Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension). However, it’s a good idea to [...]
Life insurance has long provided a source of liquidity to pay estate taxes and other expenses. Even though for many families, federal and state estate taxes aren’t a concern, life insurance continues to offer many benefits for these nontaxable estates. For this reason, it’s important to properly account for [...]
Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break. The tax code provides a credit to purchasers of qualifying plug-in electric [...]
As a formal estate planning term, “tangible personal property” likely won’t elicit much emotion from you or your loved ones. However, the items that make up tangible personal property, such as jewelry, antiques, photographs and collectibles, may be the most difficult to plan for because of their significant sentimental [...]
Newburg Staff Writers-January 14, 2021 (5:00PM) As a follow-up to our piece on December 24th Newburg | CPA Article on Massachusetts $668M Relief for Small Business we wanted to provide you a quick reminder that the deadline for application submissions under the Massachusetts Sector-Specific Relief Grant Program is coming to a close [...]
Newburg Staff Writers-January 8th, 2021 (10:00AM) We wanted to highlight some of the key tax provisions impacting individuals and businesses contained within the new Consolidated Appropriations Act of 2021 (the ‘Act’).The Act signed into law on December 27, 2020 contains over 5,000 pages of text. While not all inclusive, [...]
Newburg Staff Writers-January 11th, 2021 (4:00PM) We wanted to provide you some updates from the PPP programs. PPP1 (original ‘first round’ program from 2020) applications available today January 11. Note that this is for select lenders and borrowers. If you did not apply for the PPP loan in the first round, you [...]
Newburg Staff Writers-January 4th, 2021 (1:00 PM) The latest stimulus package signed into law on December 27, 2020 under the Consolidated Appropriations Act of 2021 (the ‘Act’) provides some favorable enhancements to the Employee Retention Tax Credit (ERTC). The credit initially provided a 50% refundable tax credit for companies [...]
Newburg Staff Writers-December 24, 2020 (9:30AM) On December 23rd, Charlie Baker announced a $668 million Massachusetts program to provide help for small businesses within specific industries that have been impacted by the pandemic. The new relief program would offer grants up to $75,000 to certain eligible industries. The grant [...]
Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death between his widow and his two daughters from a previous marriage. (The two parties [...]
