Employee Retention Credit Update: New guidance from the IRS
Ryan J. McDonell, CPA, MSA Tax Manager The Employee Retention Credit (ERC) is still very important for many American businesses that continue to take advantage of the COVID-19-era tax break. However, recent events have caused the IRS to halt the processing of new...Massachusetts tax overhaul raises estate tax exemption, closes ‘millionaire’ loophole
Ryan J. McDonell, CPA, MSA Tax Manager Gov. Maura Healey recently signed a $951 million tax package that will impact businesses and individuals in the Commonwealth by raising the estate tax exemption and closing a potential “millionaire tax” loophole. Some...Massachusetts implements charitable giving tax deduction
Massachusetts has revived the charitable giving tax deduction for state income tax filers for the 2023 tax year, so taxpayers will have an additional tax break when they file their returns next year. And the commonwealth’s nonprofits are happy about the prospect that it may encourage more charitable giving.