As you may be aware, on June 28, 2018, Governor Charlie Baker signed a landmark bill requiring all employers in the state of Massachusetts to provide workers with paid family and medical leave—giving Massachusetts one of the most generous paid family and medical leave programs in the country.
In today's world, we hear about cyber security breaches all the time. They impact businesses of all sizes, from corporate giants like Target and Equifax, to small local businesses. Malicious individuals can gain access to a private network through any number of weak points, causing real damage to the business and their clients—damage that is often extremely expensive to repair, and can be irreparable in terms of reputation.
As you may be aware, the IRS recently provided a safe harbor to determine when a rental real estate enterprise will qualify as a trade or business, and thus able to receive the 20% Qualified Business Income (QBI) tax deduction. This IRS notice states that a rental enterprise will be treated as a qualifying trade or business if the following three requirements are met:
When it comes to their retirement accounts, many investors often fail to think about required minimum distributions (RMDs). That oversight can lead to unnecessary tax burdens and other financial issues. In order to handle RMDs effectively, an understanding of the rules—and common errors people make—can be beneficial.
Have you heard the terms “Section 199A” or “QBI Deduction” this tax season and wondered what they meant, or whether they will impact your taxes? You’re not alone.
The Tax Cuts and Jobs Act (TCJA) created a new tax deduction for business owners and others, called the Section 199A Qualified Business Income (QBI) Deduction. Since its release, there has been much confusion about the rules of this deduction, even in the tax world. In August, the IRS and the Department of the Treasury released some additional guidance, and in October, held a public hearing to field comments and questions.
On January 18, 2019, The IRS and the Treasury issued final regulations to clarify and update the proposed rules. Here’s a high-level overview:
The Tax Cuts and Jobs Act (TCJA) is the most comprehensive tax reform our country has seen in more than 3 decades, bringing broad and complex changes to businesses in every industry.
With more and more technology firms calling the Boston area home, I thought it might be helpful to discuss some of the implications of the TCJA specific to the tech world.