Two Recent Updates for Massachusetts Personal Income Tax Deductions

There are two new updates to the Personal Income Tax Deductionsallowed in Massachusetts: For the 2023 tax year, MA taxpayers will be allowed to claim a tax deduction on their personal income tax return for charitable contributions. After being suspended for more than...

New Year-End Tax Reporting Rules for Digital Assets on the Horizon

The IRS recently issued proposed regulations requiring brokers to provide reports of digital asset transactions, including cryptocurrency sales, to their customers at year-end. Per the proposed regulations, beginning with the 2025 tax/calendar year, brokers that...

3rd Quarter Estimates Due 9/15

Third quarter estimated taxes are due 9/15.  If we set up for you to pay quarterly estimates, you should have recently received your personalized estimate reminder in the mail or by email through your Tax Caddy portal. For anyone paying estimated taxes, we now...

Property and Casualty Insurance For Your Practice

Every practice owner needs to purchase a variety of property and casualty insurance products.  For your malpractice insurance, business liability insurance, and workers compensation insurance: Do you have the proper coverage for each of these types of insurance? Are...

IRS Issues Stern Warning To Business Owners Who Overstate Their ERC

From IRS News IR-2023-49, March 20, 2023 In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams. For the start...