IRS Clarifies Payroll Tax Deferrals under the CARES Act

As a part of the recent CARES Act, employers are now permitted to defer both the deposit and payment of the employer’s portion of social security taxes that would otherwise be due during the last three calendar quarters of 2020. This provision will permit employers to deposit half of these deferred payments by the end…

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New Jersey Clarifies the Extended Tax Filing and Payment Due Dates Due to the COVID-19 Emergency

What’s been extended: 2019 gross income tax returns and payments, including trusts 2019 corporate business tax returns and payments First quarter 2020 Individual and Corporate estimated tax payments First quarter 1041 estimates Partnership returns and payments Partnership filing fees and licensed professional fees Penalties and interest will not be imposed on the balance of 2019…

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New Jersey Bill S-2338 Has Passed

New Jersey Bill S-2338 has unanimously passed both legislative houses.  The Governor has announced his intention to sign the legislation into law on Tuesday, April 14, 2020. The bill has extended the time to file and pay the following 2019 calendar year taxes originally due on April 15, 2020 to July 15, 2020: Individual Gross…

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