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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IRS Extends Transition Period for Perfecting R&D Tax Credit Claims Until January 10, 2025

November 15, 2023

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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New Massachusetts Law Applies Single Sales Tax Apportionment to All Industries

November 13, 2023

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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IRS & Treasury Clarify Guidance around Supporting Organizations

November 8, 2023

The IRS and the US Department of the Treasury recently introduced final regulations clarifying the definition of a controlling donor and prohibitions on giving to Type I and Type III supporting organizations, and providing guidance around certain requirements for Type III supporting organizations. What is a Supporting Organization? A supporting organization is a tax-exempt entity…

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Non-compete Agreements May be on the Way Out

November 6, 2023

Non-compete agreements, once a standard feature in many employment contracts, are now facing heightened scrutiny. Designed to safeguard businesses, they also have implications for workers, consumers, and the market overall. At both state and federal levels, there is a growing movement to ban—or at least limit—them. What is a non-compete agreement? A non-compete agreement is…

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Electronic Signatures Become a Permanent Feature of the IRS

November 1, 2023

The Internal Revenue Service (IRS) recently updated its guidelines to permanently extend the option for taxpayers and their representatives to use e-signatures on select forms, returns, and documents. This change should make filing a little faster and easier for taxpayers, cut down on the necessity for in-person interaction, and help reduce unnecessary use of paper.…

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FASB Incorporates SEC Directives in New Accounting Update

October 30, 2023

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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Chatbots, Tax Evasion, and Big Data — How AI is Transforming the IRS

October 27, 2023

In September, the IRS sparked debate when it announced that it would be using funding from the Inflation Reduction Act to integrate Artificial Intelligence (AI) into its operations. While the move promises to enhance efficiency, streamline processes, and offer more accurate data handling, the move has been met with a mix of support and skepticism…

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Massachusetts Eliminates Taxation on Full Value of Smaller Estates

October 6, 2023

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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IRS Tax Relief Helps Maine and Massachusetts Residents Weather the Storm

October 2, 2023

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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