Business Tax
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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This third major hurricane of the 2023 season, Hurricane Lee originated as a tropical storm off the coast of West Africa on September 5, intensified into a hurricane as it traveled across the Atlantic over the next week, and eventually transitioned into an extratropical cyclone, making landfall in Canada on September 17. Along the way,…
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As we roll into tax season, a tax credit that began in the early days of COVID is back in the news, offering small businesses both the opportunity to save money … and the potential for problems. The Employee Retention Tax Credit (ERC) was designed to reward small businesses that kept their employees on payroll…
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If you’ve splurged on expensive meals for business associates or sprung for high-priced tickets to sporting events or concerts for clients in the past, take heed: the tax deductions aren’t what they used to be. Prior to the Tax Cuts and Jobs Act (TCJA) of 2018, businesses could deduct up to 50% of entertainment and…
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Just in time for tax season, on December 27, 2022, the IRS released Notice 2023-7, which provides interim guidance for some year-end and time-sensitive questions regarding the Corporate Alternative Minimum Tax (CAMT). The Notice also expresses the Treasury’s intention to issue additional guidance on the subject before publishing proposed regulations. What is Corporate Alternative Minimum…
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On December 14, 2022, the Internal Revenue Service (IRS) and the U.S. Department of Labor (DOL) announced that they are renewing a memorandum of understanding (MOU), which allows the two agencies to collaborate in their efforts to address employee misclassification. The goal of the MOU is to streamline investigations into businesses that misclassify their employees…
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