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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…
Read MoreWe 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…
Read MoreHigher 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.
Read MoreGovernor 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…
Read MoreIn 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…
Read MoreWith 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…
Read MoreNon-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…
Read MoreThe 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…
Read MoreAre 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…
Read MoreAs 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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