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K-2 and K-3: The New International Reporting Requirement

The IRS has made significant changes this year that will impact many pass-through entities (Partnerships and S Corporations) regarding how […]

Posted By Tonneson
In Business Tax, International Tax
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February 7, 2022Posted By Tonneson

New Rules on Claiming Foreign Tax Credits

On November 12, 2021, the U.S. government released an update on how to claim foreign tax credits. Effective with the […]

December 30, 2021Posted By Tonneson

Massachusetts Enacts PTE Elective Excise as Workaround to $10k SALT Cap

Massachusetts enacted HB 4009 on September 30, 2021, becoming another state to give pass-through entities (PTEs) the option to be […]

December 10, 2021Posted By Tonneson

Year-End Tax Letter 2021

Our 2021 Year-End Tax Letter outlines important guidelines for compliance with federal and state rules of taxation and reporting requirements. […]

March 15, 2021Posted By Tonneson

Good News for MA Pass-throughs Regarding Taxability of Forgiven PPP Loan Proceeds

On January 21, we wrote to you regarding the treatment of forgiven Paycheck Protection Program (PPP) loan proceeds for Massachusetts […]

March 11, 2021Posted By Tonneson

American Rescue Plan Act Signed Into Law

The American Rescue Plan Act (ARPA) was signed by President Biden on March 11. The tax provisions in the new […]

March 1, 2021Posted By Tonneson

American Rescue Plan Act passed by the House

On Saturday, February 27, the House passed the $1.9 Trillion American Rescue Plan Act (ARPA) of 2021 (H.R. 1319) which […]

January 14, 2021Posted By Tonneson

SBA Opens Applications to More Lenders on Friday and Monday

The Small Business Administration (SBA) has announced that lenders with $1 billion or less in assets can start making Paycheck […]

January 7, 2021Posted By Tonneson

What’s New for PPP Loans under the CAA

On December 27, President Trump signed the Consolidated Appropriations Act (CAA) which was in part enacted to further assist small […]

December 22, 2020Posted By Tonneson

More on the Consolidated Appropriations Act 2021

Earlier today we reported that the Consolidated Appropriations Act 2021, H.R. 133 was passed by Congress and is awaiting the […]

December 22, 2020Posted By Tonneson

Consolidated Appropriations Act – New PPP Provisions

Last night, both the House and the Senate voted to pass the Consolidated Appropriations Act 2021, which President Trump is […]

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