The SBA began accepting new PPP applications on a limited basis last week through community financial institutions and as of today, the program is now open to all lenders.
As a CPA firm, we prepare 1099 forms for many of our clients, and as the deadlines for these filings approach, we thought it would be beneficial to provide an overview of the 1099 process and upcoming deadlines, as well as some important changes that take effect this year.
Being aware of retirement options and social security benefits can help you assess how financially secure you will be during your golden years.
The IRS and the Treasury department began issuing a second round of Economic Impact Payments last week as part of the Consolidated Appropriations Act. Most individuals making up to $75,000 per year will receive a direct payment of $600; married couples making up to $150,000 per year will receive $1,200; and eligible individuals with children will receive $600 for each qualifying child dependent. Dependents who are 17 and older are not eligible for the child payment.
Taxpayers often utilize gifting as part of their estate plan. However, determining the applicability of the Massachusetts estate tax can lead to some unexpected results when there are lifetime gifts.
As businesses have navigated the COVID-19 pandemic over the course of 2020, many were forced to shift to a remote workforce temporarily. As the pandemic continues, employers and employees have adjusted to this new way of working, and many companies are now considering shifting to this model permanently. This change can provide many benefits, including reduced overhead, increased communication, improved employee satisfaction, and reduced carbon footprint. However, there are impacts to risk exposure as well.
With the election behind us, and tax season ahead of us, tax planning is at the forefront of the minds of many. Although President Elect Joe Biden has shared his proposed tax plan, much is still up in the air as we await the January runoff elections to determine control of the US Senate.
2020 has been a year to remember for so many reasons that it is easy to forget the significant legislation passed by Congress late last year that could potentially impact how you plan for retirement. The Setting Every Community Up for Retirement Enhancement (SECURE) Act is considered by many to be the most significant retirement planning legislation in a generation, and it has raised many questions.
Identity theft has become increasingly common over the last several years, and with more people collecting unemployment benefits than ever before due to the COVID-19 pandemic, we have seen a sharp increase in unemployment benefits fraud among our clients.
Since the inception of the Paycheck Protection Program (PPP), there have been many questions around the taxability of loan proceeds. As we approach the end of the year, it is imperative to consider the details of your PPP loan in regard to year-end tax planning.
