*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…
Treasury Announces Long-Awaited Final Rules on Electric Vehicle Tax Credits
On May 3, 2024, the U.S. Treasury Department unveiled the final IRS regulations for the electric vehicle (EV) tax credit of up to $7,500 for new and previously owned EVs. These new requirements are intended to enhance aspects of the…
IRS Issues Draft Form for Reporting Digital Asset Proceeds from Broker Transactions
Written By: Eric Gashin, CPA, MBA On April 19, 2024, the IRS published draft Form 1099-DA for reporting digital asset proceeds from broker transactions. The draft form is to be furnished by brokers of digital assets beginning in 2025. The…
Navigating State Tax Credits and Incentives for Business Expansion
Written by: Jonathan C. Hitter, CPA, MST, CGMA Navigating through various financial strategies is essential for any business owner aiming to enhance profitability and ensure sustainable growth. These financial benefits, offered by state governments, are designed to spur economic development…
Employee Retention Credit: Prompt Response Necessary as IRS Sharply Increases Compliance Action Through Taxpayer Audits
Written By: Jonathan C. Hitter, CPA, MST, CGMA To combat a wave of frivolous employee retention credit (ERC) claims, the IRS has sharply increased compliance action through audits and criminal investigations, with more activity planned in the future. In this…
Private Fund ‘Adviser-Led Secondary Transactions’ and Related Tax Considerations
The Securities and Exchange Commission (SEC) last year adopted regulations governing potential conflicts of interest inherent in “adviser-led secondaries transactions” initiated by private fund investment advisers. In addition to these new SEC regulatory requirements, there are important tax considerations for…
Strategies for Managing Capital Gains in Business
Written by: Jonathan O. Yorks, CPA Navigating the realm of capital gains and optimizing tax outcomes require strategic thinking and informed decision-making. Understanding and employing effective capital gains tax strategies is crucial for businesses contemplating asset sales or long-term investments.…