Ronald J. Cappuccio, J.D., LL.M. (Tax), business and tax attorney, has more than 35 years of tax and business law experience. Our firm helps form businesses and helps you grow and increase the profitability of your business. We will not let the IRS and state government prevent you from being successful.
As a lawyer since 1976, admitted to practice before the NJ State and Federal Courts, including the US Tax Court and the Court of Federal Claims, I have helped clients from around the U.S., as well as multi-national clients.
You’re probably aware of the 100% bonus depreciation tax break that’s available for a wide variety of qualifying property. There are some important points to be aware of when it comes to this powerful tax-saving tool. For example, bonus depreciation is available for new and most used property. And it’s scheduled to phase out. Under current law, 100% bonus depreciation will generally be phased out in steps. An 80% rate will apply to property placed in service in 2023, 60% in 2024, 40% in 2025, and 20% in 2026, and a 0% rate will apply in 2027 and later years. Asset depreciation can be a complex area of tax law. Contact us with questions about your situation.
The extended federal income tax deadline is approaching. The IRS postponed until July 15 many payment and filing deadlines. The CARES Act, which passed in 2020, includes some retroactive tax relief for businesses. Some provisions may affect a still-unfiled tax return or you may be able to take advantage of them on an amended return. For example, net operating losses (NOLs) that arise in tax years 2018 through 2020 can be carried back 5 years. So an NOL reported on an unfiled return may be carried back to an earlier year and allow you to recover tax paid in the carry-back year. Because tax rates were generally higher in years before 2018, NOLs carried back to those years can be beneficial.
If you own or manage a business with employees, you may be at risk for a severe tax penalty. It’s called the “Trust Fund Recovery Penalty” because it applies to the Social Security and income taxes required to be withheld by a business from employees’ wages. Because the taxes are considered government property, the employer holds them in “trust” on the government’s behalf until they’re paid over. The penalty is also sometimes called the “100% penalty” because the person liable and responsible for the taxes will be penalized 100% of the taxes due. Accordingly, the amounts IRS seeks when the penalty is applied are usually substantial, and IRS is very aggressive in enforcing this penalty.
The SBA is finally getting around to processing the emergency loan requests. Originally, all small businesses work going to be able to qualify for a $10,000 loan which could be forgivable. The additional amount of loan would not be forgivable. This is now been changed to a loan amount of $1000 per employee. So if you have no employees, there would be no forgivable portion of the loan.
Secondly, the SBA is woefully understaffed and is slowly going through the process. If you have a confirmation number of 3300—— the SBA is beginning to process these loan requests. You should have received an email Tuesday morning indicating the $1000 per employee limitation and also that the SBA is beginning to process the loans. I also noticed on my credit alert that the SBA made a credit inquiry on my account this morning. I am not sure why they are making the credit inquiry because the loan is not supposed to have a personal guarantee and is not supposed to be based upon credit worthiness of the borrower. Nevertheless, they made the inquiry. See my blog: https://www.taxesq.com/blog/
TAXESQ.COM
Blog - Taxesq - IRS Audit and Business Tax Estate Attorney Cherry Hill NJ
Real Men Wear Pink at a networking event at Seasons 52. CJ, the manager, is also RMWP
My #mondaymotivation is my wife ringing the bell. Do you wear pink? Help raise awareness & research at:
http://main.acsevents.org/goto/RonC
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americancancersociety #realmenwearpink #southjersey #nj #beatcancer #breastcancerawareness #breastcancer #fundraiser #nonprofit #love #family @acs_southjersey
Sunday morning breakfast with @rjcappuccio and I managed to get pink in my shirt. I will have to get him some pink to wear too. #realmenwearpink
Help research & raise awareness at:
Http://main.acsevents.org/goto/RonC
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Representing #realmenwearpink everywhere I go! The fall foliage is beautiful in the Poconos. Help support Breast Cancer Awareness & research:
Http://main.acsevents.org/goto/RonC
Keep your accountable records... receipts, invoices, purchase orders. If there is too much paper, scan them!
Impromptu hang out with my beautiful daughter Sondra Nicole who is loving all my #realmenwearpink gear. Donate at http://main.acsevents.org/goto/RonC
My friend, Bishop Joe Roberts stopped by the office today to talk about what a great cause Real Me Wear Pink is for ACS http://main.acsevents.org/goto/RonC
Last business lunch of #realmenwearpink campaign with my beautiful daughter Sondra Nicole who is the best marketer out there. 💝 Help others at:
Http://main.acsevents.org/goto/RonC
Was at Brio representing #realmenwearpink and ran into these two fine people!
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Happy 93rd Birthday to Dad!
Many small businesses have been hurt by COVID and government shutdowns. Shop small businesses the Saturday after Thanksgiving.
#smallbusiness #smallbusinesssupport #shopsmall #businessowner
Inside the #sourdough bread!
Homemade #sourdough #bread . No yeast just used my great sourdough starter. Ingredients: King Arthur flour, filtered water. A little salt and starter.
Sondra Nicole's pumpkin pie
Prime Rib cooked on my Weber grill with hickory chips
Amish turkey grilled on my Green Egg. With Applewood chips
Thanksgiving #sourdough bread. The next one is #herb #sourdough bread!
Gregory decided to eat lunch with the family! Smartest cat I have ever seen!
Mom's 90th Birthday! We had a great time.
My office building is very security conscious...we even have a secret code to get into the men"s room!
RJ's First Beer last night for his 21st birthday!
PPP Loans are now being Funded. I have submitted 26 PPP Loans for businesses in the past few weeks and gotten millions of dollars for business and thousands back to work! Click here to learn more or call (856) 665-2121 https://www.taxesq.com/2021/01/17/ppp-loans-the-second-round/
TAXESQ.COM
PPP Loans - the Second Round - Taxesq - IRS Audit and Business Tax Estate Attorney Cherry Hill NJ
Vaccine Celebration at Seasons 52 Cherry Hill. We had a fantastic dinner. www.foodismythingbabe.com
