Can You Improve Your Tax Break by Applying the Research Credit Against Payroll Taxes?

The credit for increasing research activities, often referred to as the research and development (R&D) credit, is a valuable tax break available to certain eligible small businesses. Claiming the credit involves complex calculations, which we’ll take care of for you.

What Is The Best Accounting Method Route For Business Tax Purposes?

There are two accounting method options when it comes to calculating the taxable income of a business: the cash method and the accrual method. Many businesses have a choice of which method to use for tax purposes. The cash method often provides significant tax benefits for eligible businesses, though some may be better off using the accrual method. It can be beneficial for your business to re-evaluate your accounting method, to ensure that it’s the most advantageous approach for your specific situation.

Gift and Estate Tax Exemptions Updated for 2024

As of January 1, 2024, the federal lifetime gift and estate tax exemption amount has increased to $13.61 million per person (up from $12.92 million in 2023). This means that individuals may now transfer up to $13.61 million - tax-free - during their lifetime or at death. Married couples may now transfer up to $27.22 million with proper estate planning.

How Dashboards Drive Growth

Do you have your finger on the pulse of your company’s financial health? Having insight into your financial data is key to making strategic decisions that can increase your company’s efficiency and profitability. Financial dashboards are valuable tools to help you gain this insight.

ERTC Crackdown: What You Can Do if Your Business Submitted a Problematic Claim

The Employee Retention Tax Credit (ERTC) was introduced during the pandemic, when COVID-19 temporarily closed many businesses. The credit provided cash that helped enable struggling businesses to retain employees. Although the ERTC expired for most employers at the end of the third quarter of 2021, it could still be claimed on amended returns after that.

2024 M&A Outlook

After a slow year, the landscape of Mergers & Acquisitions (M&A) appears poised for a significant surge. With global economies stabilizing post-pandemic and a renewed sense of optimism prevailing in the business world, companies are gearing up to capitalize on strategic opportunities and drive growth through acquisitions.

Should Your Business Offer the New Emergency Savings Accounts to Employees?

As part of the SECURE 2.0 law, there’s a new benefit option for employees facing emergencies. It’s called a pension-linked emergency savings account (PLESA) and the provision authorizing it became effective for plan years beginning January 1, 2024. The IRS recently released guidance about the accounts (in Notice 2024-22) and the U.S. Department of Labor (DOL) published some frequently asked questions to help employers, plan sponsors, participants and others understand them.

2024 Q1 Tax Calendar: Key Deadlines for Businesses and Other Employers

Here are some of the key tax-related deadlines affecting businesses and other employers during the first quarter of 2024. Keep in mind that this list isn’t all-inclusive, so there may be additional deadlines that apply to you. If you have questions about filing requirements, contact us. We can ensure you’re meeting all applicable deadlines.

Your Year-End Closing Checklist

The end of the year is a critical time for your business. Accurately and efficiently closing your books at year-end is essential to success – helping you analyze the decisions you’ve made in the past year, remedy any issues, and make informed decisions for the year to come, as well as preparing the business for proper tax reporting and filing.

Key Federal and Massachusetts Estate Tax Thresholds for 2023

The United States has taxed the estates of decedents since 1916, and gifts since 1924, with tax rates and exemption levels that have varied greatly over the last two decades.