New Jersey Small Businesses and COVID-19 – What You Need to Know
March 17. 2020
Insights
Taxes and the Coronavirus Pandemic
Share The spread of COVID-19 has upended business routines and governmental functions. Business, as usual, will be anything but usual, and life as we know it has been paused for at least the next few months. The economic effects of these changes are expected to be severe. To help ward off a recession, and in…
Managing Your Business During Times of Disruption
Share Updated: March 20, 2020 As businesses close and many of us are settling into our homes for an indefinite period of time, the use of mass transit has decreased significantly. For employees that participate in a pre-tax transit benefit with their employers, they may want to consider suspending their benefit for the months of…
Preparing and Finalizing Form LM-4 for Labor Organizations
Share Form LM-4 is for labor unions with annual receipts of less than $10,000. If this applies to your organization, read on for some insights and pointers to reference while preparing and finalizing your labor union’s form. The Form LM-4 is 3 pages long, making it the shortest of the labor organization annual reports (accessible…
Preparing and Finalizing Form LM-3 for Labor Organizations
Share The Form LM-3 is for labor unions with the annual receipts less than $250,000 but more than $10,000. It is 4 pages long. If this applies to your organization, read on for some insights and pointers to reference while preparing and finalizing your labor union’s form. The first page auto-populates based on the prior…
Final Words on the Form LM-2
Share It may seem like common sense, and I am sure that is what we all strive for but getting there is not necessarily so easy. The Form LM-2 is not the most intuitive form to complete, and the 38-page instructions, while extremely helpful, often don’t provide specific guidance to many questions. Common Errors Below…
LM-2 Prep Tips, Part 5: Everything Else
Share This article addresses Statement B – Receipts and Disbursements other than schedules 11, 12 and 15 through 19, which we have discussed in different articles. The total of all expenses allocated to Schedules 15–19, including the allocations of the amounts on Schedules 11 and 12, are summarized on the Detailed Summary Page – Schedules…
LM-2 Prep Tips, Part 4: Schedules 15-19
Share Schedules 15 through 19 of the Form LM-2 are used to report the labor organization’s direct and indirect disbursements related to representational activities, political activities, contributions and grants, overhead and administrative costs. What follows is a summary of each schedule and the types of vendors/transactions to be included in each. Schedule 15 – Representational…
LM-2 Prep Tips, Part 3: Schedules 11-12
Share Schedules 11 and 12 of the Form LM-2 are designed to report certain information pertaining to officers (Schedule 11) and employees (Schedule 12). Within these schedules, for each officer and employee listed, disclose their total wages, allowances received and disbursements to or on behalf of the officer or employee including disbursements for their personal…
LM-2 Prep Tips, Part 2: Statement A and Schedules 1-10
Share Statement A of the Form LM-2 summarizes the union’s assets and liabilities. It is supported by 10 different schedules: 7 that provide additional details for certain types of assets and 3 that provide details for certain types of liabilities. While preparing your LM-2, refer to the instructions for the complete and official guidance to…