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Key Changes Effective December 3, 2024 Massachusetts is updating its financial reporting requirements for non-profits and public charities as part of the Economic Development Bill. The new law raises the audit threshold from $500,000 to $1,000,000 in gross support and revenue and the review threshold from $200,000 to $500,000, easing compliance for smaller non-profits. Under…
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Employee retention is a major concern for businesses looking to attract and retain top talent. Competitive benefits packages play a crucial role in this process, as employees seek financial security and comprehensive healthcare options. One powerful way to enhance financial security and healthcare coverage is through a Health Savings Account (HSA). These tax-advantaged accounts, designed…
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When you’re a CEO, the weight of responsibility can feel immeasurable. The decisions you make ripple across your organization, impacting employees, clients, and stakeholders alike. But while the role comes with great authority, it also comes with a sense of isolation. CEOs are tasked with navigating critical decisions, driving organizational success, and shouldering the complexities…
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The IRS recently released proposed regulations under tax code Section 959, offering long-awaited guidance on previously taxed earnings and profits (PTEP). These proposed rules address core aspects of the PTEP framework, resolving longstanding questions and implementing changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA). What Is PTEP, and Why Does It Matter? …
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By 2030, every baby boomer will be age 65 or older (U.S. Census Bureau), highlighting the urgency for businesses to prepare for leadership transitions. Succession planning is a critical process for ensuring the longevity of your business. Whether you’re preparing for retirement, planning for a future sale, or looking to transition leadership internally, succession planning…
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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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Estate planning is a crucial part of managing your finances. It ensures that your assets are distributed according to your wishes after your passing. Proper preparation of estate planning documents secures your legacy and minimizes potential tax issues for your heirs. Estate planning is valuable for all, everyone can benefit from having these documents in…
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Business succession planning is a critical yet often overlooked aspect of running a successful company. Many business owners are so focused on day-to-day operations and immediate growth strategies. With such a focus, they neglect to plan for the future leadership of their company. However, without a clear succession plan, businesses risk facing significant disruptions. They’re…
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