May 2021 Newsletter

May 2021 Newsletter

    Message From Our Managing Partner This will mark the 2nd consecutive year that April 15th will come and go without a major deadline. And while there is no April 15th, we have been working incredibly hard and put in long hours to get clients their financial statements, tax returns, W-2’s, 1099’s, PPP information, … Continued

The Biden administration proposes far-reaching tax overhaul

President Biden recently announced his $1.8 trillion American Families Plan (AFP), the third step in his Build Back Better policy initiative. The announcement followed the previous releases of the proposed $2.3 trillion American Jobs Plan and the Made in America Tax Plan. These plans propose major investments in various domestic initiatives, such as expanded tax credits for … Continued

President Biden details his tax proposals for individuals

President Biden’s proposals for individual taxpayers were outlined in an April 28 address to Congress and in an 18-page fact sheet released by the White House. The “American Families Plan” contains tax breaks for low- and middle-income taxpayers and tax increases on those “making over $400,000 per year.” Here’s a summary of some of the … Continued

Start Preparing Now for SAS 136

In 2019, the AICPA issued Statement on Auditing Standards (SAS) No. 136, Forming an Opinion and Report on Financial Statements of Employee Benefit Plans Subject to ERISA. SAS 136 prescribes certain new performance requirements for financial statement audits of ERISA employee benefit plans. In addition, SAS 136 changes the form and content of the related … Continued

COVID-19 Response Business Incentives

Recent legislation and administrative action have resulted in quite a few tax changes and new incentive programs that are assisting businesses recover as re-openings are occuring. The Consolidated Appropriations Act (CAA) and American Rescue Plan Act (ARPA) expanded and updated many of the incentive programs provided by the Families First Coronavirus Response Act (FFCRA) and … Continued

CFMA’s Announces Its First-Ever 40 Under 40 Class

For Immediate Release: April 9, 2021 Contact: Samantha Lake (slake@cfma.org; 609-945-2494) Princeton, NJ — Construction Financial Management Association (CFMA), the only non-profit organization dedicated to serving the educational needs of today’s construction financial professionals, announces the honorees of the first 40 Under 40 program, which recognizes the next generation of construction financial management leaders. “As CFMA … Continued

PPP application deadline extended

Today, President Biden signed the PPP Extension Act of 2021. The new law extends the Paycheck Protection Program (PPP) application filing deadline from March 31, 2021, to May 31, 2021, thus providing potential PPP borrowers additional time to submit their applications. The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in … Continued

Make the most of the Employee Retention Credit

The Employee Retention Credit (ERC), which was created to encourage employers to keep their workforces intact during the COVID-19 pandemic, has been with us for a year. But questions about it remain for many employers. With the new American Rescue Plan Act (ARPA) extending the credit and expanding eligibility — and the credit worth as … Continued

The American Rescue Plan Act has passed: What’s in it for you?

Congress has passed the latest legislation aimed at providing economic and other relief from the COVID-19 pandemic that has haunted the country for the last year. President Biden is expected to sign the 628-page American Rescue Plan Act (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The ARPA … Continued