Re: Taxation University is open for business in 2021!

 
From: "Luis Rodriguez luis.rodriguez@PROTECTED [NJLibsGrowBiz]" <NJLibsGrowBiz@PROTECTED>
Subject: Re: Taxation University is open for business in 2021!
In-Reply-To: (no subject)
Date: December 9th 2020
One of the other emails dealt with this issue (I am not an accountant so please consult with your tax adviser):
SMART TAX PLANNING
Businesses can convert 2020's red ink into cash with coronavirus tax breaks
PUBLISHED TUE, NOV 17 20208:00 AM EST
Andrew Osterland
https://www.cnbc.com/2020/11/17/businesses-convert-2020s-red-ink-into-cash-with-coronavirus-tax-breaks.html
Businesses laid low by the pandemic and community lockdowns need money now, and one of the best ways to get it is by taking advantage of very favorable rule changes on the treatment of net operating losses in the CARES Act.

A company incurs NOL when its tax deductions exceed its income in a given year. Generally, taxpayers can lower their taxes by using this loss to offset income in a future year.

The CARES Act takes this a step further, allowing battered businesses to turn this year's red ink into a tax refund from prior years' income.
==================================



From: "Luis Rodriguez" <luis.rodriguez@PROTECTED>
Sent: 12/9/20 1:21 PM
To: "NJLibsGrowBiz" <NJLibsGrowBiz@PROTECTED>
Subject: Re: [NJLibsGrowBiz] Taxation University is open for business in 2021!

I shared this with Butler businesses - it is related to taxes.  I also sent out two other emails on tax related issues which I will see if I can find again.

The IRS has signaled it will bless a workaround that allows small-business owners to skirt the $10,000 cap on state and local income tax deductions.

States have also been hammering out another workaround, this time using pass-through entities, which include S-corporations, some limited liability companies and partnerships. 

The IRS has just greenlighted this move, according to a notice from the agency issued last week.

This workaround took effect in seven states after the Tax Cuts and Jobs Act: Connecticut, Louisiana, Maryland, New Jersey, Oklahoma, Rhode Island and Wisconsin, according to the American Institute of CPAs.




From: "Cynthia Lambert clambert@PROTECTED [NJLibsGrowBiz]" <NJLibsGrowBiz@PROTECTED>
Sent: 12/9/20 10:58 AM
To: NJLibsGrowBiz <NJLibsGrowBiz@PROTECTED>
Subject: Re: [NJLibsGrowBiz] Taxation University is open for business in 2021!

 
  From: clambert@PROTECTED  

Thank you!  I hope they consider putting out some help with PPL loans and taxes this year.  Several small business owners are being impacted by the loan, which will likely be forgiven, but it won't be by year end tax cutoff.  Is this profit that is taxable?  Is this a cash inflow and offsetting liability?  How does that impact taxes?  Very unclear.  That said--this is great, especially the online sales issues, which are for many, new this year....




From: NJLibsGrowBiz
Sent: Wednesday, December 9, 2020 10:45 AM
To: NJLibsGrowBiz
Subject:[NJLibsGrowBiz] Taxation University is open for business in 2021!
 
 
From:  alevandowski@PROTECTED 

Hello all,

 

Please see the below information from Taxation University about scheduling workshops in 2021.  If any libraries would like to work cooperatively to schedule, host, and promote workshops, I am happy to help facilitate.

 

Do not hesitate to reach out if you have questions.

 

Best,

Andrea

 

Taxation University is open for business in 2021!

 

We are available to conduct live virtual small business workshops hosted by your library between March 1st and May 31st. We will also offer recorded virtual workshops in Spanish. Please note we changed the format of our workshops to be shorter and more practical for individuals working remotely.  Openings are limited and will be filled on a first come basis.

 

As we transition to virtual seminars, please be aware of the following:

 

·       We can participate in virtual seminars hosted by your library through Zoom, Microsoft Teams, GoToMeeting, or similar platforms.

·       We can answer attendee questions (during the presentation, or after via email), but we cannot discuss specific taxpayer account because of State and federal confidentiality laws.

·       The session may be recorded for private use. However, we do not allow the public posting of videos featuring Division personnel on commercial platforms such as YouTube.

 

To schedule an event, please contact Taxation University at Outreach.tax@PROTECTED 

 

Below, please find the session breakdown for each workshop. Each session will be 30-45 minutes. We will conduct a maximum of 2 sessions per workshop. 

 

New Jersey Sales & Use Tax Workshop

 

 

 

Session 1

 

·       Understanding New Jersey's Sales & Use Tax

·       Out-of-State Sales

·       How to File and Pay Sales & Use Tax returns

 

Session 2

 

·       How and When to Use Exemption Certificates

·       Urban Enterprise Zones

 

 

Session 3

 

·       Sales Tax for Online Businesses

o   Law Changes affecting Online Sellers

o   The Sales Tax Implications for common charges/fees (e.g. digital property, shipping & handling, etc.)

 

 

Business Registration & Reporting Business Income Workshop

 

 

 

Session 1

 

  • In-depth description of the different types of business structures
  • The formation and registration process for each business structure

 

Session 2

 

·       Reporting and Paying tax on Business income

o   Determining if a tax return is required at the business level

o   Paying tax on the income

§  At the business level and/or

§  At the personal tax level

 

 

 

 

Andrea Simzak Levandowski (she/her/hers)

Library Consultant for Small Business Development & Technology

New Jersey State Library

P.O. Box 520

Trenton, NJ 08625

(609) 278-2640 x190

alevandowski@PROTECTED

 


 

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