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When the Tax Cuts and Jobs Act (TJCA) was enacted in 2017, it limited the amount of state and local taxes (SALT) that individuals can deduct for federal income tax purposes to $10,000 (or $5,000 for a married individual filing separately). This “SALT cap” has brought on a flurry of legislative action as states enact Pass-Through Entity (PTE) tax elections that allow owners of PTEs such as S-Corporations and Partnerships to bypass the SALT cap by allowing their share of taxes to be paid by the entity at the entity level, and therefore lowering the owner’s federal income tax liability.

Are employees at your business traveling again after months of virtual meetings? In Notice 2021-52, the IRS announced the fiscal 2022 “per diem” rates that became effective October 1, 2021. Taxpayers can use these rates to substantiate the amount of expenses for lodging, meals and incidental expenses when traveling away from home. (Taxpayers in the transportation industry can use a special transportation industry rate.)

The Workforce Training Fund Program helps address business productivity and competitiveness by providing resources to Massachusetts businesses to fund training for current and newly hired employees.

The week of September 13-17 has been declared National Small Business Week by the Small Business Administration. To commemorate the week, here are three tax breaks to consider.

If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

Perhaps you operate your small business as a sole proprietorship and want to form a limited liability company (LLC) to protect your assets. Or maybe you are launching a new business and want to know your options for setting it up. Here are the basics of operating as an LLC and why it might be appropriate for your business.

As we discussed in the first post in our 3-part 401(k) plan audit blog series, companies that have an employee benefit plan with 100 or more participants are required by ERISA (the Employee Retirement Income Security Act of 1974) to have an annual audit by an independent public accountant. However, in many cases plan managers may choose to engage in a limited-scope audit instead of a full-scope audit. In this last post in our series on 401(k) audits, we’ll discuss the differences between limited scope and full scope audits, and how to tell which is right for your company.

Do you play a major role in a closely held corporation and sometimes spend money on corporate expenses personally? These costs may wind up being nondeductible both by an officer and the corporation unless proper steps are taken. This issue is more likely to arise in connection with a financially troubled corporation.

The Small Business Administration (SBA) announced Tuesday that they have awarded more than $7.5 billion in Shuttered Venue Operator Grants (SVOG) to approximately 10,000 live entertainment venues, small businesses, and non-profits.

The Commonwealth of Massachusetts has a new temporary sick leave program related to COVID-19. Under Chapter 16 of the Acts of 2021 (An Act Providing for Massachusetts COVID-19 Emergency Paid Sick Leave), employers are now required to make paid leave time available to employees for COVID-related illnesses, quarantine, and vaccinations. Employers may then apply for reimbursement from the state.