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New Massachusetts Legislation Allows Unemployment Income Deduction

New legislation signed into law by Governor Charlie Baker on April 1, 2021, allows taxpayers with household income of not more than 200% of the federal poverty level to deduct up to $10,200 of unemployment…

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April 6, 2021

New Massachusetts Legislation Excludes Forgiven PPP Loan Amounts from Gross Income For Personal Income Taxpayers for Tax Year 2020

On April 1, 2021, Governor Charlie Baker signed legislation which allows the exclusion of forgiven PPP loan amounts from gross income for 2020 for taxpayers subject to the Massachusetts personal income tax. This includes unincorporated businesses reporting income and expenses on Schedule…

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April 6, 2021

IRS Extends 2020 Federal Individual Income Tax Filing and Payment Deadline to May 17, 2021 – Massachusetts Expected to Follow Suit

On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) extended the individual income tax filing and payment deadline from April 15, 2021 to May 17, 2021. Individual taxpayers may also defer federal…

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March 19, 2021

The American Rescue Plan Act Provides Federal Tax Relief to 2020 Unemployment Recipients -Massachusetts DOR Cautions Taxable Amount of 2020 Unemployment Benefits May Differ From Federal Law.

On March 11, 2021, the American Rescue Plan Act was signed into law by President Biden. The Act includes a retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable for taxpayers having…

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March 18, 2021

Massachusetts DOR Issues Tax Guidance on Reporting PPP Forgiven Loans and Other COVID-19 Relief

On its Tax Filing Season Frequently Asked Questions web page, the Massachusetts Department of Revenue (DOR) recently provided answers to some common questions regarding tax treatment and reporting of Paycheck Protection Program (PPP) forgiven loans…

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March 11, 2021

IRS Begins Accepting Tax Year 2020 Individual Returns Today

The IRS delayed the start of this year’s tax season so that it could focus on the distribution of second round Economic Impact Payments (EIP) and implementation of tax regulations originating from the 2020 CARES…

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February 12, 2021

Massachusetts Department of Revenue Issues Notice Regarding Form 1099G to Unemployment Recipients.

Taxpayers who received unemployment benefits or pandemic related unemployment benefits from the Commonwealth of Massachusetts during 2020 can expect to receive a Form 1099-G (Certain Government Payments) showing the amount of unemployed compensation received. Unemployment…

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February 2, 2021

Eligible PPP Expenses Now Deductible, Certain Other Changes To Existing PPP Loan Provisions, And A New Round of Funding

On January 6, 2021, the Treasury Department and Internal Revenue Service (“IRS”) issued IR-2021-02, which provides guidance allowing the deduction of eligible expenses when such payment would result (or be expected to result) in the…

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January 13, 2021

IRS Announces 401(k) and Other Retirement Plan Adjustments for Tax Year 2021

On October 26, 2020, the Internal Revenue Service released Notice 2020-79, which provides tax year 2021 inflation-adjusted figures for retirement plans and other retirement-related items. As can be seen in the chart below, the limit…

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November 12, 2020

PPP Loan Forgiveness – What Borrowers Should Know

The SBA began allowing lenders to submit Paycheck Protection Program (PPP) loan forgiveness applications on August 10, 2020. Below is the timeline for the loan forgiveness phase of the PPP process. Two Key Questions Remain…

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November 4, 2020
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