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 […]
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Employee Retention Tax Credit
As we roll into tax season, a tax credit that began in the early days of COVID is back in […]
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 […]
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 […]
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 […]
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 […]
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 […]
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Recently, we wrote about new draft guidance from the IRS that makes it easier for partnerships and S corporations to […]
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 […]
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 […]
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 […]