Newburg Staff Writers (4/27/21) Restaurant Revitalization Fund (RRF) The Small Business Association (SBA) announced it will begin accepting applications for its $29 billion Restaurant Revitalization Fund (RRF) on Monday, May 3rd. The RRF was introduced as part of the $1.9 trillion coronavirus-aid package that became law last month. It [...]
Newburg Staff Writers (4/23/21) The Biden Administration announced a new tax credit yesterday, for employers who offer COVID vaccine-related paid leave. The provision is a component of the recent American Rescue Plan Act released in March. This comes as the White House urges more Americans to get vaccinated, as [...]
Newburg Staff Writers (4/23/21) The federal estate and gift tax limits that are in place right now are some of the most favorable in recent memory, however these conditions probably will not last. As such, it is important to take advantage of these favorable conditions while they are still [...]
Newburg Staff Writers (4/21/21) The Massachusetts District Office of the Small Business Association (SBA) will be hosting a free webinar for small businesses to learn more about the Restaurant Revitalization program. The webinar will be offered on three dates, which we have listed below, along with the corresponding link [...]
Newburg Staff Writers (4/15/21) While there is still no official release date for the RRF Grant applications, the SBA did release a few additional details, which are important. Those details are as follows: Once the application is released, it will be available at restaurants.sba.gov (the link is not currently live). The SBA [...]
The housing market in many parts of the country is strong this spring. If you’re buying or selling a home, you should know how to determine your “basis.” How it works You can claim an itemized deduction on your tax return for real estate taxes and home mortgage interest. [...]
Newburg Staff Writers (4/12/21) Thanks to the Consolidation Appropriations Act of 2021 businesses are provided with an extra tax incentive to help out local restaurants that has been impacted by the pandemic. For years 2021 and 2022 businesses will receive a 100% tax deduction for certain qualified meals and [...]
One advantage of inheriting an IRA from your spouse is that you’re entitled to transfer the funds to a spousal rollover IRA. The rollover IRA is treated as your own IRA for tax purposes, which means you need not begin taking required minimum distributions (RMDs) until you reach age [...]
As a reminder, 1st quarter estimates are due April 15th, 2021. If your 2020 tax return has been filed, we have included the 2021 quarterly estimates on your portal, if applicable. You will need to print the estimated tax vouchers from your portal and mail the payments with a postmark no [...]
Source: Massachusetts Department of Revenue Some important, recent legislative changes will have an impact on Massachusetts taxpayers. The changes affect the treatment of unemployment income and Paycheck Protection Program [PPP] loan forgiveness. Additionally, the individual income tax filing and payment deadline was recently extended. We have updated the FAQs [...]
