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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 MoreAs 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.…
Read MoreAs 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…
Read MoreSeveral 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 MoreRecently, 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 MoreWe 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 MoreThe 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 MoreOn 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.…
Read MoreThe 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 MoreIf 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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