp. LLC-non

corporation or partnership) who is on the payroll (receiving W-2),

you can claim the state unemployment benefits.

 

Visit your state unemployment insurance online site to apply for an

application.  For example, type "NY Unemployment Insurance" and

you will see the following site:

 

https://labor.ny.gov/unemploymentassistance.shtm  

 

​​Wishing everybody to stay healthy and in a good spirit.

 

 

Email Newsletter - 3/22/20

The coronavirus economic relief bill being finalized by the U.S. Congress will include a one-time $3,000 payment for families and allow the Federal Reserve to leverage up to $4 trillion of liquidity to support the nation’s economy, U.S. Treasury Secretary Steven Mnuchin said today.

  

Mnuchin said the additional liquidity measures would allow the U.S. central bank to help a broad base of businesses to get through next 90 to 120 days.

Trump administration officials hoped to finalize the legislation on Sunday and see a vote on Monday, Mnuchin said, adding that further steps could be taken if the crisis did not abate in 10 to 12 weeks.

Email Newsletter - 3/21/20

NY and NJ Governors ordered non-essential businesses, not specifically

defined but likely not related to grocery stores, delivery, and pharmacies, 

to shut down due to the coronavirus outbreak.

 

To work at home, you can use the following "free" software to connect

to your company server if you do not already have the connection.

 

1) TeamViewer https://www.teamviewer.com/en-us/

2) Goggle Chrome Remote Desktop https://remotedesktop.google.com/

 

President Trump has already signed into law a $100 billion-plus bill

to boost testing for the coronavirus and guarantee paid leave for 

millions of workers affected by it.

Email Newsletter - 3/20/20

Here are the latest updates and useful information.

 

Federal Tax Filing Deadline Extended to July 15

Treasury Secretary Mnuchin announced today that the U.S. tax filing deadline will be extended to July 15. 

There is still no definitive word about the New Jersey tax filing deadline. We are hopeful the New Jersey Division of Taxation and other states will follow the IRS’ lead as many have done in the past. 

 

Benefits from State Unemployment Insurance  

 

Employees of businesses that are closed voluntarily or ordered due to COVID 19, they can claim the unemployment insurance benefits.  Thus, visit the state unemployment insurance site or visit the following U.S. Dept. of Labor site, which explains and directs to the state sites.  For your information, we have attached the NJ benefits available chart among unemployment insurance, earned sick leave, temporary disability/family leave insurance and workers' compensation under the coronavirus scenarios.

 

https://www.dol.gov/general/topic/unemployment-insurance  

 

Earned Sick Leave Law    

 

Beginning from February 26, 2019, NJ employees can take earned sick leave up to 40 hours per year to care for themselves or a family member. Employees can earn one hour of paid sick time for every 30 hours of work.  Employers can offset their paid time off, including paid vacation, to this requirement.  For more information, see the attached NJ Employee FAQs Earned Sick or visit state sites covering the earned sick leave law (i.e., search NY earned sick leave law).

 

 

Tax Credits for Employers   

 

The coronavirus relief bill signed by President Trump contains several tax credits for employers who provide paid sick leave or family or medical leave for their employees who miss working for various coronavirus related reasons.  Visit the following link for more information:

 

https://www.journalofaccountancy.com/news/2020/mar/coronavirus-relief-bill-tax-credits-for-employers-23225.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=20Mar2020

Email Newsletter - 3/19/20

Here is the latest development for Bergen County.

 

The planned retail shutdown in Bergen County is canceled at the governor's 

order. The original order was set to go into effect on Saturday morning but it

was withdrawn at the request of the governor.

 

Bergen's malls will remain closed. The governor issued an order on Tuesday

that largely shut them down. 

Email Newsletter - 3/18/20

Here are the latest developments as of 2:30 PM today.

 

Federal
Treasury Secretary Mnuchin announced on March 17 a series of tax relief measures designed to assist taxpayers and tax preparers during the coronavirus pandemic. During the press conference, he announced that individuals and corporations can delay their tax payments for 90 days from the April 15 deadline: Individuals can defer up to $1 million in payments and corporations can defer up to $10 million in payments. During that time, the IRS will not charge interest or penalties. Mnuchin’s announcement did not delay the April 15 filing deadline.  

 

 

New Jersey
There is no definitive word yet on tax relief or extensions in New Jersey. Often, New Jersey follows federal guidelines. On March 16, the New Jersey Assembly passed a package of bills to address the fallout from the coronavirus outbreak, including A-3841, which would extend the time to file gross income tax or corporation business tax return by one month. The bills still have to be passed by the Senate and signed by Governor Murphy.
  

 

Bergen County
The Bergen County Executive has issued an order requiring almost all businesses in the county to close starting Saturday morning. Only law firms are exempted.

Email Newsletter - 3/17/20

It is a terrible time that we are facing at the moment from the coronavirus 

situation affecting adversely to everyone. We received a few phone calls

about their business operations and possible stoppage of customers.

 

To share with you the latest developments over the potential financial 

difficulties, White House is seeking an $850 billion economic stimulus package, 

sending cash payments (at the moment $1,000 per person) to Americans 

over the next two weeks and delay tax payments for 90 days without interest 

and penalties.

 

The $850 billion package would come in addition to another $100 billion-plus 

package passed by the House that aims to provide paid sick leave, 

unemployment insurance and other benefits for impacted workers.  

 

This $850 billion package will include aid to small businesses with an easy

process of loan application at a low-interest rate. All these proposals are 

subject to congressional approvals, which we will know shortly.

 

Lastly, NYC is getting ready with its own financial assistance for businesses

impacted by COVID-19.  Please visit the following site for more information.

 

https://www1.nyc.gov/site/sbs/businesses/covid19-business-financial-assistance.page

Contact Us

(NJ) 201-313-0061 - fax 0068, (NY) 212-268-8001, (MA) 781-863-2232, (CA) 213-364-9741, (HI) 808-518-9595

NY - 276 5th Ave., Suite 704, New York, NY 10001

NJ - 725 Grand Ave., Suite 205, Ridgefield, NJ 07657

MA - One Boston Place, Suite 2600, Boston, MA 02108

CA - 811 Wilshire Blvd., Suite 1700, Los Angeles, CA 90017

HI - 1003 Bishop Street, Suite 2700, Honolulu, HI 96813