Month: April 2021

New Jersey has implemented a new law mandating both for-profit and non-profit employers with 25+ employees provide a retirement plan for their employees. Instead of establishing a 401k, Simple IRA, or SEP IRA, employers can comply by participating in the new state-run plan, called The New Jersey Secure Choice program. The law was originally passed into law in 2019 with an effective date of March 2021 and an implementation deadline of Dec. 2021. Whether these dates gets extended due to the Covid-19 pandemic is uncertain so employers need to be prepared. Click below for more details.

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The $1.9 trillion Covid relief measure tweaked the child tax credit, earned income credit, and child and dependent care credit. The changes are mostly aimed at lower earners and only apply to tax season next year (for 2021 income). The pandemic aid law also lets households claim a Recovery Rebate Credit to collect any outstanding funds from stimulus checks. Here’s what taxpayers need to know.

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