Navigating the 2025 Tax Talks: The Impact of SALT Workarounds

April 11, 2024

As we gear up for another round of tax discussions, it’s crucial to understand the complexities surrounding State and Local Tax (SALT) workarounds and their potential impact on taxpayers and the federal government alike. What Exactly are SALT Workarounds? In simple terms, SALT workarounds are strategies adopted by 36 states and New York City to…

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Protecting Your Business: IRS’s Efforts Against COVID Tax Fraud

April 3, 2024

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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Empowering Generations: The Legacy of TARTTs and the Sarita & Claire Wright Lucas Foundation

March 28, 2024

As we commemorate Women’s History Month, we had the pleasure of conversing with Wanda Geer, a woman of exceptional resilience and insight.  Wanda is the President of the Sarita and Claire Wright Lucas Foundation, empowering black women in law, and serves as CEO of TARTTs Day Care Centers, honoring her family’s commitment to childcare excellence.…

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The IRS’s New Strategies in Enforcement

February 5, 2024

As of the beginning of 2024, the IRS had identified over 1,600 millionaires and billionaires who owed back taxes. In the words of Commissioner Danny Werfel, the Service is now putting in “a laser-focused effort to collect that money.” We’ve previously written about the new funding allocated to the IRS by the Inflation Reduction Act…

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Important Massachusetts Tax Updates from 2023

January 23, 2024

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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Step-by-Step Guide to the New BOI Reporting Rule

January 9, 2024

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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Year-End Tax Letter 2023

December 12, 2023

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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Understanding FinCEN’s New Reporting Rule for Beneficial Ownership

December 12, 2023

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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IRS Proposes Tax Deduction Change for Partnerships that Deal with Related Entities

December 4, 2023

On November 24, The Internal Revenue Service (IRS) announced a set of proposed regulatory amendments intended to refine and modernize the tax code’s approach to transactions between partnerships and related entities. This proposal aims to align regulations, some of which date back to the 1950s, with legislative intent and ensure consistency with the statutory provisions.…

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Inaccurate Employee Retention Credit Claim? The IRS Will Now Let you Withdraw

November 27, 2023

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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