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Tag: tax
Important information for taxpayers from the Massachusetts Department of Revenue
COVID-19 UPDATES
Special Alert President to sign American Rescue Plan Act of 2021 NATP
The House and Senate have just passed the American Rescue Plan Act (ARP) and shortly the president is expected to sign it into law. This bill includes many provisions that have major tax impacts for 2020 and 2021 tax returns. 2020 tax-free unemployment benefitsInitially, the bill didn’t include retroactive tax provisions, but during the Senate’s voting session,… Continue reading Special Alert President to sign American Rescue Plan Act of 2021 NATP
Get Ready for Taxes 2021
Washington Dec 8, 2020 – The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. Click here for more information.
Eligible Paycheck Protection Program expenses now deductible
The Treasury Department and the Internal Revenue Service issued guidance today allowing deductions for the payments of eligible expenses when such payments would result (or be expected to result) in the forgiveness of a loan (covered loan) under the Paycheck Protection Program (PPP). Click here for more information.
American Families Plan
As Congress drafts and debates legislation, we’ll keep you informed of all the latest changes and specifics. Click Here — for more details
Important information for taxpayers from the Massachusetts Department of Revenue
Monthly Payments of Refundable Child Tax Credit. Payments to begin in July.
The first monthly payment of the expanded and newly-advanceable child tax credit (CTC) will be made on July 15. The increased CTC payments will be made on the 15th of each month unless the 15th falls on a weekend or holiday. Families who receive the credit by direct deposit can plan their budgets around receipt… Continue reading Monthly Payments of Refundable Child Tax Credit. Payments to begin in July.
One Big Beautiful Bill Clarification
One Big Beautiful Bill Act: Tax deductions for working Americans and seniors FS-2025-03, July 14, 2025 Below are descriptions of new provisions from the One Big Beautiful Bill Act, signed into law on July 4, 2025, as Public Law 119-21, that go into effect for 2025. “No Tax on Tips” New deduction: Effective for 2025… Continue reading One Big Beautiful Bill Clarification
