Tax Services Archives - Page 2 of 9

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,…

2023 Year-End Guide – State and Local Tax

With thousands of taxing jurisdictions, from school boards to counties and states, and many different types of taxes, state and local taxation is complex. Each tax type comes with its own set of rules — by jurisdiction — all of…

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,…

IRS Clarifies When Cryptocurrency ‘Staking’ Rewards Are Included in Taxable Income

The IRS has published new guidance regarding the treatment of cryptocurrency staking rewards. In Revenue Ruling 2023-14, the IRS has ruled that staking rewards must be included in gross income for the taxable year in which the taxpayer acquires dominion…

Maximize Your Tax Savings with the Inflation Reduction Act: An Insightful Guide for Real Estate Owners and Developers

Written by: Mark Ravera, CPA In the ever-evolving landscape of real estate tax incentives, staying informed is not just smart – it’s essential. The Inflation Reduction Act is a game-changer allowing real estate owners and developers to enjoy lucrative tax…

Easing The Pain of Research & Experimental (R&E) Expenditure Capitalization

The new Section 174 rules require taxpayers to capitalize and amortize R&E costs incurred in taxable years beginning on or after Jan. 1, 2022. Amortization is calculated using a straight‐line recovery period of either five years for costs incurred in…

There’s still time to claim the Employee Retention Credit

Written by: Jonathan Hitter, CPA, MST, CGMA Are you looking to take advantage of the employee retention credit (ERC)? You’re likely bombarded with ads and solicitations urging you to act now. But before you move forward with the ERC application…

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