On April 30, 2020, NJCPA’s Jeff Kaszerman was joined by Mike Affuso, executive vice president and director of government relations at the New Jersey Bankers Association to discuss the highly anticipated second round of Paycheck Protection Program funding. Mike provided some guidance from the banking community on what applicants should know, possible hurdles that may be encountered and more.

For more PPP news, visit njcpa.org/caresact.

The rollout of the U.S. Small Business Administration’s coronavirus relief programs, including the Paycheck Protection Program (PPP), has raised plenty of questions among CPAs and business owners.

In this edition of IssuesWatch LIVE, Jeff talks with Al Titone, the New Jersey district director of the SBA, about the next round of PPP funding and answers to your questions.

News about the coronavirus crisis is coming at us at dizzying speeds. Sometimes it’s hard to know what’s important and what isn’t. In this Facebook Live recording, NJCPA’s Ralph Albert Thomas and Jeff Kaszerman provide updates on issues important to CPAs and businesses. They focus on what’s happening both in New Jersey and at the national level.

Governor Phil Murphy has issued his proposed $41 billion budget for New Jersey’s next fiscal year. Hear a brief overview of the budget, which includes an expansion of the millionaire’s tax, an increase in the cigarette tax, an increased contribution to the public worker pension fund and more. Also, hear about the results of our member poll about the budget proposal and it’s impact on New Jersey’s economy.

New Jersey business owners now have an easier way to dissolve or reinstate their business. The New Jersey Department of the Treasury is offering a temporary program to help businesses return to good standing with the state without the cumbersome filing process typically associated with reinstatement or dissolution. It’s a great opportunity for businesses to either clean up their records or to expeditiously regain their legal status in the quickest, most-efficient way possible. The director of the New Jersey Division of Revenue and Enterprise Services, Jim Fruscione, tells us all about the program and how CPAs can help their clients take advantage of it.

See also:

The race to become the next President of the United States is on. But first we have to get through the nationwide primary elections, a process which can often be confusing. In this episode, we break it all down. We look at the primary process itself – caucuses, primaries, delegates, super delegates, why New Jersey’s primary is so late – and the strengths and weaknesses of the candidates. Learn all of this and more when you listen to our discussion with Bill Pascrell III of Princeton Public Affairs Group.

The road to legalization of sports betting in New Jersey was quite a bumpy ride. It wasn’t something that happened through the normal legislative process. Rather it was the result of a David versus Goliath legal and political battle that was waged by former New Jersey Senator Raymond Lesniak for more than a decade. He talks to us about that battle and the economic impact sports betting has had on New Jersey.

On Monday, Jan. 13, 2020, New Jersey Governor Phil Murphy signed into law the Pass-Through Business Alternative Income Tax Act. This new law allows flow-through businesses in New Jersey to elect to pay income taxes at the entity level instead of at the personal income tax level. Since there is no limit on deductions on the federal level for  state and local taxes paid by businesses, this new law stands to save New Jersey business owners an estimated $400 million annually. Learn more about how this idea became law and what CPAs and business owners need to know to take advantage of it.

NOTE: Edited Jan. 16, 2020, to remove reference to "sole proprietorships."