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So far Tanya Tower has created 364 blog entries.

The Tax Implications of Employer-Provided Life Insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first $50,000 of group term life insurance coverage that your employer provides is excluded from [...]

2020-08-04T18:34:21-04:00August 4, 2020|

Newburg Update for 7/30/2020 – Update: Massachusetts Angel Investor Tax Credit

Final Regulations on the Massachusetts Angel Investor Credit were issued on 7/24/20. The complete regulation can be found here. The credit helps expand life sciences-related employment opportunities, promote health-related innovations and stimulate research and development, manufacturing and commercialization in the life sciences industry, according to the Massachusetts Life Sciences [...]

2020-07-30T13:33:53-04:00July 30, 2020|

Are Scholarships Tax-Free or Taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware [...]

2020-11-16T15:23:35-05:00July 29, 2020|

Zeros and Ones: Estate Planning for Your Digital Assets and Accounts

Nearly everyone owns at least some digital assets, such as online bank and brokerage accounts, bill-paying services, cloud-based document storage, digital music collections, social media accounts, and domain names. But what happens to these assets when you die or if you become incapacitated? The answer depends on several factors, [...]

2020-07-16T14:58:23-04:00July 16, 2020|

BUSINESSES: Get Ready for the New FORM 1099 – NEC

There’s a new IRS form for business taxpayers that pay or receive nonemployee compensation. Beginning with tax year 2020, payers must complete Form 1099-NEC, Nonemployee Compensation, to report any payment of $600 or more to a payee. Why the new form? Prior to 2020, Form 1099-MISC was filed to [...]

2020-07-14T14:40:57-04:00July 14, 2020|
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