Business Tax
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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.,…
Read More
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…
Read More