Insights/News

Jan 15 2021

**Reminder** Submission Deadline Approaching for the Mass Sector Specific Grant Program

2021-01-15T11:27:20-05:00January 15, 2021|

Newburg Staff Writers-January 14, 2021 (5:00PM) As a follow-up to our piece on December 24th  Newburg | CPA Article on Massachusetts $668M Relief for Small Business we wanted to provide you a quick reminder that the deadline for application submissions under the Massachusetts Sector-Specific Relief Grant Program is coming to a close [...]

Jan 15 2021

Overview of the Key Tax Provisions Within the New Relief Act

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

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, [...]

Jan 11 2021

PPP Application Updates

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

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 [...]

Jan 4 2021

Extension and Expansion of the Employee Retention Tax Credit

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

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 [...]

Dec 28 2020

Form 1099 Filing Requirements and New Changes for 2020

2020-12-29T12:46:24-05:00December 28, 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 [...]

Dec 24 2020

Massachusetts Launches $668M Relief Package for Certain Small Businesses

2020-12-29T12:45:33-05:00December 24, 2020|

Newburg Staff Writers-December 24, 2020 (9:30AM) On December 23rd, Charlie Baker announced a $668 million Massachusetts program to provide help for small businesses within specific industries that have been impacted by the pandemic. The new relief program would offer grants up to $75,000 to certain eligible industries. The grant [...]

Dec 23 2020

Does your estate plan clearly communicate your wishes?

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

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 [...]

Dec 22 2020

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

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

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 [...]

Dec 21 2020

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

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

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 [...]

Dec 15 2020

Can you qualify for a medical expense tax deduction?

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

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. [...]

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