Tax Services Archives - Page 4 of 11

Tax Planning for Business Profitability

In today’s competitive business landscape, understanding the intricate world of tax regulations is more than just compliance – it’s a strategic imperative for maximizing profitability. Effective tax planning is a vital component of financial management for business owners, influencing key…

New Requirement to Cover Long-Term Part-Time Employees in 401(k) Plans Enters Into Effect

The Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act of 2019) and the SECURE 2.0 Act of 2022 (collectively, SECURE) enacted a new mandate that, starting in 2024, long-term, part-time (LTPT) employees must be allowed to…

Begin Your Tax Planning Journey Here

Effective tax planning is essential in today’s business and personal financial landscape. As we quickly approach year-end, there is no time to waste. Businesses, individuals, and family offices should assess their 2023 and 2024 tax situations to uncover opportunities for…

2023 Year End Guide – Business Incentives & Tax Credits

Employee Retention Credit The employee retention credit (ERC) is a refundable payroll tax credit for wages and health plan expenses paid or incurred by an employer (1) whose operations were either fully or partially suspended due to a COVID-19-related governmental…

2023 Year-End Guide – Financial Transactions

The tax rules dealing with financial transactions and instruments can be complicated, but failure to understand these rules and their application to your business’s transactions could result in negative tax consequences or forgone opportunities. As part of year-end planning and…

2023 Year-End Guide – Partnerships

The IRS, in the past year has been actively challenging partnerships’ tax positions in court – from the valuation of granted profits interests to limited partner self-employment exemption claims and the structuring of leveraged partnership transactions. At the same time,…

IRS Releases Substantive Guidance on the Treatment of Research and Experimental Expenditures Under Section 174

On September 8, 2023, the IRS released pre-regulatory guidance concerning the requirement to capitalize and amortize specified research and experimental (SRE) expenditures under Internal Revenue Code Section 174, as revised by the 2017 Tax Cuts and Jobs Act (TCJA). Notice…

2023 YEAR-END TAX PLANNING FOR INDIVIDUALS

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach year end, now is…

Massachusetts Corporate and Individual Tax

Massachusetts Enacts Corporate and Individual Tax Changes

On October 4, 2023, Massachusetts Gov. Maura Healy signed H. 4104 to enact numerous business and individual tax changes. The more significant changes include adopting single-sales-factor apportionment for all corporate taxpayers, changing the sourcing of financial institution receipts from investment and trading,…

Massachusetts Governor Signs $1 Billion Tax Relief Bill

Written by: Jonathan C. Hitter, CPA, MST, CGMA On October 4, 2023, Massachusetts Governor Maura Healey signed into law a historic tax relief package to provide substantial financial relief to the state’s residents. The $1 billion Massachusetts Tax Relief Bill,…

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