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 [...]
The U.S. Senate voted last night to pass the 5-week extension for the Paycheck Protection Program. The President is expected to sign the extension shortly. This measure will extend the application deadline until August 8th. The SBA had stopped accepting applications as of midnight June 30th. The move will [...]
Last week the proposed Massachusetts Angel Investor Tax Credit was filed with the Secretary of State’s Office and a Notice of Public Hearing was published indicating the proposed law may likely get final approval. The angel tax credit provides qualifying investors with tax credits for investments into qualifying businesses [...]
Background On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides relief to taxpayers affected by the novel coronavirus (COVID-19). The CARES Act provides opportunities for certain businesses to receive emergency grants and loans to pay qualifying expenses. Grants [...]
As you may have heard, the Coronavirus Aid, Relief and Economic Security (CARES) Act allows “qualified” people to take certain “coronavirus-related distributions” from their retirement plans without paying tax. So how do you qualify? In other words, what’s a coronavirus-related distribution? Early distribution basics In general, if you withdraw [...]
PPP Flexibility Act Q&A and New Forgiveness Applications On June 16, 2020 the SBA released their new PPP Loan Forgiveness Applications and Instructions updated for the Paycheck Protection Program Flexibility Act of 2020 that was enacted on June 5, 2020. You can find links to the new applications and [...]
