Massachusetts has issued a technical information release on tax implications for different aspects of employees working from home. The rules being adopted are for the time period beginning March 10th until the Governor gives notice that the state of emergency is no longer in effect. Here is a brief [...]
Want to know the status of your Stimulus Payment? If you have not received your Stimulus Payment yet, you might be wondering when you will receive it. You are not alone! As such, the IRS has launched a website where you can not only check on the status of [...]
As small businesses continue to flood lending institutions with their Paycheck Protection Program (PPP) applications, a second wave is coming as the SBA now opens the program on Friday April 10th to self-employed individuals and independent contractors. While we still await formal guidance regarding the program specific to the self-employed, [...]
Updates on Furloughed Employees and Closed Worksites - Disaster Relief Payments to Employees - Benefits of Section 139 The FAQ guidance makes it clear that employees who are furloughed are not active employees and, thus, are not eligible to receive Emergency Paid Sick Leave (EPSL) or Emergency Family Medical Leave (EFML) [...]
The Treasury announced today that they are extending the Tax Filing Deadline from April 15th to July 15, 2020. This follows the announcement earlier in the week, that tax payments were being deferred by 90-days, without interest or penalties. This latest change now sensibly aligns tax payments with the [...]
Update on the Federal 90-Day Waiver of Penalties and Interest on Tax Payments Back on March 17, 2020 Treasury Secretary Mnuchin announced a 90-day grace period on the payment of individual and corporate Federal taxes, normally due April 15th. Individuals and corporations have until July 15th without being assessed [...]
Small Business Relief: Yesterday the Baker-Polito Administration announced administrative tax relief measures for small local businesses which have been impacted by the ongoing COVID-19 outbreak, especially in the restaurant and hospitality sectors. This tax relief includes postponing the collection of regular sales tax, meals tax, and room occupancy taxes [...]
As of yesterday afternoon, the SBA Economic Injury Disaster Loan (EIDL) program is now activated for Massachusetts. Primary eligible Counties: Barnstable, Berkshire, Bristol, Dukes, Essex, Franklin, Hampden, Hampshire, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, Worcester Applicants may apply online, receive additional disaster assistance information and download applications at disasterloan.sba.gov/ela/Information/ApplyOnline [...]
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 [...]
