No one wants to face an IRS audit, yet certain mistakes during tax season can increase your chances of being flagged. Here are five common missteps to avoid:
Zachary Shea
Recent Posts
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. Massachusetts is one of several states in the country that has a state estate tax. As we approach year end, I thought it would be helpful to outline some key forms and current thresholds relating to estate & gift tax.
In business and investment activities, it is often necessary to create partnerships, or multi-member LLCs that are treated as partnerships, for tax purposes. These entities offer several federal income tax advantages, the most important of which is pass-through taxation. They also must comply with unique and sometimes complicated federal income tax rules.
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.
Government officials saw a large increase in the number of new businesses launched during the COVID-19 pandemic. And the U.S. Census Bureau reports that business applications are still increasing slightly (up 0.4% from April 2023 to May 2023). The Bureau measures this by tracking the number of businesses applying for Employer Identification Numbers (EINs).
Last week, Massachusetts lawmakers Dylan Fernandes and Josh Cutler filed legislation to create a pilot program studying the concept of a 4-day work week.
How much can you and your employees contribute to your 401(k)s next year — or other retirement plans? In Notice 2022-55, the IRS recently announced cost-of-living adjustments that apply to the dollar limitations for pensions, as well as other qualified retirement plans for 2023. The amounts increased more than they have in recent years due to inflation.
Businesses can provide benefits to employees that don’t cost them much or anything at all. However, in some cases, employees may have to pay tax on the value of these benefits.
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best of both worlds.
