Accounting and Tax Tips for Your Business | LB Goodman & Co.

Dental PMM 2: Working Backwards

Here, David discusses what you need to do to make your income goals for the year.

Dental PMM 1: Working Smarter, Not Harder

With COVID-19, there have been significant changes to dental practices. Listen to David’s tips on how to cover additional costs.

IRS Warning for Identity Theft & Unemployment Benefits

Stay informed! Read more here about the IRS’s warning on identity theft and fraudulent unemployment claims: https://1l.ink/NQXWLJR

PRF Application Deadline

The application is available now! The deadline is February 15, 2021. Click here to start the process. Here are some tips on how to complete the process from David Goodman: Watch Now Download the FAQs from the HHS.

1099-MISC or 1099-NEC?

The IRS has created a new 1099 form for tax year 2020. The new form 1099-NEC is used to report non-employee compensation. In the past, non-employee compensation had been reported in box 7 of Form 1099-MISC. Form 1099-MISC has been redesigned for 2020 due to the new form 1099-NEC. Which form to use? Use form…

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 of the act (TCJA) was to combine leasehold improvement property, retail improvement property, and restaurant…

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 maturity date of the loan – including before the end of the covered period –…

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 to work. “When you receive this recognition three years in a row, you realize that…

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…

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…