Insights/News

Dec 10 2020

Maximize your 401(k) plan to save for retirement

2020-12-10T14:38:05-05:00December 10, 2020|

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money. If you’re not already contributing the maximum allowed, consider increasing [...]

Dec 10 2020

Accounting for Rent Concessions

2020-12-10T14:35:30-05:00December 10, 2020|

What is a Rent Concession? A rent concession is a compromise a landlord makes to the original lease terms in the hopes of attracting or keeping a tenant. Common rent concessions are free rent, reduced rent, or deferral of rent payments. Options for Accounting for Rent Concessions ASC 840 [...]

Dec 10 2020

Newburg New Home and Look

2020-12-10T14:12:12-05:00December 10, 2020|

We are excited to announce that we will be moving our office to our new home at 95 Sawyer Rd., Suite 120, Waltham, MA 02453, effective December 21, 2020. The new office space provides an enhanced workplace experience for our staff and features state-of-the art technology to facilitate internal [...]

Nov 25 2020

PPP Deductions Guidance

2020-12-04T07:27:58-05:00November 25, 2020|

PPP Deductions Guidance (Rev. Rul. 2020-27 & Rev. Proc. 2020-51)    On November 18, 2020, the IRS released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 providing much needed guidance on the deductibility of the related Paycheck Protection Program (PPP) loan expenses and the timing issues related to PPP loan [...]

Nov 25 2020

What is the ‘Opportunity’ in Opportunity Zones? 

2020-12-04T07:28:02-05:00November 25, 2020|

What is the ‘Opportunity’ in Opportunity Zones?    Source: Newburg CPA- November 24, 2020   As part of the new tax law enacted in 2017 by the Tax Cuts and Jobs Act (TCJA) a new way to defer recognition of capital gains was born by the way of Opportunity [...]

Nov 20 2020

Don’t Forget About Making a Portability Election

2020-11-20T07:55:29-05:00November 20, 2020|

Portability allows a surviving spouse to apply a deceased spouse’s unused federal gift and estate tax exemption amount toward his or her own transfers during life or at death. For 2020, the exemption amount is $11.58 million, and the IRS just announced that that amount will increase to $11.7 [...]

Nov 20 2020

Estate Planning and Your Art Collection

2020-11-20T07:52:38-05:00November 20, 2020|

If you’re an art collector, it’s critical for your estate plan to address your collection separately from other types of assets. Investments in artwork may be motivated in part by potential financial gain, but for most collectors the primary motivation is a passion for the art itself. As a [...]

Nov 20 2020

How Series EE Savings Bonds are Taxed

2020-11-20T07:51:44-05:00November 20, 2020|

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is the interest you earn [...]

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