Entries by Jen

New Grant For Small Businesses Is Now Available

The U.S. Chamber of Commerce Foundation just announced a new grant program, the “Save Small Business Fund”, that is currently accepting applications. Eligible small businesses will be considered for a grant of $5,000. While the grant must be located in an “economically vulnerable community”, there is an easy to use online tool where you can enter […]

Unemployment Assistance for the Self-Employed

The New Jersey and New York Departments of Labor recently posted instructions on their websites for independent contractors and the self-employed who are newly eligible for unemployment benefits under the CARES Act: New Jersey https://myunemployment.nj.gov/labor/myunemployment/independentcontractors.shtml New York https://www.labor.ny.gov/unemploymentassistance.shtm If you typically file a “Schedule C” as part of your annual income tax filings and your […]

Update on Economic Impact Payments

The IRS announced on Wednesday, April 15th, the launch of its “Get My Payment” website, which permits taxpayers to check on the date they can expect to receive their economic impact payment and update their direct deposit information. The IRS notes that the “Get My Payment” website will allow people to provide their direct deposit […]

Information on Unemployment Assistance

The new Federal law signed March 27th provides three types of assistance to many workers impacted by COVID-19: Pandemic Unemployment Assistance (PUA): expands eligibility for individuals who are typically ineligible for Unemployment benefits, for example independent contractors, and self-employed and “gig” workers. Pandemic Unemployment Compensation (PUC): provides an additional $600 per week, on top of […]

CARES ACT (Part III: Individual Relief Provisions)

Individual Relief Provisions Contained in the CARES Act The CARES Act (the “Act”) has been passed by Congress and signed into law. This is part three of our series, which focuses on various provisions contained in the Act. Part I summarized the business relief provisions contained in the Act.  Part II summarized other business and tax related provisions.  Finally, Part […]

CARES ACT (Part II: Business and Tax-Related Provisions)

Business Tax Related Provisions Contained in the CARES Act The CARES Act (the “Act”) has been passed by Congress and signed into law. This is part two of a three part series, which focuses on various provisions contained in the Act. Part I summarized the business relief provisions contained in the Act.  Part II (below) summarizes other business and tax […]

CARES Act (Part I: Business Relief Provisions)

Business Relief Provisions Contained in the CARES Act The CARES Act (the “Act”) has been passed by Congress and signed into law. The next three emails, including this first part, will focus on various provisions contained in the Act. Part I summarizes the business relief provisions contained in the Act.  Part II will summarize other business and […]

Legislation Updates

Federal Tax Filing Deadline Extended The Treasury Department announced today an extension of the April 15th  filing  deadline for individuals and corporations (who use the calendar year-end).  The extended Federal filing deadline is now July 15, 2020. Coronavirus Relief Legislation Provides for Tax Credits for Employers President Trump signed into law H.R. 6021, The Families First Coronavirus Response […]

Latest Robocall Scam

At GCS, we strive to keep you informed of events, changes to laws, and other areas that may impact you, both personally and professionally.  One area that requires constant vigilance is avoiding potential scams and fraudulent activity from fake phone calls. The Internal Revenue Service is cautioning taxpayers to be aware of fraudulent phone calls […]

Tax Planning – Checking Your Paycheck

Tax planning has turned into a year round process, as events impacting personal and financial changes can affect our income tax liability. Although the “final” tax payments are not due until April 15th of the following year, our current year tax must generally be paid in on an ongoing basis. We must determine and balance […]