IRS Guidance on Small Business Closures - October 8, 2020

COVID-19 has hit small business particularly hard, and forced many to close their doors. Whether you are closing your business as a result of the current pandemic or for reasons such as retirement or starting…
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PPP Loans and Changes of Ownership - October 6, 2020

On October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice which addresses Paycheck Protection Program (PPP) loans and changes of ownership. The Notice provides guidance and clarification beneficial to loan borrowers needing…
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Tax Strategy For Required Minimum Distributions - September 11, 2020

By making a qualified charitable distribution (QCD) an individual can transfer monies from an IRA directly to a qualified charity in an amount up to $100,000. This transfer is not included in taxable income or…
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Guidance Issued On Employee Payroll Tax Deferral - September 3, 2020

On August 28, 2020, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing the Presidential Memorandum dated August 8, 2020. In the memorandum President Trump directed Secretary of the Treasury, Steven Mnuchin,…
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Higher Limit On Employer-Sponsored Retirement Plan Loans Expires on September 23, 2020 - September 1, 2020

The six-month period that employer-sponsored retirement plans are allowed to increase the loan amount that eligible plan participants may borrow from their account expires September 23, 2020. Thus, if you decide that borrowing from your…
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Reminder: The Deadline To Return Required Minimum Distributions Is August 31, 2020 - August 26, 2020

We want to remind taxpayers who have already taken a Required Minimum Distribution (RMD) in 2020, that they have until Monday, August 31, 2020 to roll those funds back into a retirement account. This extension…
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Accessing Your Retirement Funds Early Due To COVID-19 - July 24, 2020

The COVID-19 pandemic has resulted in high unemployment rates and left many households struggling to make ends meet. Under normal circumstances one would be advised to avoid accessing retirement account funds early. However, with the…
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Top Twelve Tax Scams To Watch Out For In 2020 - July 22, 2020

The methods used by scam artists to steal hardworking taxpayers’ money and personal financial information continue to evolve and have become increasingly aggressive in nature. Each year the IRS issues a “Dirty Dozen” list to…
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Massachusetts Taxpayers: Where to Mail Your Federal Tax Payments - June 18, 2020

The IRS has announced the closing of several business payment P.O. Boxes in Cincinnati, OH and Hartford, CT effective as of July 1,2020, and that payments mailed to a closed P.O. Box will be returned…
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Reminder: Federal and Massachusetts Tax Filings and Payments Due By July 15th - April 3, 2020

In response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service provided special tax filing and payment relief to individuals and businesses. The Massachusetts Department of Revenue later followed suit. In short,…
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Massachusetts DOR Update - March 26, 2020

Sales and Use Tax, Room Occupancy Excise Suspension The MA DOR has adopted emergency regulation that suspends sales and use tax and room occupancy excise tax return filing and payment remittance obligations for certain vendors…
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Taxpayer Relief - March 21, 2020

Yesterday (3/20/20) the Internal Revenue Service issued Notice 2020-18 which supersedes Notice 2020-17 (regarding a postponement in income tax payments) and which automatically postpones to July 15, 2020 the filing of federal income tax returns…
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SECURE ACT UPDATE - March 15, 2020

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) was signed into law on December 20, 2019, and makes some of the most significant changes to the administration and inheritance of…
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