CARES Act and Small Business Paycheck Protection Loans

The “Coronavirus Aid, Relief, and Economic Security Act” or the “CARES Act” (“Act”) was unanimously approved by the United States Senate on March 25, 2020.  On March 27, 2020, the Act was passed by the House of Representatives and signed into law by President Trump. Many small business owners are questioning how the Act will help them remain operational and if they will qualify for relief.  While it is a fluid process, the questions that we are most commonly receiving are addressed below.

What constitutes a small business?

Under the Act, a “small business” is a business that employs less than 500 people.  Small businesses are eligible to receive loans that offer debt forgiveness, which is non-taxable, subject to limitations.  The Act appropriates $349 billion to the Paycheck Protection Program, which aids small businesses in covering payroll (for employees earning up to $100,000 per year) and other expenses from February 15, 2020 through June 30, 2020.

What do Paycheck Protection Loans Cover?

Paycheck Protection Loans may be used to pay payroll, group healthcare benefits, insurance premiums, interest on a mortgage or other debt incurred prior to February 15, 2020, and rent and utility payments. Loan proceeds may not be used to prepay debt. No collateral or personal guaranty is required to obtain Payment Protection Loans.  The maximum repayment term is ten years, with a maximum interest rate of 4%.

How much can I borrow?

Qualifying businesses and non-profit entities are eligible to receive loans up to 2.5 times their monthly payroll costs, measured over the prior twelve months, or $10 million, whichever is smaller. Payroll costs are defined broadly and includes salaries, certain employee benefits, state and local taxes and certain types of compensation to sole proprietors or independent contractors up to $100,000. Seasonal employees are treated differently.

What about loan forgiveness?

Paycheck Protection Loans are eligible for loan forgiveness equal to the amount expended by the borrower during an eight-week period after the origination date of the loan on payroll costs, interest payments on mortgages that commenced prior to February 15, 2020, rent incident to any lease that was in force prior to February 15, 2020, and utilities for which service began before February 15, 2020.

The entire amount of the loan is eligible for forgiveness if the loan proceeds are expended on eligible expenses, except that forgiven amounts will be reduced by the amount of the small business’s employee or salary/wage reductions, which is based on a formula outlined in the Act.

If I already laid off employees, can I rehire them?

Yes, you can. The loan forgiveness reduction may be offset and does not apply if, by June 30, 2020, the borrower of a Paycheck Protection Loan rehires the same number of employees (not necessarily the same employees) who were laid off between February 15, 2020 and 30 days after enactment of the Act.

With regard to salary/wage reductions, the forgiven loan amount will be reduced dollar-for-dollar by the amount of salary or wage reductions in excess of 25% in comparison to the employee’s most recent full quarter. With regard to employee salary/wage reductions, the amount of the loan that may be forgiven will be reduced in proportion to the number of employees that a company lays off. To calculate the proportionate reduction, businesses may compare their reduced workforce numbers to either their average full-time equivalent (“FTE”) employees from February 15, 2019 – June 30, 2019, or their average FTEs from January 1, 2020 – February 29, 2020.

However, the forgiven loan amount reduction applies only to salary/wage reductions for employees who did not receive, during any single pay period during 2019, wages or salary at an annualized rate of more than $100,000. Salary/wage reductions for employees who earn in excess of $100,000 per year will not impact loan forgiveness eligibility.

An eligible recipient who employees tipped employees (as described in section 3(m)(2)(A) of the Fair Labor Standards Act of 1938 (29 U.S.C. 203(m)(2)(A))) may receive forgiveness for additional wages paid to those employees.

When will I know if a portion of my loan was forgiven and is that income as cancellation of debt?

A lender must issue a decision on a loan application no later than 60 days after the date in which a lender receives an application for loan forgiveness under this section from an eligible recipient. Forgiven amounts may be excluded from gross income.  As such, this cancellation of debt is not income. If you have any questions or concerns, please contact Jarad Stiles at jstiles@cooperlevenson.com.

Jarad Stiles is an attorney in Cooper Levenson’s tax practice and financial restructuring group. He concentrates his practice on business transactions, debt restructuring, bankruptcy, business succession planning, tax planning and controversy matters, asset protection, elder law, trusts, estates, and probate matters in New Jersey and New York.  Jarad may be reached at (856) 857-5594.

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Federal Tax Filing Deadline Extended

March 21, 2020
Michael L. Salad, Esq., LL.M. | Craig Panholzer, Esq.

As a follow-up to our March 19, 2020 article, which may be found here, the federal government extended the tax filing deadline three months to July 15, 2020. The United States tax filing deadline extension applies to federal income tax returns for individuals and C-corporations.

A few days ago, Treasury Secretary Steven Mnuchin announced that the deadline to pay individual and corporate taxes will be extended by 90 days. The extension is available to individual taxpayers who owe $1 million in taxes or less and corporations who owe $10 million in taxes or less.

For those who reside in a state with no state income tax, the federal deadline extension offers a reprieve from immediate tax deadlines. However, state filing deadlines are not impacted by the federal tax filing extension. States like New Jersey are attempting to adopt legislation that would postpone the state filing due date to June 30, 2020 but at the time of this article, New Jersey Governor Phil Murphy has not signed the state extension into law. It is important to remain aware of your respective state tax filing deadlines.

Michael Salad is a partner in Cooper Levenson’s tax practice group. He concentrates his practice on estate planning, probate, business transactions, mergers and acquisitions, tax matters and cyber risk management. Michael holds an LL.M. in Estate Planning and Elder Law. Michael is licensed to practice law in New Jersey, Florida, New York, Pennsylvania and the District of Columbia.  Michael may be reached at 609.572.7616; 954.889.1850 or via e-mail at msalad@cooperlevenson.com. 

Craig Panholzer is an associate in Cooper Levenson’s tax practice group. He concentrates his practice on estate planning, probate, business transactions and tax matters. Craig may be reached at 954.889.1856 or via e-mail at cpanholzer@cooperlevenson.com.

Download:  NJ Tax Filing Extension Bill.

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The Coronavirus Reaction to Taxes

by Michael L. Salad, Esq., LL.M. and Craig Panholzer, Esq.

Major organizations suspended operations as a result of COVID-19, more commonly referred to as the Coronavirus. The Supreme Court halted all courtroom sessions for the foreseeable future. The National Basketball Association, National Hockey League, Major League Baseball, National Collegiate Athletic Association and the Professional Golfers’ Association ceased operations, foregoing hundreds of millions of dollars as the virus multiplies. As corporate and organizational dominoes fall, government decisions are being made at a rapid pace.

On March 17, 2020, Treasury Secretary Steven Mnuchin announced that the deadline to pay individual and corporate taxes will be extended by 90 days. The extension is available to individual taxpayers who owe $1 million in taxes or less and corporations which owe $10 million in taxes or less.

The majority of United States taxpayers historically file their tax returns early to receive a refund check sooner. However, many high net worth individuals and business owners apply for an automatic six-month extension to file their tax returns because their returns are more complicated. Generally, those taxpayers must submit 90% of their tax liability on or before April 15 or they would incur interest and penalties on the late payment. The 90-day extension will likely provide taxpayers in higher income tax brackets with a reprieve as the financial markets remain volatile.

The Internal Revenue Service (“IRS”) routinely extends the filing deadline for victims of natural disasters. The IRS granted victims of the recent tornadoes in Tennessee until July 15 to file their tax returns. Many lawmakers are encouraging the IRS to extend the filing deadline on a national scale. As of the date of this article, the filing deadline remains April 15.

Natural disasters and pandemics create uncertainty and unrest. These events do not wait for individuals to consult with their accountant or attorney before causing distress. Proper tax planning may provide individuals with a sense of security and allow them to centralize focus on health and loved ones.

Michael Salad is a partner in Cooper Levenson’s tax practice group. He concentrates his practice on estate planning, probate, business transactions, mergers and acquisitions, tax matters and cyber risk management. Michael holds an LL.M. in Estate Planning and Elder Law. Michael is licensed to practice law in New Jersey, Florida, New York, Pennsylvania and the District of Columbia. Michael may be reached at 609.572.7616; 954.889.1850 or via e-mail at msalad@cooperlevenson.com.

Craig Panholzer is an associate in Cooper Levenson’s tax practice group. He concentrates his practice on estate planning, business transactions and tax matters. Craig may be reached at 954.889.1856 or via e-mail at cpanholzer@cooperlevenson.com.

 

 

Securing Your Financial Future After the SECURE Act

by Craig Panholzer, Esq.
and Michael L. Salad, Esq., LL.M.

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) which was incorporated into an appropriations bill and became effective on January 1, 2020, includes significant changes to retirement plans.

Notably, the SECURE Act postpones the date in which an Individual Retirement Account (“IRA”) owner is required to withdraw required minimum distributions (“RMDs”) from age 70.5  to age 72 and it limits the time in which funds must be distributed to a beneficiary after an employee or IRA owner passes away.

Prior to enacting the SECURE Act, a non-spousal beneficiary of a defined contribution plan, such as an IRA, a 401(k) or a 403(b) account, could stretch distributions over their life expectancy based on a chart published by the Internal Revenue Service. However, the SECURE Act requires a non-spouse beneficiary of a defined contribution plan or eligible retirement plan to withdraw all of the funds within ten years after the year in which the account holder passes away unless the beneficiary is an “eligible designated beneficiary,” as defined in the SECURE Act.

Section 401(a)(2) of the SECURE Act states that “eligible designated beneficiaries” include surviving spouses and chronically ill individuals which is an individual who has been certified by a licensed health care practitioner as being unable to perform without substantial assistance from another individual at least two activities of daily living for a period of at least 90 days due to a loss of functional capacity or requiring substantial supervision to protect such individual from threats to health and safety due to severe cognitive impairment.  Eligible designated beneficiaries also include disabled heirs. For purposes of the SECURE Act, an individual is disabled “if he is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or to be of long-continued and indefinite duration.” 26 USCS § 72(m)(7).  Surviving spouses and chronically ill individuals may withdraw plan assets during their life expectancies. A surviving spouse may roll over an IRA in the same manner that a surviving spouse was permitted to do prior to passage of the SECURE Act.

Minors are also exempt from the ten-year rule. However, after a minor beneficiary attains majority age (which varies state-by-state), the beneficiary must withdraw all funds from the plan account within ten years.  For instance, if a state deems majority age to be 18, then the beneficiary must withdraw all of the funds before that beneficiary attains 28 years of age. An eligible beneficiary also includes an individual, related or not, who is not more than ten years younger than the employee.

The SECURE Act will likely result in implementation of alternative withdrawal strategies from retirement accounts. Prior to the enactment of the SECURE Act, conduit trusts were common estate planning vehicles for retirement accounts. Conduit trusts require the annual RMD to be distributed to a trust beneficiary but the balance of the funds may remain in trust. The trust serves as a “conduit” for the benefit of the beneficiary. However, the ten-year distribution requirement created by the SECURE Act makes conduit trusts an ineffective estate planning tool in most instances.

Creating an accumulation trust, also known as a discretionary trust, as the beneficiary of a Roth IRA may create a tax-efficient distribution regime that continues for generations. Distributions from Roth IRAs are generally not subject to income taxes thereby creating an opportunity to designate an accumulation trust as a beneficiary.  An accumulation trust does not require a trustee to distribute the income from the trust.  Instead, the trustee collects the income and any profits from the sale of trust assets and holds the income in the trust until the trustee deems it is necessary to make distributions. An accumulation trust allows a retirement account holder to prevent a lump-sum distribution to a beneficiary within ten years. However, an accumulation trust must afford the trustee discretionary power to distribute the inherited funds within ten years of the account owner’s death.  The funds may remain in trust and the trustee would not have to complete distributions to the trust beneficiaries. The funds distributed from a traditional IRA will be taxed at trust tax rates, as opposed to the personal tax rates imputed to distributions from a conduit trust.

A charitable remainder trust (“CRT”) remains an attractive estate planning tool. A CRT allows a beneficiary to receive income throughout his or her lifetime.  After the beneficiary passes away, the remainder of the trust is distributed to a charity of the grantor’s choice. A CRT provides security to a loved-one along with the benevolence of providing for a charity. Appointing a CRT as an IRA beneficiary allows distributions to be stretched longer than the SECURE Act’s ten-year limit. Life insurance can replace the funds placed into a CRT in a tax-efficient manner.  The annuity payments from the CRT can be retained and used to fund a life insurance policy that names additional beneficiaries.

A silver lining from the SECURE Act is the postponement of RMDs by one and one-half years, which will provide additional time for retirement accounts to grow without being depleted by withdrawals and taxes. Additionally, the SECURE Act affords the owner of a traditional IRA additional time to convert a traditional IRA to a Roth IRA. Depending on the size of the traditional IRA, a conversion may significantly increase the amount that can be converted from a tax-deferred traditional IRA to a tax-free Roth IRA and result in a lifetime of tax savings from smaller RMDs and long-term, tax-free growth from a larger tax-free Roth IRA.

The New Year holiday generally offers time for introspection, including personal finances. Now is an opportune time to re-evaluate your estate and financial plans to ensure that your financial future is secure.

Michael Salad is a partner in Cooper Levenson’s Business, Tax and Estate Planning practice groups. He concentrates his practice on estate planning, probate, business transactions, mergers and acquisitions, tax matters and cyber risk management. Michael holds an LL.M. in Estate Planning and Elder Law. Michael is licensed to practice law in New Jersey, Florida, New York, Pennsylvania and the District of Columbia.  Michael may be reached at 609.572.7616; 954.889.1850 or via e-mail at msalad@cooperlevenson.com.

Craig Panholzer is an associate in Cooper Levenson’s Business, Tax and Estate Planning practice groups. He concentrates his practice on estate planning, business transactions and tax matters. Craig may be reached at 954.889.1856 or via e-mail at cpanholzer@cooperlevenson.com.

 

 

Cooper Levenson attorneys to present at NJCPA Atlantic Cape Chapter Briefing Thurs. Feb. 6

Topics include SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019, “Happily Divorced,” Estate Planning Matters, and more

ATLANTIC CITY, N.J. –  Tax attorneys from the Atlantic City and New York City  offices of Cooper Levenson will present a tax “Breakfast Briefing” on Thursday Feb. 6, 2020 at the Linwood Country Club in Linwood, N.J.

Robert E. Salad, Joseph C. Mahon, and Cynthia N. Grob will present and discuss the following topics:

“Happily Divorced” – What CPAs Should Know about Alternatives to Conventional Litigation, by Cynthia N. Grob, Esq.

 Practical Issues in Estate Planning  Every Accountant Should Know, by Joseph C. Mahon, Esq., LL.M.

 Recent IRS Rulings and Pronouncements from the United States and New Jersey Tax Courts, as well as Legislative and Regulatory Changes in the Tax Law, SECURE (Setting Every Community Up for Retirement Enhancement) Act of 2019, by Robert E. Salad, Esq., LL.M.

Register here.

Cooper Levenson attorneys to present at NJCPA Atlantic Cape Chapter Briefing October 3

Topics include Modern Trust Design, Probate Litigation, Real Property Essentials for CPAs, and more

Tax attorneys from the Atlantic City and New York City  offices of Cooper Levenson will present a tax “Breakfast Briefing” on Thursday October 3, 2019 at the Linwood Country Club in Linwood, N.J.  Robert E. Salad, Joseph C. Mahon, Michael L. Salad, Steven D. Scherzer, and Erika Kelley will present and discuss the following topics:

Real Property Essentials for CPAs: Tenants in Common, Tenants by the Entirety, Joint Tenants with Rights of Survivorship
Michael L. Salad, Esq., LL.M.

 The Nuts and Bolts of Probate Litigation
Steven D. Scherzer. Esq.  and Erika-Leigh Kelley, Esq.

Modern Trust Design: What CPAs Need to Know
Joseph C. Mahon, Esq., LL.M.

 Recent IRS Rulings and Pronouncements from the United States and New Jersey Tax Courts, as well as Legislative and Regulatory Changes in the Tax Law.
Robert E. Salad, Esq., LL.M.

Linwood Country Club
500 Shore Road
Linwood, NJ 08221

Breakfast & Registration 7:30 a.m.  

Seminar 8:00 a.m. – 10:00 a.m.  

Call 973.226.4494 or Register Here

Walk-ins Welcome

The New Jersey Medical Aid in Dying for the Terminally Ill Act

We have witnessed a growing movement to allow terminally ill patients to end their own lives on their terms throughout the United States. New Jersey joined that movement when the Medical Aid in Dying for the Terminally Ill Act (“Act”) was signed into law by Governor Phil Murphy on April 12, 2019. The Act becomes effective on August 1, 2019, making New Jersey the eighth jurisdiction in the country to allow terminally ill patients to end their own lives with life-ending medication prescribed by their attending physicians.

The Act (codified at N.J.S.A. 26:16-1, et seq.) outlines how a terminally ill patient may request life-ending medication. A patient may request life-ending medication if the patient (a) is an adult New Jersey resident (as defined by N.J.S.A. § 26:16-11), (b) is capable and has been determined to be terminally ill and (c) has voluntarily requested to receive the medication. N.J.S.A. 26:16-4.

The first prong arises out of concern that residents of other states will travel to New Jersey to receive life-ending medication.  New Jersey residency may be satisfied if a terminally ill patient provides a copy of one of the following to their attending physician: (a) a driver’s license or non-driver identification card issued by the New Jersey Motor Vehicle Commission; (b) proof that the person is registered to vote in New Jersey; (c) a New Jersey resident gross income tax return filed for the most recent tax year; or (d) any other government record that the attending physician reasonably believes demonstrates that the individual’s current residency is the state of New Jersey. These requirements are intended to prevent non-New Jersey residents from traveling to New Jersey to request life-ending medication. Other jurisdictions that enacted similar death with dignity laws have incorporated a residency requirement in order for a terminally ill patient to receive life-ending medication in that jurisdiction.

To establish residency in New Jersey, one must establish a physical address in the state and obtain a driver’s license or non-driver identification card that reflects the New Jersey address. The requirements for both forms of identification require an applicant to provide proof of address, which include copies of utility bills, bank account statements, current mortgage or rental agreements or property tax bills from the past year. To register to vote, a resident may fill out a voter registration application form established by the county in which the voter resides but the voter must produce a New Jersey driver’s license, non-driver identification card or swear that the voter does not possess government-issued identification.

The second prong is primarily the patient’s attending physician’s responsibility. N.J.S.A. 26:16-4 requires a patient to be “capable” and “terminally ill.”  “Capable” means having the capacity to make health care decisions and to communicate those decisions to a health care provider, including communication through persons familiar with the patient’s manner of communicating if those persons are available.  N.J.S.A. 26:16-3.“Terminally ill” means that the patient is in the terminal stage of an irreversibly fatal illness, disease, or condition with a prognosis, based upon reasonable medical certainty, of a life expectancy of six months or less. N.J.S.A. 26:16-3. To be determined a “qualified terminally ill patient,” a consulting physician must also examine the patient to confirm the attending physician’s diagnosis and authenticate the patient’s capacity and voluntariness. N.J.S.A. 26:16-7. Attending physicians are required to maintain extensive records, which include documentation of a patient’s requests for medication, records concerning the patient’s diagnosis, prognosis, capacity, and voluntariness in submitting such requests, as well as records from consulting physicians and any other health care professionals involved with the patient’s request for medication. N.J.S.A. 26:16-10(d). These records are a part of the medical record of a terminally ill patient. The attending physician is also required to submit a copy of these records to the New Jersey Department of Health no later than 30 days after dispensing life-ending medication to a terminally ill patient. N.J.S.A. 26:16-13(a)(1).

The third prong is a multi-step process that requires a patient to make two oral requests and one written request to a patient’s attending physician. A patient may submit a written request to receive life-ending medication to his or her attending physician when the patient makes the initial oral request or at any time thereafter. N.J.S.A. 26:16-10(a)(3). The two oral requests must be made at least 15 days apart and the attending physician must advise the patient to consult with another health care professional to discuss other treatment options but the patient is not required to participate in the consultation. N.J.S.A. 26:16-10(c). After making the second oral request, the attending physician must afford the patient an opportunity to rescind the request for life-ending medication, which may be completed at any time and for any reason. N.J.S.A. 26:16-10(a)(2),(b).

The Act has raised issues regarding life insurance policies that are owned by terminally-ill patients. Many life insurance policies contain suicide riders that prevent a payout if the insured commits suicide within the first two years of binding an insurance policy. After the two-year period lapses, most policies pay out the death benefit, even if the cause of death is suicide. However, the Act differentiates between patients who ingest life-ending medication and those who partake in assisted suicide.

Additionally, deaths that occur within the parameters of the Act do not constitute suicide or assisted suicide. N.J.S.A. 2C:11-6. As such, suicide riders in most life insurance policies are irrelevant, as deaths under the Act are not considered suicide.  The cause of death for those who pass away in accordance with the terms of the Act will likely reference natural causes on the decedent’s death certificate.

In jurisdictions in which a person passes away in accordance with similar “death with dignity” laws, the underlying terminal illness is generally listed as the cause of death and the manner of death is denoted as “natural” per the instructions of most of the jurisdictions’ respective health departments. Furthermore, in New Jersey, the Act provides that any  provision in a contract, last will and testament, insurance policy, annuity, or other agreement, whether written or oral, made on or after August 1, 2019, that purports to restrict a person’s decision to make or rescind a request for life-ending medication will be invalidated and that premium rates for insurance policies or annuities cannot be conditioned on the same request. N.J.S.A. 26:16-14. In the states in which “death with dignity” laws are in effect, we found no challenges regarding remittance of death benefits under a life insurance policy.

The Act will likely make it easier for New Jersey residents suffering from a terminal illness to end their lives on their own terms. The Act includes safeguards and a well-defined process that allows capable, terminally ill patients who are fully informed of their decision to voluntarily terminate their lives if they feel that it is in their best interest to do so. The Act also guides health care providers and advocates who support dying patients.

Michael Salad is a partner in Cooper Levenson’s Business & Tax and Cyber Risk Management practice groups. He concentrates his practice on estate planning, business transactions, mergers and acquisitions, tax matters and cyber risk management. Michael holds an LL.M. in Estate Planning and Elder Law. Michael is licensed to practice law in New Jersey, Florida, Pennsylvania, New York and the District of Columbia. Michael may be reached at (609) 572-7616 or via e-mail at msalad@cooperlevenson.com.

Shaiful Kashem is a summer Law Clerk at Cooper Levenson. He is a candidate for a J.D. at Rutgers School of Law in Camden. Shaiful may be reached at (609) 344.3161 or via e-mail at skashem@cooperlevenson.com.

 

Gov. Murphy Report on Employee Misclassification

On July 9, 2019, Governor Phil Murphy released a Task Force report that urges the Legislature to adopt, among other provisions, more severe penalties for employers that misclassify their workers and liability for businesses that engage with businesses that misclassify their workers.[1]

Worker misclassification occurs when an employer, either intentionally or in error, labels a worker who is legally an employee as an independent contractor.[2] By mislabeling an employee as an independent contractor, usually by issuing the employee a  form 1099 instead of a form W-2, employers avoid paying workers’ compensation insurance and state-run unemployment, as well as Social Security, Medicare, and federal income tax withholding requirements.

The penalties for misclassifying workers, even without the proposed legislation, are already substantial.[3] Before an employer issues a form 1099 or form W-2, it needs to assess whether the worker is an employee or independent contractor under both New Jersey law and Internal Revenue Service (“IRS”) guidelines.

In New Jersey, a worker is legally an independent contractor only if the employer can demonstrate each of the following: (a) the worker has been and will continue to be free from control or direction over the performance of such service; (b) such service is either outside the usual course of business for which such service is performed, or that such service is performed outside of the place of business of the enterprise for which such service is performed; and (c) the worker is customarily engaged in an independently established trade, occupation, profession or business.[4]

On the other hand, the IRS considers a worker a common law employee by weighing three factors.[5] First, behavioral control is established if the employer has a right to control what the worker does and how the worker does his or her job. Second, financial control is established if the business aspects of the worker’s job is controlled by the employer, e.g, whether expenses are paid for or reimbursed, or whether tools are provided. Third, an employer-employee relationship is evidenced by written contracts, pension plans, vacation pay, or the like. If, after conducting this test, an employer is still unclear whether a worker is an employee or independent contractor, the employer may fill out and file a form SS-8 and the IRS will determine the worker’s classification. An employer that misclassifies an employee is free from liability if it can establish a reasonable basis.[6]

[1] See Report of Gov. Murphy’s Task Force on Employee Misclassification, https://www.nj.gov/labor/assets/PDFs/Misclassification20Report202019.pdf

[2] Leveling the Playing Field: Protecting Workers and Businesses Affected by Misclassification: Hearing Before the Subcomm. on Health, Educ., Labor, and Pensions, 111th Cong. 3 (2010) (statement of Colleen C. Gardner, Comm’r of the New York State Department of Labor), available at http://www.help.senate.gov/imo/media/doc/Gardner.pdf.

[3] See Ronald  R. Rubenfield, Tax Strategies for Classifying Employment: Employee v. Independent Contractor, 99 Prac. Tax Strategies 35, 37 (2017). See also N.J. Stat. Ann. § 34:20-5 (2007).

[4] See Hargrove v. Sleepy’s, LLC, 220 N.J. 289, 305 (2014).

[5]See Independent Contractor (Self-Employed) or Employee?, IRS, http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Independent-Contractor-Self-Employed-or-Employee. The IRS also specifies whether workers in certain occupations are per se employees or independent contractors. The list of statutory employees include: food, laundry, and delivery drivers, full-time insurance sales agents, a person that works at home on materials or goods that he or she supplies and that must be returned, and full-time travelling salespeople that work on behalf of a company. Statutory nonemployees include: direct sellers, licensed real estate agents, and certain companion sitters. See Statutory Employee, IRS, https://www.irs.gov/businesses/small-businesses-self-employed/statutory-employees; Statutory Nonemployees, IRS, https://www.irs.gov/businesses/small-businesses-self-employed/statutory-nonemployees.

[6] William H. Weissman, Section 530: Its History and Application in Light of the Federal Definition of the Employer-Employee Relationship for Federal Tax Purposes, Nat’l Ass’n of Tax Reporting & Prof’l Mgmt. (2009).

Cooper Levenson Tax Group Conducts New Jersey Society of CPAs Breakfast Seminar

Understanding the Bankruptcy process.
Presented by: Eric A. Browndorf, Esq.

The Essentials of Asset Protection Planning for CPAs
Presented by:  Michael L. Salad, Esq., LL.M.

New Jersey’s New Sick Leave Law: What CPAs Need to Know
Presented by: Amy E. Rudley, Esq. 

Recent IRS Rulings and Pronouncements from the United States and New Jersey Tax Courts, as well as Legislative and Regulatory Changes in the Tax Law
Presented by:  Robert E. Salad, Esq., LL.M.

Linwood Country Club
500 Shore Road
Linwood, NJ 08221
Breakfast & Registration 7:30 a.m.

Seminar 8:00 a.m. – 10:00 a.m.

REGISTER HERE

or call 973.226.4494

Cryptocurrency & Bankruptcy, Business Entities, Accounting Malpractice, Recent IRS and NJ Tax Court Rulings: Cooper Levenson Attorneys to Present at NJCPA event Feb. 8

Attorneys from the Atlantic City and Cherry Hill offices of Cooper Levenson will present a New Jersey Society of CPAs Atlantic Cape Chapter “Breakfast Briefing” on Friday February 8, 2019 at the Greate Bay Country Club in Somers Point, N.J.  Robert E. Salad, Esq., LL.M., Jarad K. Stiles, Esq., LL.M., ., Michael L. Salad, Jr., Esq.,  and Louis Niedelman will present and discuss the following topics:

Jarad K. Stiles, Esq., LL.M. : 
What Accountants Need to Know About Cryptocurrency and Bankruptcy

Michael L. Salad, Esq., LL.M.:
It’s Complicated: Choosing the Right Business Entity and Complex Tax Issues

Louis Niedelman, Esq.
What To Expect If You Are Sued For Accounting Malpractice

Robert E. Salad, Esq., LL.M. 
Recent IRS Rulings and Pronouncements from the United States and New Jersey Tax Courts, as well as Legislative and Regulatory Changes in the Tax Law.

Friday, February 8, 2019
Breakfast & Registration 7:30 a.m.
Seminar 8:00 a.m. – 10:00 a.m. 

Greate Bay Country Club
901 Somers Point – Mays Landing Road
Somers Point, NJ 08244

REGISTER HERE

or call 973.226.4494