Posts by Nicholas

President Trump issued an Executive Order on August 8, 2020 that directs the Department of the Treasury to temporarily suspend withholding of the payroll tax from September 1, 2020 through December 31, 2020. The Order leaves many questions unanswered and Treasury is expected to soon issue guidance that provides...

The New Jersey Motor Vehicle Commission (NJMVC) has recently confirmed that it is taking a minimum of 30 days and, in some cases, as long as 6-8 weeks, to issue new Corp Codes, also known as Entity Identification Numbers (EIN). It is critical that any dealership selling a vehicle to...

The Food & Drug Administration (FDA) has put together a growing list, warning of toxic ingredients in some hand sanitizers. Dealers can check the list at the following link to review products that the FDA states should NOT be used.

The IRS recently issued temporary and proposed regulations on the recapture of excess employment tax credits under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The regulations cover the reconciling of advance payments of the acts’ refundable employment tax credits and...

Wholesale Auto Supply Co. (WASCO), an automotive supply, equipment and services provider, recently installed a 125-panel rooftop solar energy system that went online July 18, 2020. The system will generate nearly 99% of the electrical needs of the company’s 30,000-square-foot headquarters in South Hackensack. An independent audit found that WASCO’s...

A July 23, 2020 Small Business Administration (SBA) Procedural Notice outlines the process Paycheck Protection Program (PPP) lenders must use to review loan forgiveness applications.  The Notice also indicates lenders may begin submitting loan forgiveness decisions to SBA on August 10, 2020. Dealerships with PPP loans should review the...