Category: 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: https://www.mass.gov/forms/unemployment-fraud-reporting-form. And it probably makes sense to freeze your credit too.  More info is available at… Continue reading MA is Now Being Inundated with Fraudulent Unemployment Claims

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 such as single-member LLC’s, sole proprietors, and independent contractors. Self-employed individuals who are not working due to COVID-19 are eligible… Continue reading Unemployment Assistance Available for Self-Employed and Independent Contractors

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. Two parts of the Families First Act impact household employers: the paid sick leave… Continue reading Household Employers – How the Families First Act impacts you

The CARES Act allows people not paid as W2 employees to collect unemployment. Never eligible in the past, self-employed individuals and independent contracts can now file for unemployment benefits as long as their loss in income is connected to the current pandemic crisis. What does this mean to you? If your practice is temporarily closed,… Continue reading Big Changes to Unemployment for Self-Employed & Independent Contractors

Let me start by saying that retirement accounts for working people should be used only as a last resort. That being said, the CARES act includes a provision allowing you to withdraw up to $100k from your IRA or work Retirement Plan penalty-free if you are affected by the virus. I want to point out… Continue reading Penalty-Free Retirement Plan Distributions

The CARES Act includes a provision suspending payments and waiving the interest on any federal student loans through September 30, 2020. Please go online with your loan servicer to make sure that they are following through on this valuable break from paying these loans. There is also a new rule allowing employers to repay up… Continue reading Student Loan Forgiveness

In the Coronavirus Bill passed today by Congress, most adults will get $1,200 stimulus payments and do not need to file any type of application to get this relief. There is an income threshold, however. Single filers with an AGI of $75k or less will get the full $1,200 amount. Married filers with no kids… Continue reading COVID-19 Stimulus Payments

Update 3.27.2020 Massachusetts and New York have officially extended the tax deadline date to July 15, 2020 which matches the IRS extended deadline date. Read MA DOR Announcement Info for Individual Taxpayers: The IRS relief provisions resulting from COVID-19 might be changing by the day but this is what we now know: • The 2019… Continue reading Filing Info & Relief For Individual Tax Payers