Individual Tax

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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Crossing Borders, Cutting Costs? What to Consider When Moving to Another State

March 8, 2024

Last November, Jeff Bezos made headlines when he moved from Washington State to Florida. He said he was moving to be closer to family and his new business, Blue Origin, but journalists were quick to point out that there might have been another reason: Washington has a 7% capital gains tax, and Bezos had announced…

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Closing the Tax Gap: How the IRS is Cracking Down on Tax Evasion

January 31, 2024

Flush with a cash infusion from the Inflation Reduction Act of 2022, the IRS is using its new funds to provide better service to taxpayers, implement new technology, and intensify its enforcement efforts. As part of its enforcement efforts, the Service is closely scrutinizing partnerships, corporations, and high-wealth individuals to enhance tax compliance and crack…

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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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Taxation without Realization? Why Moore v. United States Matters to Taxpayers

October 18, 2023

Could a $14,000 tax bill turn into a multi-billion-dollar headache for the government? It’s starting to look that way. In June, the Supreme Court agreed to hear Moore v. United States, which, depending on how the Court rules, could have profound impact on tax revenue and important implications for Congress’s ability to levy certain taxes.…

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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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Short-Term Rentals and Self-Employment Tax: What Landlords Need to Know

March 21, 2023

As long as people have owned property, they have earned income by renting it out to others, both for long-term living and for short-term stays. In the last decade and a half, however, the short-term rental market has exploded. As rental brokers like VRBO and Airbnb have gained in popularity, more people than ever are…

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The Massachusetts Millionaire Tax: Could a Loophole Cost the State Millions?

February 28, 2023

Remember the Millionaire Tax? Last fall, we wrote about an amendment to the state constitution intended to raise state revenue without impacting lower-income taxpayers. The amendment passed with 52% of the vote in November and went into effect on January 1, 2023. Now it’s back in the news as the Mass Budget and Policy Center…

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Navigating the Nanny Tax: What Household Employers Need to Know

February 15, 2023

Many households employ childcare providers, housekeepers, gardeners, and other types of domestic help. Relatively few taxpayers, however, are familiar with the tax issues around paying them. It’s easy to assume that people you employee for household help qualify as independent contractors and that you just need to pay them a wage and let them take…

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