COVID-19 Resources

Retroactive Suspension of Tax on a Portion of 2020 Unemployment Compensation

On March 10, 2021, the U.S. House of Representatives passed a new stimulus bill of $1.9 trillion for COVID relief....

Jenna Sanfilippo
March 11, 2021

Articles, Business Tax, COVID-19

IRS Releases New Guidance on the Employee Retention Credit for PPP Loan Recipients

On March 1, the IRS issued Notice 2021-20 which provides guidance on how to treat wages that may be eligible...

Stephanie Holston
March 5, 2021

Articles, COVID-19, State and Local Tax

Local States Issue Guidance for Taxation of PPP Loan Forgiveness

After the Federal government finally resolved the issue of the tax-deductibility of expenses paid using the proceeds of a forgiven...

Len Nitti
February 22, 2021

Articles, COVID-19, Real Estate

IRS Provides Additional Relief for Qualified Opportunity Funds

In response to the COVID-19 pandemic, the IRS published Notice 2021-10 which aims to provide relief for Qualified Opportunity Funds...

Jenna Sanfilippo
February 17, 2021

Articles, COVID-19, Real Estate, State and Local Tax, Tax Services

NJEDA Small Business Emergency Assistance Loan Program: Phase 2 Pre-Registration to Open Next Wednesday 2/10

The New Jersey Economic Development Authority (NJEDA) recently announced the second phase of its Small Business Emergency Assistance Loan Program,...

Meg Chesley
February 2, 2021

COVID-19, Real Estate

Rental Assistance Available to Renters Impacted by the Pandemic

In December 2020, the Consolidated Appropriations Act 2021, a tax, funding and spending bill containing almost $900 billion in coronavirus...

Melissa Marsicano
February 1, 2021

Articles, COVID-19, Real Estate, Tax Services

Increased Incentives and Relief for Low Income Housing Tax Credit Developers

On December 27, 2020, President Trump signed the COVID-Related Tax Relief Act of 2020. The Act provides incentives for affordable...

Kerry Duda
January 27, 2021

COVID-19, Multimedia, Pandemic Recovery

Webinar: Tax Provisions of the Consolidated Appropriations Act, 2021

Download Presentation Questions? Ask a WG Advisor

WilkinGuttenplan
January 27, 2021

Articles, COVID-19, State and Local Tax, Tax Services

New York State Addresses Personal Income Tax Conformity with CARES Act

New York State recently released Frequently Asked Questions regarding its conformity with various tax provisions under the federal Coronavirus Aid,...

Jenna Sanfilippo
January 20, 2021

Articles, COVID-19, International Commerce Group, International Tax

Latest Paycheck Protection Program (PPP2) adds Restrictions to China and Hong Kong Affiliated Businesses

The Consolidated Appropriations Act of 2021 (“CAA”) that was passed into law contains important changes to the Paycheck Protection Program...

Darko Naumoski
January 12, 2021

Expansion of The Employee Retention Credit (ERC) – PPP Loan and ERC now Allowed

The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (“TCDTRA”) that was passed on December 27, 2020 contains several...

Stephanie Holston
January 11, 2021

COVID-19, Multimedia

Webinar: PPP Loan Update - Changes under the Consolidated Appropriations Act

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WilkinGuttenplan
January 7, 2021

Overview of the Consolidated Appropriations Act, 2021

On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (“CAA”) into law. The CAA contains both the...

Stephanie Holston
January 4, 2021

COVID-19, New York Condos and Co-ops

The Paycheck Protection Program – Housing Cooperatives Now Eligible

On Sunday evening, December 27, 2020, President Trump signed “H.R. 133 – The Consolidated Appropriations Act, 2021” (the Act). Included...

WilkinGuttenplan
December 28, 2020

The U.S. Senate and House of Representatives passed a $900 billion COVID Relief Bill

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID Relief Bill yesterday. The Bill now goes to...

Jessica Kizmann
December 22, 2020

Articles, COVID-19, International Commerce Group, International Tax

IRS revises Form 2555 due to COVID-19

The IRS recently released the 2020 version for Form 2555, Foreign Earned Income. This form is used by Americans living...

Robert Ewanis
December 7, 2020

Articles, COVID-19, State and Local Tax, Tax Services

New York Issues Guidance on COVID-19 Telecommuting

After months of not addressing the nonresident withholding requirements for COVID-19 telecommuting, New York recently broke its silence by posting...

Meg Chesley
December 1, 2020

Articles, COVID-19

IRS Issues Guidance on Deductibility of Expenses Paid with PPP Loan Proceeds

In an update to our previously released alert on this topic, Wednesday evening the Internal Revenue Service (IRS) released Revenue...

Karen Artasanchez
November 20, 2020

Articles, Business Tax, COVID-19

SBA to Require a 'Loan Necessity Form’ for PPP Loans Over $2 Million

The SBA has previously stated that PPP Loans over $2 million, including affiliates, would be under much more scrutiny. In...

Dan Fiorentino
November 11, 2020

Articles, COVID-19

Deducting PPP Expenses – Another Quandary Caused by Covid-19

As the end of what seems to be the longest year approaches, many business owners and their trusted advisors are...

Karen Artasanchez
October 30, 2020

COVID-19, Multimedia, Pandemic Recovery

Webinar: PPP Updates and Maximizing Loan Forgiveness

Click here to start your PPP Loan Forgiveness Process Download Presentation Questions?...

WilkinGuttenplan
September 15, 2020

Articles, COVID-19, Real Estate

Real Estate Matters - Tax Ramifications of a Foreclosure

As the pandemic continues to take its toll on most businesses, within the real estate industry, many property owners are...

Sefi Silverstein
September 2, 2020

To defer or not to defer, that is the question. What exactly does the payroll tax executive order mean to employers and employees?

Several weeks ago President Trump signed an Executive Order permitting the deferral of the employee portion of certain payroll taxes...

Karen Artasanchez
September 1, 2020

NJRA Small Business Lease Emergency Assistance Grant Program Application to Open on Monday, August 10th

The New Jersey Redevelopment Authority (NJRA) has responded to the impact of the COVID-19 pandemic on the state economy by...

Meg Chesley
August 5, 2020

Articles, Community Associations, COVID-19

Unmasking Your Association’s Financial Situation

For the thousands of individuals across the country who live, work, and interact with community associations, the past few months...

Tara Baldwin
July 22, 2020

US Treasury Department and SBA Release Updated Guidance for PPP Loans

The US Treasury Department recently released an updated version of the Loan Forgiveness Application, along with the Small Business Administration...

Dan Fiorentino
June 17, 2020

Main Street Lending Program Finally Launched by Feds for Lender Registration

The US Federal Reserve at long last launched its Main Street Lending Program on Monday after making numerous changes to...

Ed Wilkin
June 16, 2020

Creating Cash Flow – PPP Loan Recipients Now Have More Time to Defer Payroll Tax Deposits

On June 5, 2020 President Trump signed the Paycheck Protection Program Flexibility Act (PPPF). This highly anticipated guidance provided businesses...

Karen Artasanchez
June 10, 2020

William McDevitt Quoted in Fortune: Key changes in just-passed PPP loan bill give small businesses 24 weeks to use funds

Small businesses will likely now have more flexibility to use Paycheck Protection Program loans after the Senate unanimously approved a...

WilkinGuttenplan
June 5, 2020

Paycheck Protection Program Flexibility Act of 2020

The House of Representatives’ highly anticipated bill, the “Paycheck Protection Program Flexibility Act of 2020,” was passed by the Senate...

Dan Fiorentino
June 4, 2020

NJEDA to Open Second Phase of $45 Million Grant Program on Tuesday

The New Jersey Economic Development Authority (NJEDA) recently announced that applications for the expanded Small Business Emergency Assistance Grant Program...

Meg Chesley
June 4, 2020

COVID-19, Multimedia, Pandemic Recovery

Webinar: Maximizing PPP Loan Forgiveness

Click here to start your PPP Loan Forgiveness Process Download Presentation Questions?...

WilkinGuttenplan
June 3, 2020

Paycheck Protection Program Loan Forgiveness Application Solution

At WilkinGuttenplan, a regional CPA advisory firm, we have worked side by side with our clients for over 35 years....

WilkinGuttenplan
June 3, 2020

5 Observations from the PPP Final Interim Rule on Loan Forgiveness

The Small Business Administration (SBA) has finally issued the long-awaited guidance on Paycheck Protection Program (PPP) loan forgiveness. This follows...

Len Nitti
May 29, 2020

William McDevitt Quoted in INC. Magazine - How Treasury Just Tweaked PPP Loan Forgiveness

The defining characteristics of paycheck protection loans, created by the CARES Act, are also the most vexing. A paycheck protection...

WilkinGuttenplan
May 28, 2020

William McDevitt Quoted in Fortune - The new PPP loan forgiveness application is causing lots of confusion. Here’s what to know so far

Small businesses have waited—and waited. On Friday, the Small Business Administration and the Treasury finally released the PPP forgiveness application, an...

WilkinGuttenplan
May 21, 2020

COVID-19, International Commerce Group, International Tax

The SBA Issues Guidance for Multinational PPP Applicants

The U.S. Small Business Administration (SBA) issued additional guidance on May 18, 2020, clarifying how employees of foreign affiliates are...

Vinay Navani
May 20, 2020

COVID-19, Pandemic Recovery

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

On Friday May 15th, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck...

Dan Fiorentino
May 19, 2020

William McDevitt quoted in Inc. Magazine - The Result of PPP Confusion: Billions of Dollars Remain Untapped

The first round of money authorized for paycheck protection loans – some $349 billion – lasted 13 days. The second round...

WilkinGuttenplan
May 16, 2020

The SBA Issues Guidance to Allow for Additional Disbursements for Certain PPP Loans

The SBA issued guidance on April 14th regarding how a partner’s compensation should be calculated for PPP loans. Prior to...

Len Nitti
May 15, 2020

SBA Issues New Guidance on When a PPP Loan is “Necessary”

With the issuance of Frequently Asked Questions 31 and 37 a couple of weeks ago by the Small Business Administration...

Len Nitti
May 14, 2020

COVID-19, Real Estate, Tax Talks Blog

The CARES Act – Correcting Qualified Improvement Property

The Tax Cuts & Jobs Act (TCJA) enacted in 2017 amended the tax code to consolidate multiple categories of improvement...

Melisa Sirak
May 13, 2020

William McDevitt quoted in Inc. Magazine - Counting on Loan Forgiveness? What You Need to Know

Back in mid-April, the most confusing part of the Paycheck Protection Program was navigating the process of getting a loan. Now business owners are...

WilkinGuttenplan
May 8, 2020

The CARES Act - Creating Cash Flow Opportunities for Businesses through Tax Planning

While the main focus of the CARES Act has been the PPP loans and the related forgiveness, the CARES Act...

Karen Artasanchez
May 8, 2020

Webinar: Recent US Coronavirus Tax Relief: Considerations for Foreign-Owned US Corporations

Download Presentation Questions? Ask a WG Advisor

WilkinGuttenplan
May 6, 2020

PPP Loans: Allowable Use of Proceeds vs Forgivable Amounts

The CARES Act created a new forgivable loan program called the Paycheck Protection Program (PPP) to provide businesses with funding...

Len Nitti
May 5, 2020

COVID-19, Estate and Trust

Estate and Gift Tax Filing COVID-19 Relief

As we all know by now, various types of income tax returns, including Individual, Corporate, Partnership and Estate/Gift have been...

Brian Geissler
May 5, 2020

No Double Dipping Allowed! Deductibility of Expenses Paid with PPP Proceeds Finally Addressed

Taxpayers fortunate enough to have received proceeds from a Paycheck Protection Program loan are now faced with determining how to...

Karen Artasanchez
May 2, 2020

SBA Issues Additional Guidance for PPP Eligibility

Amidst negative publicity from the media regarding publicly traded and other large companies receiving Paycheck Protection Program loans (PPP) and...

Len Nitti
April 28, 2020

Payroll Tax Deferral and PPP Loan Forgiveness – Can I Have Both?

The recently passed CARES Act contained a provision allowing employers to defer the payment of the employer’s share of Social...

Karen Artasanchez
April 25, 2020

Senate Approves Additional PPP and EIDL Funding

On Tuesday, April 21st the Senate passed the Paycheck Protection Program and Health Care Enhancement Act (“PPP & HCE Act”)....

Dan Fiorentino
April 22, 2020

Articles, COVID-19, Estate and Trust

To Gift or Not to Gift: Risk High = Valuations Low and Discounts High

During these unprecedented times, there are many things that run through our minds. For an estate planner, it’s thinking about...

Maureen Jasper
April 20, 2020

COVID-19, Multimedia

View Webinar Recording of Tax Provisions of the CARES Act

Webinar Recording: Tax Provisions of the CARES Act Please fill out the form below to view the webinar recording...

WilkinGuttenplan
April 16, 2020

COVID-19, Uncategorized

Webinar: Tax Provisions of the CARES Act

Download Presentation Questions? Ask a WG Advisor

WilkinGuttenplan
April 16, 2020

PPP Guidance Issued for Sole Proprietors and Independent Contractors

The Small Business Administration issued guidance on April 14th for sole proprietors and independent contractors. The guidance addresses how to...

Len Nitti
April 15, 2020

Partners’ Self-Employment Income Now Qualifies as “Payroll Costs” for PPP Loans

The Small Business Administration issued additional guidance on April 14th, titled Interim Final Rule – Additional Eligibility Criteria and Requirements...

Len Nitti
April 15, 2020

COVID-19, Multimedia

View Webinar Recording on PPP Update and Intro to the Main Street Lending Program

Webinar Recording: What's New With the PPP and Intro to the Main Street Lending Program Please fill out the form below...

WilkinGuttenplan
April 15, 2020

Articles, COVID-19, State and Local Tax

New Jersey Finally Announces Formal Tax Relief

The State Senate and Assembly have both passed a new tax relief bill today to finally grant New Jersey taxpayers...

Len Nitti
April 14, 2020

IRS Grants Relief for 1031 Exchanges and Qualified Opportunity Zone Investments

Last week the IRS issued Notice 2020-18. Included in the relief provided by the Notice is an extension of time...

Len Nitti
April 14, 2020

The CARES Act: Tax Planning for Individuals

Recent news and alerts surrounding the CARES stimulus package have focused primarily on the short-term cash needs of businesses and...

Lauren Landolfi
April 14, 2020

NJEDA to Open Small Business Emergency Assistance Loan Program on Monday

The application window for the Small Business Emergency Assistance Loan Program which was previously announced by the NJ Economic Development...

Meg Chesley
April 10, 2020

COVID-19, Individual Tax, Multimedia, Tax Services

View Webinar Recording on Paycheck Protection Program

Webinar Recording: Understanding the Paycheck Protection Program of the CARES Act Please fill out the form below to view the webinar recording...

WilkinGuttenplan
April 3, 2020

Application & Checklist for the Paycheck Protection Program & the Economic Injury Disaster Loan

Initial Applications can be found here*: Paycheck Protection Program COVID-19 Economic Injury Disaster loan * Note: While banks may not yet be accepting...

Tim Torres
April 1, 2020

New Jersey Extends the State Tax Filing Deadline

Governor Murphy, Senate President Sweeney and Assembly Speaker Coughlin have officially announced the extension of the April 15th tax deadline...

Len Nitti
April 1, 2020

New York State Announces COVID-19 State Tax Relief

New York State has officially announced that its April 15th tax filing and payment deadline has been extended until July...

Meg Chesley
March 31, 2020

Guidelines For Calculating The Amount Eligible For The Paycheck Protection Program (PPP) Loan

While the CARES Act contains many provisions, one provision of great interest is the Paycheck Protection Program (“PPP”). Below are...

WilkinGuttenplan
March 30, 2020

Key Facts Regarding the ‘Paycheck Protection Program’ of the CARES Act

This week* the CARES Act was approved by the Senate and is anticipated to be approved by the House and...

WilkinGuttenplan
March 27, 2020

NJEDA Announces New Programs to Support Local Businesses Impacted by COVID-19

The New Jersey Economic Development Authority (NJEDA) Board has approved a suite of new initiatives designed to support small and...

Meg Chesley
March 27, 2020

COVID-19, Real Estate

Which Provisions of the CARES Act will Impact the Real Estate Industry?

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which provides a $2.2 trillion economic stimulus package to assist...

Len Nitti
March 26, 2020

The Coronavirus Aid, Relief, and Economic Security Act - First Take

The highly anticipated Covid-19 economic stimulus bill, the CARES Act, was passed by the Senate late Wednesday evening. Joining two...

Lauren Landolfi
March 26, 2020

COVID-19, Technology Services

Going Virtual in Response to COVID-19

For many the mandatory shut down of non-essential businesses has undoubtedly hindered business continuity. While re-establishing full business continuity may...

Karolis Matulis
March 25, 2020

IRS RELIEF RELATED TO COVID-19 - FAQs

Tax relief and related guidance are evolving just as quickly as the general news and guidelines surrounding the COVID-19 pandemic....

Jimmy Montgomery
March 25, 2020

COVID-19, Real Estate

COVID-19 Real Estate Financial Survival Checklist

Below is a list of 8 actions we believe real estate businesses should consider during this current crisis in order...

WilkinGuttenplan
March 25, 2020

Pennsylvania and Philadelphia Announce COVID-19 Tax Relief

Pennsylvania The Pennsylvania Department of Revenue recently announced that the deadline for taxpayers to file their 2019 Pennsylvania personal income tax...

Meg Chesley
March 25, 2020

COVID-19 Business Survival Checklist

Below is a list of 8 actions we believe business owners should evaluate during this current crisis in order to...

WilkinGuttenplan
March 23, 2020

New Jersey Enacts Legislation Authorizing Grants to Support Businesses Impacted by COVID-19

Governor Murphy signed bill A3845 which authorizes the New Jersey Economic Development Authority (EDA) to issue grants during periods of...

Len Nitti
March 23, 2020

COVID-19, Tax Services

Federal Filing Due Date Extended to July 15, 2020

The Treasury Department has announced its intent to extend the tax return filing deadline from the original due date of...

Karen Artasanchez
March 20, 2020

Understanding the Families First Coronavirus Response Act*

The Families First Coronavirus Response Act (FFCRA) is the second of three bills aimed at providing access to medical care...

Tim Torres
March 20, 2020

COVID-19 Federal Tax Relief Announced

The uncertainty surrounding some key tax relief issues revealed by Treasury Secretary Steven Mnuchin yesterday have been addressed with official...

Tim Torres
March 18, 2020

Business Tax, COVID-19, State and Local Tax

Three Northeast States Announce COVID-19 Tax Relief

Three states in the Northeast – Connecticut, Maryland, and Massachusetts – are among the first states to formally announce tax...

Meg Chesley
March 18, 2020

New Jersey COVID-19 Update on Potential Tax Relief

The New Jersey State Assembly has passed a bill to potentially provide tax relief to New Jersey taxpayers due to...

Len Nitti
March 18, 2020

COVID-19, Firm News & Announcements, News

An Update Regarding WG Operating Policies

We hope this message finds you safe and well. We would like to share an update on our current office...

Ed Guttenplan
March 18, 2020

COVID-19, Tax Services

Preliminary IRS Tax Relief Announcement

On Tuesday afternoon Treasury Secretary Steven Mnuchin announced the following tax payment relief: Individual taxpayers who owe less than $1 million...

Tim Torres
March 17, 2020

Business Tax, COVID-19, State and Local Tax

New York City Announces Financial Assistance Programs for Businesses Impacted by COVID-19

New York City has announced two new financial assistance programs for small businesses located in the five boroughs of New...

Len Nitti
March 17, 2020

New Jersey’s Business Action Center Creates a COVID-19 Resource Page

The New Jersey Business Action Center has created a resource page for businesses and individuals with guidance in a number...

Len Nitti
March 16, 2020

Small Business Administration to Make Low Interest Loans Available

Many business owners are facing a lot of unknowns due to the COVID-19 worldwide state of emergency. With these unknowns,...

Ed Wilkin
March 16, 2020