Will The New SECURE 2.0 Law Impact Your Business?

If your small business has a retirement plan—and even if it doesn’t—you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. Provisions in the law will kick in over several years.

ERC Claims - Too Good To Be True?

The Employee Retention Credit (ERC) was a valuable tax credit that helped employers that kept workers on staff during the height of the COVID-19 pandemic. While the credit is no longer available, eligible employers that haven’t yet claimed it might still be able to do so by filing amended payroll returns for tax years 2020 and 2021.

Massachusetts Approves Millionaires Tax: What It Means for Taxpayers

During this week’s midterm election, Massachusetts voters approved Question 1 – an amendment to the state’s constitution that will increase taxes for the commonwealth’s wealthiest residents.

9 Key Impacts of the Inflation Reduction Act

In August, President Joe Biden signed the Inflation Reduction Act of 2022 into law. While the legislation is focused primarily on fighting climate change and making health care and prescription drugs more affordable, it also has some significant tax impacts.

Eligible Massachusetts Taxpayers Will Receive a 13% Tax Refund This Fall

This November, millions of Massachusetts taxpayers could receive an automatic state refund, under a little-known law called Chapter 62F.

Work Opportunity Tax Credit Provides Help to Employers

In today’s tough job market and economy, the Work Opportunity Tax Credit (WOTC) may help employers. Many business owners are hiring and should be aware that the WOTC is available to employers that hire workers from targeted groups who face significant barriers to employment. The credit is worth as much as $2,400 for each eligible employee ($4,800, $5,600 and $9,600 for certain veterans and $9,000 for “long-term family assistance recipients”). It’s generally limited to eligible employees who begin work for the employer before January 1, 2026.

PPP Payment Deferral Period is Coming to an End for Early Borrowers

If you were an early Paycheck Protection Program (PPP) borrower who has not yet applied for forgiveness, your loan payments may be due soon.

President Biden Announces Revised Build Back Better Framework

Like the rest of the country, we have been waiting to learn what President Biden’s federal tax proposal will look like, and how it will impact individuals and businesses. On October 28, 2021 Biden announced a new version of the Build Back Better (BBB) framework that outlines spending provisions of $1.75 trillion over ten years, and revenue offsets of up to $2 trillion during that time period. 

Infrastructure Investment and Jobs Act Retroactively Terminates the ERTC

The Infrastructure Investment and Jobs Act (IIJA), which is currently waiting to be signed by President Biden, would retroactively end the Employee Retention Tax Credit (ERTC) as of September 30, 2021.

Massachusetts Enacts Pass-Through Entity Tax Election Effective for 2021

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.