Charles R. Kennedy, CPA, MBA Vice President & Director of Tax Services Complex rules govern excess business loss deductions, so claiming this deduction may not be as simple as it sounds. But that depends a lot on your income, filing status and other circumstances....
Charles R. Kennedy, CPA, MBA Vice President & Director of Tax Services Gov. Maura Healey on July 28 signed the FY2025 state budget, approving several measures that will impact taxpayers in the commonwealth. The budget, which includes sweeping policy changes,...
Ryan J. McDonell, CPA, MSA Tax Manager Many people dream of turning a hobby into a business. Perhaps you enjoy cooking and would like to market some of your culinary creations. Or maybe you’d like to turn your crafting or photography skills into an income-producing...
Charles R. Kennedy, CPA, MBA Vice President & Director If you own your company and travel for business, you may wonder if you can deduct the cost of taking your spouse on a business trip. The answer is, probably not, unless your spouse is an employee and fulfills...
The IRS has imposed a moratorium on new Employee Retention Credit (ERC) filings due to a surge of fraudulent and questionable claims. The moratorium on new filings for the Covid-19-era relief program for businesses was announced on Thursday, Sept. 14, 2023, and is...
It’s been a volatile year for investments, and many taxpayers may deal with the tax impact of significant gains or losses. But nothing is decided tax-wise until year end when the final results of your trades will reveal your 2023 tax situation. Here’s what you need to...
