COVID-19 Help

Blog

Post-CARES Act: What to know about Qualified Improvement Property (QIP)

Background: Since the Tax Cuts and Jobs Act (TCJA) was enacted near the end of 2017, there has been confusion amongst both tax preparers and property owners alike on the tax issues involved in making nonresidential property improvements. The intention…

SBA provides more guidance on PPP Loan Forgiveness and Combining of EIDL and PPP funds

On June 22, 2020, the SBA provided additional guidance on PPP loan forgiveness. Here are the highlights: 1. Borrowers can submit form SBA 3508, 3508EZ or a lender equivalent to the lending institution on or before the end of the…

Third Time is Proof: LB Goodman is a Great Place to Work

LB Goodman & Co was recently recognized for the third consecutive year as one of New Jersey’s best places to work by NJBIZ, New Jersey’s leading business journal. The company has been repeatedly recognized by NJBIZ as a best place…

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.…

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…

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…

NJEDA Emergency Assistance Resources

Details about NJ Economic Development Authority (NJEDA) Emergency Assistance Resources NJEDA Small Business Emergency Assistance GRANT Program Provides up to $5,000 for payroll and working capital support calculated at $1,000 per full-time equivalent employee (FTE) as reported on form WR-30.…

Small Business Loan Information

As of March 27, the Senate and House have passed the CARES Act and it was signed by the President.  There will be additional details issued in regulations and guidance over the coming weeks. There are multiple Small Business Administration (SBA) loan…

Update on Tax Deadlines

On March 20, the IRS released a notice providing guidance for taxpayers with respect to the extension of time to file tax returns and to make certain tax payments. The details are as follows: The due date for filing federal…

Paid Leave for Employers & Employees

Details about Paid Leave for Employers and Employees Employers’ obligations begin on April 2, 2020. There are different paid leave types because of COVID-19.  Payments are based on the reasons that the employees are unable to work. The mandatory paid leave…