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]

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]

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]

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]

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]

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]

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]

Maloney & Kennedy, PLLC, a certified public accounting firm in Auburn, New Hampshire, is proud to announce that Greg Sylvain has joined their Accounting Team. Greg has a Bachelor of Science degree in Business Management with a concentration in Finance from Plymouth State University, and a Master’s of Science in Accounting from Southern New Hampshire… [Read More]

The New Hampshire Department of Revenue is releasing a new online portal for business tax, Interest and Dividends tax, and Communications Service tax in October 2020. Taxpayers in this group, along with their tax preparers, will have access to the department’s Granite Tax Connect once the launch is live. Taxpayers are urged to take advantage… [Read More]

On June 17, the U.S. Small Business Administration (SBA), in consultation with the Treasury Department, released a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of… [Read More]