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 [...]
What is the ‘Opportunity’ in Opportunity Zones? Source: Newburg CPA- November 24, 2020 As part of the new tax law enacted in 2017 by the Tax Cuts and Jobs Act (TCJA) a new way to defer recognition of capital gains was born by the way of Opportunity [...]
Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 [...]
If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artwork may be motivated in part by potential financial gain, but for most collectors the primary motivation is a passion for the art itself. As a [...]
Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is the interest you earn [...]
Earlier in the year, the Small Business Administration (SBA) announced in an updated FAQ on the program that it will be auditing all Paycheck Protection Program (PPP) loans of $2 million or more. Borrowers whose loans meet this threshold amount might receive a Loan Necessity Questionnaire from their lender soon after they apply [...]
The Greg Hill Foundation has teamed up with GrubHub to create a new grant opportunity for restaurants through Restaurant Strong Fund. To support Restaurant owners in their efforts to Winterize their outdoor dining spaces and increase their capacity for guests, The Restaurant Strong Fund will be providing $10,000 grants [...]
