TrackDayRdr
NES Member
News for the MA business owners on this site:
The House and Senate leadership announced in a press release that a compromise on COVID-19 relief legislation was reached and includes the legislative fix to exclude gross income on forgiven PPP loans from being taxed by the state.
The House is expected to vote on the legislation before them today and the Senate is expected to vote while in session next week.
For individual taxpayers:
A $1.9 TRILLION federal relief package is set to become law in the coming days. Included in the bill are a list of various tax provisions, including another round of economic impact payments to certain taxpayers, extended child tax credits, tax relief on the first $10,200 in unemployment payments for qualified workers and more.
If you had unemployment earnings in 2020, DO NOT file your returns until the retroactive change trickles down to your tax software which will not include the change for at least a week after the bill is passed.
The House and Senate leadership announced in a press release that a compromise on COVID-19 relief legislation was reached and includes the legislative fix to exclude gross income on forgiven PPP loans from being taxed by the state.
The House is expected to vote on the legislation before them today and the Senate is expected to vote while in session next week.
For individual taxpayers:
A $1.9 TRILLION federal relief package is set to become law in the coming days. Included in the bill are a list of various tax provisions, including another round of economic impact payments to certain taxpayers, extended child tax credits, tax relief on the first $10,200 in unemployment payments for qualified workers and more.
If you had unemployment earnings in 2020, DO NOT file your returns until the retroactive change trickles down to your tax software which will not include the change for at least a week after the bill is passed.