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 [...]

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 [...]

Check Tax Withholdings Now as the Last Quarter of 2020 Begins

This article was published by the IRS.  The Internal Revenue Service today reminded taxpayers that now is the perfect time to review their tax withholding and payments to avoid a surprise when filing next year. An adjustment or two made now may boost take home pay or allow taxpayers to pay more in the last quarter of 2020 [...]

Unemployment Compensation is Taxable

This article was published by the IRS.  With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service is reminding people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal [...]

Keep Economic Impact Payment Notice with Other Tax Records

This article was published by the IRS. People who receive an Economic Impact Payment this year should keep Notice 1444, Your Economic Impact Payment, with their tax records. This notice provides information about the amount of their payment, how the payment was made and how to report any payment that wasn't received. For security reasons, the [...]

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