As a follow up to our previous article regarding SBA Economic Injury Disaster Loan (EIDL), we wanted to inform you that Governor Baker has requested an EIDL disaster declaration to the U.S. Small Business Administration and as of right now its status is pending. (That is why if you have attempted to apply [...]
Yesterday (March 17, 2020) Treasury Secretary Mnuchin announced a 90-day grace period on the payment of individual and corporate taxes normally due April 15th. Individuals and corporations have until July 15th without being assessed penalties and interest. Individuals can defer payment on up to $1 million in tax and corporations up to $10 [...]
If you have a life insurance policy, you probably want to make sure that the life insurance benefits your family will receive after your death won’t be included in your estate. That way, the benefits won’t be subject to the federal estate tax. Under the estate tax rules, life [...]
As businesses continue to be financially impacted by the COVID-19 pandemic, we wanted to share with you important information regarding the U.S Small Business Administration's recently released low-interest federal disaster loans. The SBA's Economic Injury Disaster Loans offer up to $2 million in assistance and can provide vital economic [...]
Dear Client, Our firm remains fully open for business. We are fortunate to work in a service industry in which much of our work is conducted remotely anyway - over the phone, by e-mail, fax and our Client Portal. At this time, we strongly encourage electronic delivery of [...]
Longer life expectancies and rising health care costs make saving for retirement more important than ever before. A Health Savings Account (HSA) can be a powerful tool for financing health care expenses while supplementing your other retirement savings vehicles. And it offers estate planning benefits to boot. What’s an [...]
If you made large gifts to your children, grandchildren or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who [...]
Payable-on-death (POD) accounts provide a quick, simple and inexpensive way to transfer assets outside of probate. They can be used for bank accounts, certificates of deposit or even brokerage accounts. Setting one up is as easy as providing the bank with a signed POD beneficiary designation form. When you [...]
If you own a home, the interest you pay on your home mortgage may provide a tax break. However, many people believe that any interest paid on their home mortgage loans and home equity loans is deductible. Unfortunately, that’s not true. First, keep in mind that you must itemize [...]
No one said estate planning is easy, and this is especially true if you have a “blended family.” The good news is that there are two trust types — a qualified terminable interest property (QTIP) trust and an irrevocable life insurance trust (ILIT) — that can provide for your [...]
