Accessing Your Retirement Funds Early Due To COVID-19
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…
Top Twelve Tax Scams To Watch Out For In 2020
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…
Update: The U.S. House Joins Senate In Passing PPP Loan Extension Deadline
On Wednesday, the U.S. House voted to approve a five-week extension of the PPP loan application deadline. First passed by the Senate on Tuesday, the bill is now in the hands of President Trump, who is expected to sign it into law. Once the bill has been signed by the President, small businesses will have…
U.S. Senate Passes Legislation To Extend PPP Loan Application Deadline to August 8th
Late on Tuesday, June 30, 2020, the Senate passed legislation to extend the deadline for small businesses to apply for COVID-19 related aid under the Paycheck Protection Program (PPP) to August 8, 2020. While it is believed that the vast majority of eligible business owners have already applied for and received assistance under this program,…
PPP Loan Forgiveness: Additional Guidance and Clarification
The path to PPP loan forgiveness continues to evolve. Below we provide a more detailed summary of the changes resulting from the Paycheck Protection Program Flexibility Act (PPPFA) as well as additional guidance and clarification provided since its enactment on June 5, 2020. Covered Period The covered period for loan forgiveness has been extended from…
Massachusetts Taxpayers: Where to Mail Your Federal Tax Payments
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…
Reminder: Federal and Massachusetts Tax Filings and Payments Due By July 15th
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…
Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”)
The PPPFA was signed into law by President Trump on June 5, 2020. The new law eases PPP loan requirements so that borrowers are better able to achieve full loan forgiveness. Following is a brief summary of the key provisions: Borrowers now have 24 weeks to spend the loan funds, up from the eight week…
U. S. Senate Clears Changes to Paycheck Protection Program
The U.S. Senate has passed by unanimous consent legislation introduced as the Paycheck Protection Program Flexibility Act of 2020, H.R. 7010. The bill which among other things extends the window for businesses to spend the loans granted under the program will now be passed along to President Trump for his signature. Key changes to the…