Hiring? You Could Be Eligible for the Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC) is a Federal tax credit created as an incentive to employers to hire individuals from certain target groups that have consistently faced significant barriers to employment. The Consolidated Appropriation Act of 2021 extended the WOTC until December 31, 2025, giving employers additional time to make qualifying hires and claim the credit.

2021 Advance Child Tax Credit Payments: Everything You Need to Know

Starting this summer, many families will receive advance payments of their child tax credit, thanks to changes made in The American Rescue Plan Act (ARPA).

New York State Enacts Highly Anticipated Pass-Through Entity Tax

On April 19, New York State passed a budget bill that included a Pass-Through Entity (PTE) tax election that impacts partnerships, limited liability companies treated as partnerships, and S-corporations.

New COVID-19 Relief Provides Tax Benefits for Small Businesses and Individuals in Massachusetts

On April 1, Massachusetts Governor Charlie Baker signed into law a new COVID-19 relief legislation package with tax impacts for small business owners and individuals.

Round Three of Stimulus Payments: Everything You Need to Know

Last week President Biden signed the American Rescue Plan Act, which included many relief provisions for taxpayers, including a third round of economic impact payments. Like the first two rounds, taxpayers will not need to take any action to receive their stimulus payment.

Change of State Residency and Important Considerations

Clients and many taxpayers often wonder whether it might be beneficial in retirement or while still working to change their place of residency as a way to minimize their current and future state tax obligations, or as part of their long-term strategy to minimize estate taxes to a more tax-friendly state. While most states tax all or a portion of the income of their residents, certain states like Alaska, Florida, Nevada, South Dakota, Texas, Washington, and Wyoming have no state income tax, and New Hampshire and Tennessee do not tax earned wages. These and other states may not have “state” estate and/or inheritance tax as well, making them very appealing for those looking to change their residency in the long-term. 

1099 Filings: Upcoming Deadlines and Important Changes for Businesses

As a CPA firm, we prepare 1099 forms for many of our clients, and as the deadlines for these filings approach, we thought it would be beneficial to provide an overview of the 1099 process and upcoming deadlines, as well as some important changes that take effect this year.

Estate Tax & Gifting in Massachusetts

Taxpayers often utilize gifting as part of their estate plan. However, determining the applicability of the Massachusetts estate tax can lead to some unexpected results when there are lifetime gifts.

Key Considerations for Tax Planning in Light of Biden’s Proposed Tax Plan

With the election behind us, and tax season ahead of us, tax planning is at the forefront of the minds of many. Although President Elect Joe Biden has shared his proposed tax plan, much is still up in the air as we await the January runoff elections to determine control of the US Senate.

Impacts of Your PPP Loan on Year End Tax Planning

Since the inception of the Paycheck Protection Program (PPP), there have been many questions around the taxability of loan proceeds. As we approach the end of the year, it is imperative to consider the details of your PPP loan in regard to year-end tax planning.