Business Tax
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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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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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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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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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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