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Massachusetts Enacts PTE Elective Excise as Workaround to $10k SALT Cap

Massachusetts enacted HB 4009 on September 30, 2021, becoming another state to give pass-through entities (PTEs) the option to be […]

Posted By Tonneson
In Business Tax, COVID-19 Updates
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March 18, 2021Posted By Tonneson

Federal and MA Individual Income Tax Returns Extended

The IRS and the Massachusetts DOR have both indicated that they have approved an extension of time to file the […]

March 1, 2021Posted By Tonneson

American Rescue Plan Act passed by the House

On Saturday, February 27, the House passed the $1.9 Trillion American Rescue Plan Act (ARPA) of 2021 (H.R. 1319) which […]

January 21, 2021Posted By Tonneson

MA Tax Issue Regarding Forgiven PPP Loan Proceeds

We want to share some news regarding Paycheck Protection Program (PPP) forgiven loan proceeds for individual income taxes includable in […]

January 14, 2021Posted By Tonneson

SBA Opens Applications to More Lenders on Friday and Monday

The Small Business Administration (SBA) has announced that lenders with $1 billion or less in assets can start making Paycheck […]

December 22, 2020Posted By Tonneson

Consolidated Appropriations Act – New PPP Provisions

Last night, both the House and the Senate voted to pass the Consolidated Appropriations Act 2021, which President Trump is […]

December 21, 2020Posted By Tonneson

$900 Billion Stimulus Package Includes PPP Expense Deductibility and Other Important Provisions

On Sunday evening, Congressional leaders tentatively agreed on a $900 Billion stimulus package for US taxpayers and businesses. The House […]

December 14, 2020Posted By Tonneson

IRS Offers IRS Identity Protection with Expanded Program

The Internal Revenue Service is now allowing any taxpayer who wishes to add a level of protection to their tax […]

December 14, 2020Posted By Tonneson

PPP Loan News and Updates

Stimulus talks have started up again with Treasury Secretary Steven Mnuchin, supported by Senate Majority Leader, Mitch McConnell and House […]

November 19, 2020Posted By Tonneson

IRS Issues Safe Harbor Rule for PPP Loan Expenses

On Wednesday, the Internal Revenue Service (IRS) issued new guidance on the deductibility of PPP loan eligible expenses in Revenue […]

November 11, 2020Posted By Tonneson

SBA Requiring Borrowers of PPP loan in Excess of $2M to Submit Questionnaire

The Small Business Administration (SBA) has recently compiled a Questionnaire comprised of 21 questions for large borrowers: Form 3509 for […]

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