Your McCarthy Update
Marty McCarthy, CPA, CCIFP
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Focused on You. Dedicated to Your Success.
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February 22, 2021
Firm News
McCarthy & Company changes over to the new .CPA domain. Clients of the firm will benefit from more data security. Our new domain is www.McCarthy.CPA. Learn why.
Accounting & Tax News
(Tax Foundation) State individual income tax rates and brackets for 2021. Individual income taxes are a major source of state government revenue, accounting for 38% of state tax collections. Read more.
Construction and Real Estate News
(Construction Dive) Commercial contractors tap into booming residential demand. While many commercial projects have been delayed, shuttered, or canceled completely, homebuilding has boomed, as buyers seek single-family homes in less densely populated areas away from urban centers. Read more.
(Construction Dive) Skyrocketing steel, lumber costs threaten to slow construction jobs. As material prices jump, contractors cope any way they can. Learn more.
(MarketWatch) Mortgage rates soar to highest level in months amid inflation concerns. The market’s outlook seems to suggest that the days of all-time low rates may be a thing of the past. Learn why.
COVID-19 Related News
(IRS) COVID-19 relief for employers using the automobile lease valuation rule. Due solely to the COVID-19 pandemic, if certain requirements are satisfied, employers and employees that are using the automobile lease valuation rule may instead use the vehicle cents-per-mile valuation rule to determine the value of an employee’s personal use of an employer-provided automobile beginning as of March 13, 2020. For 2021, employers and employees may revert to the automobile lease valuation rule or continue using the vehicle cents-per-mile valuation rule provided certain requirements are met. Learn more.
(NJAA) Expanded small business discounts on PPE available. Beginning on February 16, 2021, the New Jersey Personal Protective Equipment (PPE) Access Program will once again allow small businesses with 100 employees or less to apply for an additional 65% discount on PPE products. Businesses approved for the 65% discount in November or December will not need to reapply. Under the program, all New Jersey-based businesses and non-profits are eligible for a 10% discount on PPE purchases made through an approved online retailer. Learn more.
(NJAA) Gov. Murphy announces additional lease relief for main street businesses. The Small Business Lease - Emergency Assistance Grant Program (SBL-EAGP) will receive an additional $5 million in funding. The program will allow businesses in the New Jersey Redevelopment Authority’s (NJRA) 64 eligible municipalities to apply for grants of up to $10,000 to assist with lease payments, assisting both small business owners and their landlords. The program will provide grants to tenants leasing commercial space in mixed-use buildings, space in commercial buildings, and those operating a storefront business. It is targeted to businesses with 5,000 square feet of leased space or less. Applications will be available at www.njra.us on Monday, February 22 at 9:00 a.m., and will remain open until the funds are exhausted. Learn more.
(Philadelphia Business Journal) PPP loans not for you? SBA is waiving fees, making payments on these other loans. Small businesses can save thousands of dollars in fees and get months' worth of loan payments paid under a supercharged set of Small Business Administration loans. Learn how.
(Tax Foundation) Pandemic-era unemployment compensations could generate $78 billion in income tax collections. Since the start of last year, the federal and state governments have spent nearly $600 billion on unemployment compensation payments, compared to the prior level of about $30 billion a year. It is a lot of money—and it is taxable at the federal level and in many states. Read more.
(USA Today) President Biden extends mortgage relief, ban on home foreclosures through June. The foreclosure moratorium was set to expire March 31 and is now in place through June 30. Learn more.
Feel free to contact any member of our team at (610) 828-1900 (PA) or (732) 341-3893 (NJ) with questions. Rich Higgins, CPA, managing principal – New Jersey office can be contacted at Richard.Higgins@McCarthy.CPA. I can be reached at Marty.McCarthy@McCarthy.CPA As always, we are happy to help.
Stay safe,
Marty McCarthy, CPA, CCIFP
Managing Partner
McCarthy & Company
Disclaimer: This alert is for informational purposes only and does not constitute professional advice. Information contained in this communication is not intended or written to be used as tax advice, and cannot be used by the recipient to avoid penalties that may be imposed under the Internal Revenue Code. We strongly advise you to seek professional assistance with respect to your specific issue(s).
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