Len Nitti, Author at WilkinGuttenplan

Articles State and Local Tax Tax Services

New Jersey Enacts Legislation to Fix its Business Alternative Income Tax (BAIT)

Earlier this week, Governor Murphy signed into law a bill designed to resolve a number of challenges with New Jersey’s…

Len NittiJanuary 21, 2022

Articles COVID-19 State and Local Tax

Local States Issue Guidance for Taxation of PPP Loan Forgiveness

After the Federal government finally resolved the issue of the tax-deductibility of expenses paid using the proceeds of a forgiven…

Len NittiFebruary 22, 2021

COVID-19

5 Observations from the PPP Final Interim Rule on Loan Forgiveness

The Small Business Administration (SBA) has finally issued the long-awaited guidance on Paycheck Protection Program (PPP) loan forgiveness. This follows…

Len NittiMay 28, 2020

COVID-19 Individual Tax

The SBA Issues Guidance to Allow for Additional Disbursements for Certain PPP Loans

The SBA issued guidance on April 14th regarding how a partner’s compensation should be calculated for PPP loans. Prior to…

Len NittiMay 14, 2020

COVID-19

SBA Issues New Guidance on When a PPP Loan is “Necessary”

With the issuance of Frequently Asked Questions 31 and 37 a couple of weeks ago by the Small Business Administration…

Len NittiMay 13, 2020

COVID-19

PPP Loans: Allowable Use of Proceeds vs Forgivable Amounts

The CARES Act created a new forgivable loan program called the Paycheck Protection Program (PPP) to provide businesses with funding…

Len NittiMay 4, 2020

COVID-19

SBA Issues Additional Guidance for PPP Eligibility

Amidst negative publicity from the media regarding publicly traded and other large companies receiving Paycheck Protection Program loans (PPP) and…

Len NittiApril 27, 2020

Business Tax COVID-19

PPP Guidance Issued for Sole Proprietors and Independent Contractors

The Small Business Administration issued guidance on April 14th for sole proprietors and independent contractors. The guidance addresses how to…

Len NittiApril 15, 2020

COVID-19

Partners’ Self-Employment Income Now Qualifies as “Payroll Costs” for PPP Loans

The Small Business Administration issued additional guidance on April 14th, titled Interim Final Rule – Additional Eligibility Criteria and Requirements…

Len NittiApril 15, 2020

Articles COVID-19 State and Local Tax

New Jersey Finally Announces Formal Tax Relief

The State Senate and Assembly have both passed a new tax relief bill today to finally grant New Jersey taxpayers…

Len NittiApril 13, 2020