This video tutorial will show you how to opt in and choose to participate in the Paid Family and Medical Leave program, and make contributions as a self-employed individual in MassTax Connect. Please note that you must first submit the self-employed notice of election found on the Paid Family and Medical Leave coverage for self-employed individuals [...]
This article was published by the IRS. This is the first of two tax tips providing an overview of how the American Rescue Plan may affect some individual's 2021 taxes. Child and dependent care credit increased for 2021 only The new law increases the amount of the credit and the percentage of employment-related expenses for qualifying [...]
This article was published by the IRS. The Internal Revenue Service has provided guidance on tax breaks under the American Rescue Plan Act of 2021 for continuation health coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA). Notice 2021-31 provides guidance for employers, plan administrators, and health insurers regarding the new credit available to [...]
This article was published by the IRS. The Internal Revenue Service is providing greater flexibility, due to the pandemic, to employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the COVID-related Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 [...]
This article was published by the IRS. The premium tax credit helps pay for health insurance coverage bought from the Health Insurance Marketplace. Eligible people can choose to have all, some, or none of the estimated credit paid in advance directly to their insurance company on their behalf. These payments – which are called advance payments [...]
