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Tax planning is a critical aspect of financial management for manufacturing companies. The sector’s capital-intensive nature and the complexity of its supply chains make it prime for incentives and considerations. The manufacturing industry is also one of the most heavily regulated. Numerous federal, state, and local tax incentives exist to stimulate growth, innovation, and job…
Read MoreIn a recent blog post, we discussed the IRS’s recent windfall of $80 billion via the Inflation Reduction Act to increase staff, upgrade technology, and increase enforcement efforts. Now Republicans on the Senate Finance Committee are calling for details about exactly how that money will be spent. In a 10-page letter to Charles P. Rettig,…
Read MoreSeveral new tax were laws passed in the latter part of 2023 that stand to have a significant impact on Massachusetts businesses. In this post, we’ll do a quick round-up of the new rules and explain how they will affect companies based in or doing business in Massachusetts. Single Sales Tax Apportionment Goes into Effect…
Read MoreOur 2022 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2022 and 2023 payroll tax requirements, employee benefits…
Read MoreOur 2021 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. This letter contains useful information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2021 and 2022 payroll tax requirements,…
Read MoreAt a recent Tax Executives Institute event, Holly Paz, the deputy commissioner of the IRS’s Large Business & International division, told listeners that increasing staff who focus on high-income individual filers “is a really high priority area for the service.” She added that the green energy credits for businesses included in the Inflation Reduction Act…
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