It’s August, and that means it’s time to get ready to go back to school for many students. If your child recently graduated from high school and is heading to college in the next few weeks, besides assembling the essentials — such as clothing, toiletries, bedding and a laptop [...]
Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from [...]
Final Regulations on the Massachusetts Angel Investor Credit were issued on 7/24/20. The complete regulation can be found here. The credit helps expand life sciences-related employment opportunities, promote health-related innovations and stimulate research and development, manufacturing and commercialization in the life sciences industry, according to the Massachusetts Life Sciences [...]
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware [...]
Nearly everyone owns at least some digital assets, such as online bank and brokerage accounts, bill-paying services, cloud-based document storage, digital music collections, social media accounts, and domain names. But what happens to these assets when you die or if you become incapacitated? The answer depends on several factors, [...]
The Affordable Care Act (ACA) is currently under review by the U.S. Supreme Court for being unconstitutional, as found by the 5th circuit court. The decision might have an impact on some of the taxes created to fund the Act, including: the 3.8% Net Investment Income Tax (tax on [...]
There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to [...]
The annual Massachusetts sales tax holiday will occur August 29 - 30, 2020. During the sales tax holiday weekend, most purchases by individuals are not subject to the state sales tax. What Does the Sales Tax Holiday Include? The sales tax holiday applies to non-business retail sales of property [...]
The U.S. unemployment rate reached 14.7% in April, its highest level since the Great Depression, as companies looked to cut costs amid the coronavirus pandemic. While downsizing the workforce can help companies remain afloat, plan sponsors need to understand how these decisions could affect their retirement plans. If layoffs [...]
If you have adopted children or un-adopted stepchildren, estate planning is critical to ensure that your property is distributed the way you desire. Adopted children Adopted children are placed on an equal footing with biological children in most situations for estate planning purposes. Thus, adopted and biological children are [...]
