Newburg Staff Writers-January 8th, 2021 (10:00AM) We wanted to highlight some of the key tax provisions impacting individuals and businesses contained within the new Consolidated Appropriations Act of 2021 (the ‘Act’).The Act signed into law on December 27, 2020 contains over 5,000 pages of text. While not all inclusive, [...]
Newburg Staff Writers-January 11th, 2021 (4:00PM) We wanted to provide you some updates from the PPP programs. PPP1 (original ‘first round’ program from 2020) applications available today January 11. Note that this is for select lenders and borrowers. If you did not apply for the PPP loan in the first round, you [...]
Newburg Staff Writers-January 4th, 2021 (1:00 PM) The latest stimulus package signed into law on December 27, 2020 under the Consolidated Appropriations Act of 2021 (the ‘Act’) provides some favorable enhancements to the Employee Retention Tax Credit (ERTC). The credit initially provided a 50% refundable tax credit for companies [...]
Newburg Staff Writers-December 28, 2020 (3:00PM) As we lead into the new year, we wanted to provide you with some new changes and reminders regarding Form 1099 filing requirements. Form 1099 Reporting Requirements: New this year for 2020 Form 1099-NEC - Payments of $600 or more made in the course of your [...]
Newburg Staff Writers-December 24, 2020 (9:30AM) On December 23rd, Charlie Baker announced a $668 million Massachusetts program to provide help for small businesses within specific industries that have been impacted by the pandemic. The new relief program would offer grants up to $75,000 to certain eligible industries. The grant [...]
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 [...]
