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 [...]
When you file your tax return, you must check one of the following filing statuses: Single, married filing jointly, married filing separately, head of household or qualifying widow(er). Who qualifies to file a return as a head of household, which is more favorable than single? To qualify, you must [...]
Newburg Staff Writers-March 31, 2021 The American Rescue Plan Act of 2021 (ARPA) is the $1.9 trillion bill passed last month to assist taxpayers who have been impacted negatively by the COVID-19 Pandemic. The Act gave birth to or enhanced/extended various programs enacted to assist those in need. Below [...]
Are you considering buying or replacing a vehicle that you’ll use in your business? If you choose a heavy sport utility vehicle (SUV), you may be able to benefit from lucrative tax rules for those vehicles. Bonus depreciation Under current law, 100% first-year bonus depreciation is available for qualified [...]
A revocable living trust is often used to complement a will. For instance, you might transfer specific securities to the trust. Notably, these assets generally don’t have to go through the probate process, which can be time-consuming and expensive. Thus, a living trust enables your beneficiaries to receive some [...]
Prior to the Tax Cuts and Jobs Act of 2017 (TCJA), the US had a worldwide taxation system. The TCJA changed the tax system to a hybrid territorial system. Under the hybrid territorial system, income earned by US Corporations outside of the US is either eliminated or reduced. There [...]
Newburg Staff Writers-March 16, 2021 Within the 591 page American Rescue Plan Act of 2021 lives an important grant to further support restaurants and bars. We have included below some pertinent inquiries relative to the $28.6 billion dollar Restaurant Revitalization Fund. Who Qualifies for the Grant ? If your establishment involves [...]
FinCEN Form 114 – Report of Foreign Bank and Financial Accounts (FBAR) Form 114 (FBAR) is used to report a financial interest in a foreign financial account, or signature authority over a foreign financial account. A United States person including a citizen, resident, corporation, partnership, LLC, trust and estate are required [...]
For many people, the first thing they think of when they hear the words “estate plan” is a will. And for good reason, as it’s the cornerstone of any estate plan. But do you know what provisions should be included in a will and what are best to leave [...]
