Business Tax
Effective tax planning is crucial for maintaining profitability in the highly competitive construction industry. As a construction business owner, you face unique challenges, such as fluctuating cash flow, complex contract structures, and ever-changing regulations. Without a robust tax strategy, these challenges can erode your profits and limit your ability to grow. Understanding and implementing strategic…
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The Treasury Department and IRS recently released proposed regulations to clarify the application of the new Corporate Alternative Minimum Tax (CAMT). This development is significant for large corporations, especially as many will face CAMT for the first time on October 15, 2023, the extended corporate tax-filing deadline. What is CAMT? CAMT is designed to ensure…
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Tax planning is crucial to financial management, particularly for professional services providers who often face complex tax situations. Whether you run a law firm, a marketing agency, or a consultancy, strategic tax planning can help minimize liabilities. Effective tax planning goes beyond just filing your returns on time—it involves carefully structuring your financial activities throughout…
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As IRS audits become tougher, now is the time for businesses to reevaluate their tax strategies, especially when it comes to transfer pricing. In recent years, the IRS has significantly ramped up its efforts to ensure compliance, particularly targeting multinational companies with complex intercompany transactions. These transactions, known as transfer pricing, are under closer scrutiny,…
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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…
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At Tonneson, we are currently looking into the best ways to help our clients comply with the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). Many of our clients have reached out for our assistance; however, our ability to assist has been limited by concerns that the BOI reporting compliance is…
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Massachusetts is set to introduce a tax amnesty program in 2025, expected to generate a one-time $100 million revenue boost. Governor Maura Healey recently signed a budget bill authorizing a 60-day amnesty period, allowing taxpayers to pay overdue taxes without penalties. This initiative aims to bring thousands of delinquent taxpayers into compliance and significantly increase…
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As we approach the end of 2024 and prepare for 2025, many partnerships and S corporations are closely watching the potential expiration of key tax provisions that have significantly impacted their tax bills since 2017. The primary concern? The possible end of the 20% deduction for pass-through businesses, a benefit that has provided substantial tax…
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Recent developments from the IRS shed light on the agency’s efforts to manage pandemic-related tax credits. In addition to addressing employee retention tax credit claims, the IRS is also working on building a new e-filing pilot program. Here’s a summary of the latest actions concerning these initiatives. Significant Recovery in Employee Retention Tax Credit Claims …
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The IRS has proposed new regulations that could significantly impact how interest capitalization is handled for property improvements. These changes are designed to simplify the existing rules and align them with recent court decisions. Here’s what you need to know: Key Changes in the Proposed Regulations Removal of the Associated Property Rule: The proposed regulations…
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