Featured
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
Recent developments from the IRS shed light on the agency’s efforts to manage pandemic-related tax credits. In addition to addressing employee retention tax credit claims, the IRS is also working on building a new e-filing pilot program. Here’s a summary of the latest actions concerning these initiatives. Significant Recovery in Employee Retention Tax Credit Claims …
Read More
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
Are you a high-income earner who hasn’t filed your taxes in years? You might want to get your paperwork in order soon. The IRS is ramping up efforts to target wealthy individuals who haven’t been filing their returns, even if they haven’t yet received collection notices. IRS’s Renewed Focus Earlier this year, the IRS announced…
Read More
As trusted advisors in the realm of finance and estate planning, we at Tonneson + Co are closely monitoring an upcoming decision by the US Supreme Court that could significantly impact estate planning strategies involving closely held businesses. The case of Connelly v. United States revolves around the complex issue of how life insurance proceeds…
Read More
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…
Read More