Business Tax

IRS Recovers $400 Million in Employee Retention Tax Credit Claims

May 29, 2024

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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IRS Proposes Changes to Interest Capitalization Rules for Property Improvements

May 28, 2024

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

April 3, 2024

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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IRS Oversight and Modernization: Navigating 1099-K Reporting and Direct File Challenges

March 12, 2024

On February 15, IRS Commissioner Danny Werfel testified before the House Ways and Means Committee. The GOP-controlled Committee has previously expressed its disapproval of the $80 billion allocated to the IRS, later negotiated down to $60 billion during debt ceiling talks. The hearing is part of an ongoing Republican effort to reduce that amount even…

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Breaking Down the $78 Billion Tax Bill: A Comprehensive Look at the Tax Relief for American Families and Workers Act of 2024

February 15, 2024

In this article, Joe Lanzi, Shareholder, breaks down the latest news on the $78 billion tax bill. The House has approved a comprehensive $78 billion tax bill, named The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024). This legislation encompasses various provisions affecting tax credits, expensing of research expenditures, and reinstating…

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Closing the Tax Gap: How the IRS is Cracking Down on Tax Evasion

January 31, 2024

Flush with a cash infusion from the Inflation Reduction Act of 2022, the IRS is using its new funds to provide better service to taxpayers, implement new technology, and intensify its enforcement efforts. As part of its enforcement efforts, the Service is closely scrutinizing partnerships, corporations, and high-wealth individuals to enhance tax compliance and crack…

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Important Massachusetts Tax Updates from 2023

January 23, 2024

Several 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…

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Step-by-Step Guide to the New BOI Reporting Rule

January 9, 2024

Recently, we wrote about a new requirement of the Financial Crimes Enforcement Network (FinCEN), under the U.S. Department of the Treasury, known as the Beneficial Ownership Information (BOI) reporting rule. The goal of the BOI Reporting Rule is to prevent illegal activities such as money laundering, tax evasion, terrorist financing, and other activities that can…

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Year-End Tax Letter 2023

December 12, 2023

We are pleased to provide you with this year-end letter outlining important guidelines for compliance with federal and state rules of taxation and reporting requirements. The letter contains information regarding some of the more significant changes to the tax code from legislation enacted in the last few years. This letter also contains 2023 and 2024 payroll…

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Understanding FinCEN’s New Reporting Rule for Beneficial Ownership

December 12, 2023

The Financial Crimes Enforcement Network (FinCEN), under the U.S. Department of the Treasury, has introduced a new compliance requirement for companies within the United States known as the Beneficial Ownership Information (BOI) reporting rule. Understanding the nuances of the BOI reporting rule is crucial for U.S. companies and foreign entities conducting business in the U.S.,…

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