Business Report: Small business funding, CPAs review Murphy budget, extending the tax filing deadline

Rep. Bill Pascrell says the IRS should delay the April 15 tax filing deadline again this year

The Assembly Commerce and Economic Development Committee approved a package of bills Monday that would provide a total of $100 million for restaurants, small businesses, day care centers and nonprofits. The funding would come from the federal government, through one of the COVID-19 relief packages.

Wednesday marks the start of the Legislature’s hearings on Gov. Phil Murphy’s proposed budget for the next fiscal year. Ahead of that, accountants in the state are offering their two cents. The New Jersey Society of CPAs surveyed members about the spending plan. Members found both positives and negatives. They were pleased there are no new tax increases, but thought more money could have been set aside for small businesses.

U.S. Rep. Bill Pascrell (D-9th) says the IRS should delay the April 15 tax filing deadline again this year. Pascrell says Americans are still facing health and economic challenges. Several other Congress members agree but the IRS has yet to respond.

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