Erin Maloney / Company News, Staff /
We’d like to take a moment to express our gratitude to Linda Silva, who is retiring this month. Linda has been our dedicated Office Manager here at Maloney & Kennedy, PLLC for over 10 years. Thank you, Linda, for everything you have done for us. We wish you a joyful and fulfilling next chapter.
Erin Maloney / Company News, Staff /
Maloney & Kennedy is proud to announce that Jason Belanger has earned his Certified Public Accounting License (CPA) from the State of New Hampshire. A CPA license is the accounting profession’s highest standard of competence, a symbol of achievement and assurance of quality. Jason has a Bachelor of Science degree in Accounting from Plymouth State… [Read More]
Erin Maloney / 0 Comments / Legal /
A news release today from the New Hampshire Senate newsroom indicated that the New Hampshire senators are working towards legislation which, if passed, provides that New Hampshire businesses that received Paycheck Protection Program Loans (PPP) from the federal government would not be subject to either the state’s BET or BPT taxes. It is believed this… [Read More]
Erin Maloney / 0 Comments / Legal /
The New Hampshire Department of Revenue has today issued a Technical Information Release (TIR 2021-001) relative to the New Hampshire Taxation of Federal and State Covid-19 Financial Relief Funds. The TIR can be found online at https://www.revenue.nh.gov/documents/2021-001.pdf Simply stated, the release addresses these main issues: 1. Federal relief funds like Paycheck Protection Program (PPP) Funds:… [Read More]
Erin Maloney / 0 Comments / Legal /
At the end of 2020, Congress passed, and President Trump signed, a new law that provides for additional relief related to the coronavirus (COVID-19) pandemic. This law, the Consolidated Appropriations Act, 2021 (CAA 2021), includes a second draw of Paycheck Protection Program (PPP) loans. It also allows businesses to deduct ordinary and necessary expenses paid… [Read More]
Erin Maloney / 0 Comments / Company News, Staff /
Please join us in congratulating our own Enrolled Agent Jan Sorrentino, as she was elected as the Vice President of the Northern New England Society of Enrolled Agents on Friday, December 4th. Jan has had her EA license since 2014 and was elected as New Hampshire Director in December of 2017. Our own Trish Mantone,… [Read More]
Erin Maloney / 0 Comments / Legal /
As the calendar year is coming to an end and taxpayers are considering charitable giving, we wanted to send out a quick reminder that the Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748 contained a tax provision relative to 2020 charitable donations made by individual taxpayers as follows; “Above the Line” Charitable Deductions… [Read More]
Erin Maloney / 0 Comments / Legal, Tax Filings /
On November 18, 2020 the U.S. Treasury Department and Internal Revenue Service (IRS) released Rev. Rul. 2020-27 and Rev. Proc. 2020-51 clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the tax year the loan was received. In summary, if a business reasonably… [Read More]
Erin Maloney / 0 Comments / Legal, Tax Filings /
For many years, businesses have used Form 1099-MISC to report calendar-year payments of $600 and above to individuals who performed services in their trade or business. These include vendors, independent contractors, freelancers and consultants. These payments will now be reported on Form 1099-NEC, while Form 1099-MISC will still be used to report royalties, health care… [Read More]
Erin Maloney / 0 Comments / Legal /
Governor Chris Sununu has authorized the allocation and expenditure of $100 million from the CARES Act Coronavirus Relief Fund (“flex funds”) for Main Street Relief Funds 2.0 (MSRF). MSRF 2.0 supports both (1) businesses that did not receive grants from the initial round of MSRF or the General Assistance & Preservation (GAP) Fund, AND (2)… [Read More]