On August 28, 2020, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing the Presidential Memorandum dated August 8, 2020. In the memorandum President Trump directed Secretary of the Treasury, Steven Mnuchin,…
The six-month period that employer-sponsored retirement plans are allowed to increase the loan amount that eligible plan participants may borrow from their account expires September 23, 2020. Thus, if you decide that borrowing from your…
We want to remind taxpayers who have already taken a Required Minimum Distribution (RMD) in 2020, that they have until Monday, August 31, 2020 to roll those funds back into a retirement account. This extension…
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…
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…
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…
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,…
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…
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…
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…