On May 22, 2025, the U.S. House of Representatives passed the “One Big Beautiful Bill Act” (H.R.1), a sweeping proposal to extend or modify several tax provisions originally enacted under the 2017 Tax Cuts and Jobs Act (TCJA), many of…
The 65-Day Rule: A Strategic Tax Planning Tool for Trusts
In trust taxation, the timing of distributions can significantly influence tax outcomes, particularly for complex trusts. The “65-day rule” is a key provision that allows trustees to optimize tax planning. This rule enables trustees of complex trusts to treat distributions…
Section 83(b) Made Easy: What the New IRS Form Means for You
Written by: Eric Gashin, CPA, MBA If you’ve ever received stock or other property as part of your compensation, you might have heard of the Section 83(b) election. This election allows you to include income and pay the tax in…
What the IRS Inflation Adjustments for 2025 Mean for You
Every year, the IRS adjusts tax rules to account for inflation. These changes are meant to ensure fairness and prevent people from paying more taxes solely because of rising costs. For 2025, the IRS has updated tax brackets, deductions, credits,…
Tax Planning Tips for Digital Businesses and E-commerce
Tax planning for digital and e-commerce businesses brings unique challenges and opportunities. Effective tax management can be tricky with diverse revenue streams, cross-border sales, and constantly evolving regulations. Here’s a guide to navigating the tax landscape and making the most…
Navigating Tomorrow: Year-End Tax Strategies for Business Owners
As we near year-end, proactive tax planning becomes more crucial than ever for businesses and family offices with complex tax portfolios. While 2024 hasn’t brought significant legislative tax changes, foundational tax strategies remain invaluable. With potential transactions and evolving state…
Adapting to Massachusetts’ Estate Tax Changes
*Please note that tax laws and regulations may change, and it’s always best to consult your advisor for the latest guidance. This article is accurate as of October 29, 2024. On October 4, 2023, Massachusetts Governor Maura Healy signed a…
Supreme Court Ruling on Taxation of Corporate-Owned Life Insurance: What Business Owners Need to Know
Written by: William Cooper, CPA On June 6, 2024, the Supreme Court issued a ruling in Connelly v. United States that has significant implications for privately held business owners. The Court unanimously decided that the value of company-owned life insurance…
IRS Adopts Final Digital Asset Tax Reporting Rules with Some Revisions
The IRS on June 28 issued final regulations on information reporting for digital asset transactions. The final regulations require “brokers” to report gross proceeds, cost basis, and gain or loss on sales and exchanges of digital assets, including cryptocurrency, stablecoins,…
The Tax Advantages of Inheriting a Home Over Gifting
Written by: David Bryant, CPA A common question, and one where many taxpayers often make mistakes, is whether it is better to receive a home as a gift or as an inheritance. Generally, from a tax perspective, it is more…