Jonathan Hitter Archives - Walter Shuffain

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…

The Role of Tax Planning in Sustainable Business Growth

Written by: William Cooper, CPA For many business owners, taxes often represent a hurdle to clear rather than a strategic asset to leverage. However, those who look beyond mere compliance can unlock the transformative power of tax planning as a…

Navigating the Massachusetts Millionaire’s Tax: Implications for High-Net-Worth Individuals with Multi-State Real Estate

Written by: Jonathan C. Hitter, CPA, MST, CGMA and Angela Parziale, CPA, MST The Massachusetts Millionaire’s Tax, a significant fiscal policy aimed at taxing the state’s wealthiest individuals, has become a pivotal factor for high-net-worth individuals (HNWIs) considering their residency…

We May Never See a Better Environment for Transferring Wealth … Here’s Why

It may seem that there will always be time to address estate planning. However, a unique opportunity to maximize the amount of wealth that can be tax-efficiently passed to heirs will expire at the end of 2025. Furthermore, legislation could…

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,…

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…

6 Options for Easing the Impact of the Massachusetts Millionaire’s Tax

Written by: Jonathan Hitter, CPA, MST, CGMMA In the November 2022 General Election, Voters approved an amendment to the Massachusetts Constitution, nicknamed the ‘Millionaire’s Tax.’ Starting in 2023, an additional 4% income tax will be placed on any ‘portion of…

IRS Announces Retirement Plan Contribution Limits for 2023

Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…

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