Overview of the Key Tax Provisions Within the New Relief Act

Newburg Staff Writers-January 8th, 2021 (10:00AM) We wanted to highlight some of the key tax provisions impacting individuals and businesses contained within the new Consolidated Appropriations Act of 2021 (the ‘Act’).The Act signed into law on December 27, 2020 contains over 5,000 pages of text. While not all inclusive, [...]

2021-01-15T08:12:05-05:00January 15, 2021|

PPP Application Updates

Newburg Staff Writers-January 11th, 2021 (4:00PM) We wanted to provide you some updates from the PPP programs. PPP1 (original ‘first round’ program from 2020) applications available today January 11. Note that this is for select lenders and borrowers. If you did not apply for the PPP loan in the first round, you [...]

2021-01-15T08:06:23-05:00January 11, 2021|

Extension and Expansion of the Employee Retention Tax Credit

Newburg Staff Writers-January 4th, 2021 (1:00 PM) The latest stimulus package signed into law on December 27, 2020 under the Consolidated Appropriations Act of 2021 (the ‘Act’) provides some favorable enhancements to the Employee Retention Tax Credit (ERTC). The credit initially provided a 50% refundable tax credit for companies [...]

2021-01-05T09:05:05-05:00January 4, 2021|

Form 1099 Filing Requirements and New Changes for 2020

Newburg Staff Writers-December 28, 2020 (3:00PM) As we lead into the new year, we wanted to provide you with some new changes and reminders regarding Form 1099 filing requirements. Form 1099 Reporting Requirements: New this year for 2020 Form 1099-NEC - Payments of $600 or more made in the course of your [...]

2020-12-29T12:46:24-05:00December 28, 2020|

Does your estate plan clearly communicate your wishes?

Precise language is critical in wills, trusts and other estate planning documents. A lack of clarity may be an invitation to litigation. An example of this is the dispute that arose after Tom Petty’s death between his widow and his two daughters from a previous marriage. (The two parties [...]

2020-12-23T14:55:05-05:00December 23, 2020|

PPP Provisions Under the New $900 Billion COVID-19 Relief Package

Newburg Staff Writers-December 22, 2020 (5:00PM) The new $900 billion Covid-19 relief package that passed Congress on Monday aims to support those struggling from the pandemic into the new year. Beyond the stimulus payment, unemployment extensions, and other detailed provisions, the Act provides some significant PPP benefits. We wanted to [...]

2020-12-29T12:51:24-05:00December 22, 2020|

New Stimulus Package Anticipated to Include Potential PPP Deductibility and Other Favorable Business Provisions

Newburg Staff Writers-December 21, 2020 (3:00PM) After significant back and forth and a multitude of renditions, congressional leaders on Sunday night brokered a deal totaling $900 billion in relief. Both sides indicated promises to pass the formal legislation as soon as possible. Currently there is no formal text available [...]

2020-12-29T12:52:07-05:00December 21, 2020|

Can you qualify for a medical expense tax deduction?

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes. [...]

2020-12-15T13:58:44-05:00December 15, 2020|
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