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Payroll/HR End of Year – What You Need To Know

by Lisa Calick, Director of HR Advisory Services It has been quite a year, and most of us are glad to see 2020 come to an end.  Businesses have had to pivot pretty quickly in a number of areas due to the pandemic this year.  Before we ring in the new year, it is important to note the following changes, many of which result from the stimulus relief bill passed by Congress. While this bill is not yet law, employers should be aware of the provisions that may be applicable to them if...

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Show me the money…again! Congress agrees to $900B Emergency Coronavirus Relief Act of 2020

By Nicole DeRosa, CPA, MAcc, Senior Tax Manager, and Travis Miskowitz, Manager, CFO Advisory Congressional leaders are close to finalizing the next round of stimulus, referred to as the Emergency Coronavirus Relief Act of 2020 providing for $900 billion in government funds aimed at supporting small businesses and the ailing economy. The coronavirus relief bill is expected to pass with bi-partisan support, and the President is expected to sign the bill into law quickly. The relief...

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Questions About Remote Work and Payroll: A Q&A with Wiss’s Outsourced Payroll Manager Laura Melville

By Lisa Calick Series introduction: In this four-part Q&A series, Senior Professional in Human Resources (SPHR) Lisa Calick speaks with experts from Wiss to learn about the challenges that clients face due to the changes in work arrangements and culture as a result of the pandemic.   As a Senior Professional in Human Resources (SPHR), I spend my days giving human resources advice to Wiss clients, helping them with everything from benefits inquiries to staying in compliance with...

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Preparing Your Company for Sale (Even If You Aren’t Ready)

By William Haemmerle, Director of Transaction Advisory Services “Luck favors the prepared mind.” – Louis Pasteur Most business owners never really worry about selling their company until something happens – they decide to retire, there is a succession issue, or they receive an unsolicited offer.  Unless preparations have been made, none of these situations provide significant time to get the financial, operational, or legal house in order. If you fall in this category, it is...

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NJ Corporate Tax Update

by Azra Khan New Jersey enacted technical and substantive changes to 2018 Corporation Business Tax Reform On November 4, Governor Phil Murphy signed into law SB 3007 /AB 4809, which makes some significant changes to the Corporation Business Tax Act (“CBTA”) that may have both favorable and unfavorable results for corporate taxpayers based on specific circumstances. Many provisions of the bill are effective for the 2019 tax year so it will be important to analyze the impact as soon...

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SBA Releases Long-Awaited Loan Forgiveness FAQs

By Travis Miskowitz At long last, the Small Business Administration (SBA) and the Department of the Treasury have released guidance addressing Paycheck Protection Program (PPP) loan forgiveness. This guidance can be relied upon as the SBA’s interpretation of Section 1106 of the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Consistent with previous updates, the SBA has decided to provide...

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The 5 Proofs to Ensure Investment Readiness

By Mark Brenner, CEO and Co-Founder, WEST Growth 1. Progressive milestones Most early-stage companies don’t have much money unless the founders are independently wealthy. So when most companies come to us, they have maybe ten different things they’re working on, but they don’t have the resources to do those ten things. It’s a priority to identify how much the next raise should be and what needs to happen to get that raise. Those raising capital will need to tell that group of investors...

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How Companies Can Plan To Reopen the Office

By Lisa Calick States have begun to ease restrictions put on businesses due to the COVID-19 pandemic, including laying out timelines for when many businesses may open. Companies now face significant challenges regarding how to reopen their offices safely. A carefully planned approach to returning to work will be necessary to make sure workers are safe and confident and that the business can thrive. Planning the Approach The approach to opening is fairly straightforward — plan, open...

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Main Street Lending Program Expanded to More Businesses

By Travis Miskowitz Update 6/10/20 On Monday, June 8th, the Federal Reserve Board again revised the Main Street Lending Program, providing increased access to more small and medium-sized businesses. The $600 billion loan program has yet to fund a single loan, and criticism of the Fed’s latest stimulus effort in recent weeks has put pressure on the Fed to relax certain requirements, providing more flexibility to eligible borrowers.  The Fed has received a growing chorus of complaints...

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PPP Flexibility Act Passes Senate, significantly decreases barrier to loan forgiveness

By Travis Miskowitz The Senate unanimously approved H.R. 7010 – Paycheck Protection Program Flexibility Act of 2020. By passing the House bill, the Senate avoids a long and drawn out reconciliation process. The President is expected to sign the bill into law quickly. While the bill provides much needed flexibility to small businesses, there is one change that can significantly impact a borrower’s ability to achieve loan forgiveness. The tersely worded bill provides for only 7 bullet...

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