Business Tax
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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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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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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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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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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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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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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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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Could a $14,000 tax bill turn into a multi-billion-dollar headache for the government? It’s starting to look that way. In June, the Supreme Court agreed to hear Moore v. United States, which, depending on how the Court rules, could have profound impact on tax revenue and important implications for Congress’s ability to levy certain taxes.…
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Just one week after Bill H. 4104 was approved 38-1 by the Massachusetts House of Representatives, Governor Maura Healey signed the $1 billion Tax Relief Bill into law. The new law aims to help the economy by making the state both more attractive to businesses and more affordable for its residents. Among other items, the…
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