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 extra $600-a-week unemployment benefit set to expire at the end of the July and failure of Congress to reach an…
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 raise awareness of the common tactics used by these thieves to get your information. The IRS urges Americans to remain…
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 to the sender. This announcement has created some confusion and a concern that the return of payments sent to the…
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, both federal and Massachusetts taxpayers were given (without penalty) until July 15, 2020 to file their 2019 tax returns and…
Massachusetts tax returns and payments for the 2019 calendar year otherwise due on April 15, 2020 are now due July 15, 2020. The July 15, 2020 due date applies to personal income tax, estate and tax trust income tax, and income tax due with a partnership composite return with an April 15, 2020 due date.…
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 and operators during the COVID-19 state of emergency. Late-file or late-pay penalties will be waived for vendors or operators who…
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 and the making of federal income tax payments due April 15, 2020 by Affected Taxpayers. Affected Taxpayers include individuals, a…
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 retirement accounts since the Pension and Protection Act of 2006. Following are some key provisions: Repeal of Maximum Age for…