LD 1063 Becomes Law
Exciting news! Late Wednesday evening, the Appropriations and Financial Affairs Committee voted unanimously to move LD 1063 off of the appropriations table to be enacted into law. With an effective date of January 1, 2023, the bill allows for adult use cannabis...
Practical Expedients to Consider When Adopting FASB’s New Lease Standard
The implementation deadline for the Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) 2016-02, Leases, is quickly approaching. It is effective for non-public entities for fiscal years beginning after December 15, 2021 on a modified...
Stimulus Payments: Include Notice 1444 and 1444-B in Your Tax Materials
As many are aware, the COVID-Related Tax relief Act has released a second round of economic impact payments (EIP), recovery rebates, and stimulus payments. These payments are in addition to the recovery rebates that were issued throughout 2020 to many taxpayers as...
Remote Tax Preparation Gone E-Z
Today our clients are busier than ever. Some are juggling working a full-time job from home while homeschooling their children, others are on the front lines struggling to care for the sick, and others still are starting new jobs or battling unemployment. During these...
Calling All Recent Maine Grads with Student Loans
As you near your graduation day, many of you may feel overwhelmed by the fact that in a short time you will have to start looking for your entry-level jobs. Even more overwhelming is the statistic that before actually entering the labor market, the Institute for...
Small Business Interruption Loans
The CARE ACT passed by the Senate on March 25th proposes potential business saving SBA 7(a) loans for qualified small businesses. The covered period for these loans begins on March 1, 2020 and ends on December 31, 2020. Who is eligible? During the period covered, any...