Business Tax

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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Inaccurate Employee Retention Credit Claim? The IRS Will Now Let you Withdraw

November 27, 2023

The Employee Retention Credit (ERC) is a valuable tax credit that can be worth thousands or even hundreds of thousands of dollars to some small businesses. Unfortunately, some disreputable actors have sought to capitalize on its value, leaving a mess for taxpayers and the IRS to clean up. Now the IRS is taking steps to…

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IRS Extends Transition Period for Perfecting R&D Tax Credit Claims Until January 10, 2025

November 15, 2023

If you’re a business that has claimed research and development (R&D) tax credits or plans to amend your return to do so, here’s some important news: The Internal Revenue Service (IRS) has granted an extension for perfecting R&D claims. Now you have until January 10, 2025, to ensure your R&D tax credit claims meet the…

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New Massachusetts Law Applies Single Sales Tax Apportionment to All Industries

November 13, 2023

On October 4, 2023, Massachusetts Governor Maura Healy signed Bill 4104, the Tax Relief Bill, into law. Previously, we wrote about the new law’s effect on estate taxes, but business owners should be aware that amongst the slew of tax changes is the adoption of single sales tax apportionment which will help reduce tax burdens…

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FASB Incorporates SEC Directives in New Accounting Update

October 30, 2023

On October 9, 2023, the US Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU) aimed at ensuring that financial reporting is in line with stock exchange regulations. These amendments are a response to an update from the U.S. Securities and Exchange Commission (SEC) in 2018, which highlighted 27 areas calling for more…

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