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New Covid-19 Grants for MA Small Businesses

The Baker administration has announced that $50.8 million in grants has been made available to support Massachusetts small businesses during the pandemic. For companies with up to 50 employees, grants of up to $75,000 can be used for payroll and benefit costs, mortgage interest, rent, utilities, and interest on other debt obligations. Smaller employers with 5 [...]

Income Ranges for Determining IRA Eligibility Change for 2021

This article was published by the IRS. The Internal Revenue Service has announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2021. Highlights of changes for 2021 The income ranges for determining eligibility to make deductible contributions to traditional Individual Retirement Arrangements (IRAs), to contribute to Roth IRAs and [...]

Changed Your Name After Marriage or Divorce?

This video was published by the IRS. If you changed your name after a recent marriage, divorce, or for some other reason, you need to notify the Social Security Administration of that change before you file your tax return. Otherwise, IRS computers can't match your new name with your Social Security number. Names that don't match [...]

Major Changes to Retirement Plans Due to COVID-19

This article was published by the IRS.  Qualified individuals affected by COVID-19 may be able to withdraw up to $100,000 from their eligible retirement plans, including IRAs, between January 1 and December 30, 2020. These coronavirus-related distributions aren't subject to the 10% additional tax that generally applies to distributions made before reaching age 59 and a [...]

Gift Tax

This video was published by the IRS. If you give money or property to someone as a gift, you (the giver) may need to file a federal gift tax return. But that's only if your gift was greater than a certain dollar amount called the Annual Exclusion Amount. The IRS Form 709 instructions list the Annual [...]

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