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8/31 is Deadline to Repay Any Required Minimum Distributions Taken in 2020 Including From Inherited IRAs

by KNSS | Aug 3, 2020 | August 2020 Newsletter, COVID-19 INDIV

Another recent development gives people until 8/31/20 to repay any Required Minimum Distributions taken so far in 2020, including RMDs from inherited IRAs. According to the IRS at: IR-2020-127, June 23, 2020 WASHINGTON – The Internal Revenue Service today...

Buy Yourself 3 Months On July 15TH (For Some Tax Filings But Not All)

by KNSS | Jul 13, 2020 | COVID Misc Practices, COVID-19 INDIV, July 2020 Newsletter

File Something on or Before 7/15 If you can’t get your tax returns completed by July 15th, make sure to file for an automatic extension. Filing something on July 15th is the only way to avoid the Failure to File Penalty equal to five percent per month on any...

Q1 and Q2 Estimated Tax Payments Due 7/15/20

by KNSS | Jun 15, 2020 | COVID Misc Practices, COVID-19, COVID-19 INDIV

The deadline to file and pay your 2019 federal income taxes has been extended to 7/15/20. Same deadline applies for Q1 and Q2 estimates for your 2020 federal taxes as well as for most states. However, some states including ME, NH, NY and RI appear to have pushed their...

MA is Now Being Inundated with Fraudulent Unemployment Claims

by KNSS | Jun 1, 2020 | COVID-19 INDIV

Beware. We’ve now heard from multiple clients that fraudulent unemployment claims were filed under their name and SSN. Scary stuff. Here is the advice we’re giving to those clients: There is a Mass website to report suspected fraudulent claims:...

Unemployment Assistance Available for Self-Employed and Independent Contractors

by KNSS | May 4, 2020 | COVID-19 INDIV

Included in the recently passed CARES Act is Pandemic Unemployment Assistance (PUA) which provides additional unemployment insurance benefits to those who normally would not qualify to receive unemployment benefits. Recipients of PUA include self-employed individuals...

Household Employers – How the Families First Act impacts you

by KNSS | Apr 10, 2020 | COVID-19 INDIV

The Families First Act took effect April 1 and does cover household employers. However, the Department of Labor has the discretion to exempt businesses with under 50 employees if the business can demonstrate that the new requirements would jeopardize its viability....
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