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IRS Announces Higher Mileage Rates for 2023

On December 29, 2022, the IRS increased the standard mileage deduction rate for vehicles used for business in 2023 to 65.5 cents. This is a 4.5% increase over the rate it announced in June, which was itself a 6.4% increase over the previous rate. While it’s typical for the IRS to announce an annual rate…

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New Shareholder Announcements!

We are pleased to announce three significant promotions at Tonneson + Co. Jessica Clancy, Patrice Goodwin, and Jamie Tong-Chow have all been promoted to Shareholder. Jessica Clancy, Shareholder Jessica Clancy brings 21 years of experience, contributing her expertise in Partnerships, S-corporations, and Individual taxation. She specializes in High Net Worth, Individual, and Family Office Tax…

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IRS Announces Interest Rate Increases for the Fourth Quarter of 2022

Higher federal short-term interest rates have caused the IRS to increase its interest rate for over and under-payments of tax obligations. Learn more about the updated interest rates for Q4 of 2022.

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Massachusetts DOR Announces New Tax Amnesty Program for 2025

Governor Maura Healey’s recent Fiscal Year 2025 (FY25) budget has introduced a new tax amnesty program in Massachusetts, designed to offer taxpayers a chance to settle unpaid taxes and avoid penalties. With the Department of Revenue (DOR) releasing detailed guidance, the program is set to run from November 1 to December 30, 2024.  This 60-day…

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Chatbots, Tax Evasion, and Big Data — How AI is Transforming the IRS

In September, the IRS sparked debate when it announced that it would be using funding from the Inflation Reduction Act to integrate Artificial Intelligence (AI) into its operations. While the move promises to enhance efficiency, streamline processes, and offer more accurate data handling, the move has been met with a mix of support and skepticism…

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The IRS Adjusts for Inflation—Will Your Taxes Be Affected?

With inflation at its highest rates in decades, the markets in turmoil, and a recession looming, we’re overdue for some good news. Finally, we have some: starting in 2023, you may pay less in taxes. That’s because on October 18, the IRS announced annual inflation adjustments for more than 60 tax provisions, including income tax…

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Non-compete Agreements May be on the Way Out

Non-compete agreements, once a standard feature in many employment contracts, are now facing heightened scrutiny. Designed to safeguard businesses, they also have implications for workers, consumers, and the market overall. At both state and federal levels, there is a growing movement to ban—or at least limit—them. What is a non-compete agreement? A non-compete agreement is…

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IRS Set to Release R&D Amortization Regulations This Winter

The IRS is planning to release updated regulations for the tax treatment of research and development (R&D) costs this winter, providing much-needed clarity for companies navigating these complex rules. What’s Coming: Proposed Section 174 Regulations Scott Vance, associate chief counsel for income tax and accounting in the IRS Office of Chief Counsel, recently announced that…

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Wealthy Taxpayers: Time to File Those Years-Late Returns

Are you a high-income earner who hasn’t filed your taxes in years? You might want to get your paperwork in order soon. The IRS is ramping up efforts to target wealthy individuals who haven’t been filing their returns, even if they haven’t yet received collection notices. IRS’s Renewed Focus Earlier this year, the IRS announced…

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Protecting Your Business: IRS’s Efforts Against COVID Tax Fraud

As we navigate through the complexities of tax season, businesses need to stay informed about recent developments in tax policies and enforcement. The Internal Revenue Service (IRS) has recently announced significant strides in combating fraudulent claims related to pandemic-era tax refunds, mainly focusing on the Employee Retention Credit (ERC) program. Understanding the Issue The ERC…

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