Knowledge and Insights: Newsletters

We have received many questions about the updated employee retention credit.  This article will take you through the highlights and hopefully answer some of the questions we’ve gotten on this subject.  The Consolidated Appropriations Act, (CAA) enacted on December 27, 2020, changed several provisions, involving the employee retention tax credits first implemented under the CARES…

Successful tax planning does not just require arranging one’s affairs to take advantage of current tax laws. It also requires anticipating changes that may occur so that you do not get caught with a plan that just does not work. The election is now behind us and we know that Democrats control the White House,…

Much has changed for businesses since the COVID-19 pandemic began almost a year ago in March 2020.  One of the biggest changes has been the introduction of remote working in the business environment.  Remote working has provided many unanticipated benefits, like more time with the family and less time commuting. While there are benefits to…

Does your organization receive donated goods or services? If so, accounting for these donated goods or services will be subject to new accounting guidance. In September 2020, the Financial Accounting Standards Board (FASB) released Accounting Standards Update (ASU) 2020-07, which applies to nonprofit organizations that receive contributions of nonfinancial assets, also referred to as gifts-in-kind…

The impacts of the COVID-19 pandemic in 2020 have forced us and our tax-exempt (and for-profit) clients to grapple with rapidly changing work environments, economic climates, and regulatory and compliance landscapes. The IRS Tax Exempt and Government Entities (TE/GE) Division is not immune from this rapidly changing environment either! The TE/GE recently released its fiscal…

Wrongful termination litigation tends to increase during economic uncertainty, following company-wide layoffs and reductions in work force. The COVID-19 pandemic is no exception. Forensic accountants are often retained to provide economic damages assessments related to claims involving allegations of wrongful termination. Mercadien’s Forensic & Litigation Support Services Group has substantial experience evaluating these claims, which…

On Monday, December 21st, the U.S. Senate and House of Representatives passed a $900 billion COVID-19 relief bill, called the Consolidated Appropriations Act, that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in relief funding for small businesses as a supplement to the original…

The Consolidated Appropriations Act of 2021 has been passed by Congress and was signed by the President last Sunday, December 27th. The bill is very large and contains over 5,600 pages. It includes the COVID-Related Tax Relief Act of 2020 (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTR), which contain…

As year-end approaches, it is a good time to think about planning moves that may help reduce taxes for this year and possibly next. Year-end planning for 2020 takes place during the COVID-19 pandemic, which in addition to its devastating health and mortality impact has widely affected business finances. New tax rules have been enacted…

New Jersey Pass-Through Business Alternative Income Tax (NJ BAIT) Act was passed in January 2020 and is effective for 2020.  This act was designed to help business owners mitigate the negative impact of the federal state and local tax (SALT) deduction limitation of $10,000 on individual tax returns.  Although there was initially some concern that…