Written by: Michael Cooper, CPA Have you ever received a surprise income tax bill? You’re not alone. According to an analysis of IRS data, just over one-fifth (21%) of U.S. taxpayers owe the IRS money each year. And while owing…
Business Tax Implications of the Inflation Reduction Act (IRA)
The House of Representatives passed The Inflation Reduction Act (IRA) Friday, August 12, and President Joe Biden signed into law August 16. The legislation, which is a pared-down version of the proposed Build Back Better plan, was passed through the…
Vacation Homes & Your Taxes
*Updated on March 18, 2025 Written by: Erik Bredberg Do you own a vacation home? If so, you may be able to deduct a number of expenses on your tax return. The tax treatment depends on whether you use the…
Tax-Free Capital Gains: Understanding the Qualified Small Business Stock Gain Exclusion
Written by: David Cooper, Joseph Bellante, and Mark Trunfio Many high-net-worth individuals are unaware of an incredibly valuable tax incentive: Section 1202 of the Internal Revenue Code, also known as the qualified small business stock gain exclusion. This tax-planning tool…
IRS Increases Mileage Rates Reimbursements for Second Half of 2022
The Internal Revenue Service will raise the optional standard mileage rate for the final six months of 2022 to help offset the rise in gas prices nationwide. The new rates to calculate the deductible costs of operating an automobile for…
Where Is the IRS in Working Through the Backlog?
Written by: Jonathan Hitter, CPA, MST, CGMA You may be wondering about your tax return or refund status and worry the IRS’ backlog will impact you. You’re not alone. The IRS reports it had received 91.26 million 2021 tax year…
Massachusetts Millionaires Tax: Planning for High-Income Taxpayers
Written by: Jonathan Yorks, CPA When Massachusetts voters head to the polls this November, one hot button issue on ballots will be the so-called “Massachusetts Millionaire Tax.” This surtax on high-earning taxpayers in the state faces criticism from business leaders…
IRS Offers New Details to Prepare Schedules K-2, K-3
The IRS has provided an additional exception for qualified domestic partnerships and S corporations to file their schedules K-2 and K-3 for tax year 2021 to further ease the transition to these new schedules. The new schedules standardize international tax…
Don’t forget about the Work Opportunity Tax Credit
Note: Congress is considering proposals that could expand the Work Opportunity Tax Credit for certain qualified groups. We will monitor this development and communicate updates as necessary. As a business, tax planning can help create increased cash flow that allows…
Build Back Better May Be Stuck, but How Could It Impact Business Owners?
Build Back Better is one of two pieces of legislation that form the centerpiece of President Biden’s domestic agenda. The first piece — the Infrastructure Investment and Jobs Act — was signed into law in November 2021. Build Back Better (BBB) focuses…