Short-Term Rentals and Self-Employment Tax: What Landlords Need to Know

As long as people have owned property, they have earned income by renting it out to others, both for long-term […]

Posted By Tonneson
In Individual Tax
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March 16, 2023Posted By Tonneson
Business Tax

Employee Retention Tax Credit

As we roll into tax season, a tax credit that began in the early days of COVID is back in […]

March 7, 2023Posted By Tonneson
IRS Updates

How will the IRS Spend its $80 Billion Windfall?

Among the provisions of the Inflation Reduction Act of 2022 was an appropriation of $80 billion for the Internal Revenue […]

February 27, 2023Posted By Tonneson
Individual Tax

The Massachusetts Millionaire Tax: Could a Loophole Cost the State Millions?

Remember the Millionaire Tax? Last fall, we wrote about an amendment to the state constitution intended to raise state revenue […]

February 20, 2023Posted By Tonneson
Business Tax

New Rules in 2023 Take a Bite out of Business Meal Deductions

If you’ve splurged on expensive meals for business associates or sprung for high-priced tickets to sporting events or concerts for […]

February 15, 2023Posted By Tonneson
Individual Tax

Navigating the Nanny Tax: What Household Employers Need to Know

Many households employ childcare providers, housekeepers, gardeners, and other types of domestic help. Relatively few taxpayers, however, are familiar with […]

February 8, 2023Posted By Tonneson
Business Tax

Highlights of New Guidance for the Corporate Alternative Minimum Tax (CAMT)

Just in time for tax season, on December 27, 2022, the IRS released  Notice 2023-7, which provides interim guidance for […]

February 6, 2023Posted By Tonneson
IRS Updates

Domestic Partnerships Get a Break on Tax Forms With New IRS Instructions

Recently, we wrote about new draft guidance from the IRS that makes it easier for partnerships and S corporations to […]

January 31, 2023Posted By Tonneson
IRS Updates

New IRS Depreciation Limits for Automobiles Mean Possible Deductions for Businesses

If you own a car—or a fleet of cars—that you use for business, you should be aware that the IRS […]

January 23, 2023Posted By Tonneson
IRS Updates

IRS Announces Higher Mileage Rates for 2023

On December 29, 2022, the IRS increased the standard mileage deduction rate for vehicles used for business in 2023 to […]

January 16, 2023Posted By Tonneson
IRS Updates

Treasury Offers Foreign Banks and US Citizens Abroad Temporary Relief from FATCA

On December 30, 2022, the Treasury Department issued Notice 2023-11, guidance aimed at helping foreign banks and US citizens living […]

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