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COVID-19

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New SBA Rules for PPP Borrowers

On Wednesday afternoon, March 3, 202, the U.S. Small Business Administration (“SBA”) issued new rules entitled, “Business Loan Program Temporary Changes; Paycheck Protection Program – revisions to Loan Amount Calculation and Eligibility.” This set of rules allows those self-employed individuals who file Schedule C (Profit or Loss from Business on their individual 1040) to use gross income instead of net profit to calculate their maximum loan amount for Paycheck Protection Program (“PPP”) Loans.

New PPP Changes for the Smallest of Small Businesses

On Monday, February 22, 2021, the United States Treasury announced recent changes to the Paycheck Protection Program (PPP) that have been adopted to ensure that the “smallest of small businesses” gain access to this important federal relief program. Originally conceived to help small businesses survive the unprecedented economic challenges caused by the COVID-19 pandemic, PPP has evolved over time, providing essential relief to businesses through the distribution of funds in two rounds (First Draw and Second Draw).
 

Update: Deductibility of Paycheck Protection Program Expenses for New Jersey Tax Return Filers

Guidance has finally been released on the deductibility of Paycheck Protection Program (“PPP”) expenditures for New Jersey income tax filers.

PPP loans not taxable

As of February 10, 2021, Governor Murphy confirmed that PPP loans will not be taxable at the state level and recipients will be able to deduct the business expenses that were paid from the loan proceeds. New Jersey will follow the federal government’s treatment without enabling legislation, under existing authority.

A Step-by-Step Approach to Help Nonprofits With Challenges During Covid-19

During a recent nonprofit webinar hosted by SobelCo, Jonathan Pearson, the Executive Director and Director of Corporate Social Responsibility at Horizon Blue Cross Blue Shield (BCBS) of New Jersey, generously shared the step-by-step innovative approach they adopted in response to the challenges of the 2020 global Covid-19 pandemic. As he spoke, Jonathan touched on many critical topics that are applicable to every nonprofit organization today.

One of the key pillars that supported Horizon’s distinctive approach was its commitment to maintaining high stakeholder engagement.

Paycheck Protection Program Second Draw

For those nonprofit organizations that participated in the CARES Act-sponsored Paycheck Protection Program which was passed in March 2020, and for those who will be taking advantage of the second version that was signed into law in December 2020 (Paycheck Protection Program Second Draw- or - PPP2), there are some critical protocol items that must be carefully considered and addressed in a timely manner.

When completing the newly released PPP Loan Necessity Questionnaire (SBA Form 3510), we suggest that nonprofit leaders:

IRS Issues Guidance on Deductibility of Expenses Incurred from PPP Proceeds

There has been great speculation on how to treat the expenses paid by a business that received Paycheck Protection Program (PPP) funds since the IRS had indicated that those expenses would not be deductible for tax purposes. The issue at hand was the timing of the non-deduction. Specifically, the question is: are the expenses deductible in the year paid, or the year when the loan is forgiven?

Loan Necessity Questionnaire for PPP Loans over $2M

Starting from the date of its passage, the Small Business Administration’s (SBA) Paycheck Protection Plan (PPP) has generated a steady stream of questions for everyone involved in the process. 

Today we are again facing many unanswered questions as we share the following preliminary information regarding the next steps for the SBA.  But even as we provide these new details, we draw your attention to the fact that the proposed questionnaires discussed below have not been released by the SBA and are currently in draft form only.

Here is what we know so far:

Be Cyber Smart - at Home, at School, on Mobile Devices

 

Every October for the past 17 years, the Cybersecurity & Infrastructure Security Agency (CISA) and the National Cyber Security Alliance (NCSA) have campaigned across the nation to provide cybersecurity resources to help all Americans be safe online.  This year their theme is “Do Your Part.  #BeCyberSmart.”

Forgiveness Application for Paycheck Protection Program Loans Under $50,000

A simplified application for Paycheck Protection Program (PPP) loan applicants who received $50,000 or less is available from the U.S. Small Business Administration (SBA) as of Thursday, October 9, 2020. The new interim final rule states that PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness, even if they had reductions in full-time-equivalents or employees’ salaries and wages.
 

Are Intangible Assets Being Included in Your Property Tax Assessment

As the pandemic continues to cause havoc in everyone’s day to day life, financial survival is driving many decisions at all levels of society.  This is true with individuals as well as in government. As consumer spending remains much lower than usual, government tax collections are also much lower. Among the many different types of government funding, one is the collection of property taxes. Bear in mind that different taxing authorities include different categories of assets when applying their tax rates. This means that not all types of assets are subject to tax.

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