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 [...]
Newburg Staff Writers-December 22, 2020 (5:00PM) The new $900 billion Covid-19 relief package that passed Congress on Monday aims to support those struggling from the pandemic into the new year. Beyond the stimulus payment, unemployment extensions, and other detailed provisions, the Act provides some significant PPP benefits. We wanted to [...]
Newburg Staff Writers-December 21, 2020 (3:00PM) After significant back and forth and a multitude of renditions, congressional leaders on Sunday night brokered a deal totaling $900 billion in relief. Both sides indicated promises to pass the formal legislation as soon as possible. Currently there is no formal text available [...]
You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. [...]
If you have a family member who’s disabled, you likely know that financial and estate planning can be tricky. You don’t want to jeopardize his or her eligibility for means-tested government benefits such as Medicaid or Supplemental Security Income (SSI). A special needs trust (SNT) is one option to [...]
As President-elect Joe Biden moves forward with the transition and prepares for the inauguration next month, you may be wondering how the federal estate tax may be affected. During the campaign, Biden pledged to roll back many of President Trump’s tax policies. In response to the Tax Cuts and [...]
Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing [...]
What is a Rent Concession? A rent concession is a compromise a landlord makes to the original lease terms in the hopes of attracting or keeping a tenant. Common rent concessions are free rent, reduced rent, or deferral of rent payments. Options for Accounting for Rent Concessions ASC 840 [...]
We are excited to announce that we will be moving our office to our new home at 95 Sawyer Rd., Suite 120, Waltham, MA 02453, effective December 21, 2020. The new office space provides an enhanced workplace experience for our staff and features state-of-the art technology to facilitate internal [...]
PPP Deductions Guidance (Rev. Rul. 2020-27 & Rev. Proc. 2020-51) On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing much needed guidance on the deductibility of the related Paycheck Protection Program (PPP) loan expenses and the timing issues related to PPP loan [...]
