As the year-end approaches, we wanted to provide you with some reminders regarding Form 1099 filing requirements along with some important 2024 changes. Form 1099 Reporting Requirements (Information Returns) There are a number of different 1099 forms that report various types of payments. Below is a list of the [...]
We want to inform you about a significant legal development regarding the Corporate Transparency Act (CTA). A federal court in Texas has issued a nationwide injunction blocking the implementation of the CTA and its requirement for businesses to report beneficial ownership information to the Treasury Department. This ruling, issued [...]
On November 20th, Governor Healey signed a transformative $4 billion economic development bill into law. Among its many provisions, the bill includes significant updates to the financial statement threshold reporting requirements of nonprofit organizations. Thanks to advocacy efforts led by MassCPAs and the Massachusetts Nonprofit Network, the bill introduces [...]
As 2024 quickly comes to a close, we want to ensure all our clients are prepared for a successful 2025. The BOI reporting requirement, effective January 1, 2024, is part of the Corporate Transparency Act (CTA) of 2021. This law mandates that most small businesses report their ownership information [...]
Mergers and acquisitions (M&A) can be transformative, offering companies opportunities to expand strategically, align with complementary businesses, and increase market share. However, with the potential rewards come significant risks and complexities, particularly regarding accounting practices. The Financial Accounting Standards Board (FASB) created Accounting Standards Codification Topic 805 (ASC 805) [...]
The Internal Revenue Code Section 25C credit, also known as the Energy Efficient Home Improvement Credit, is a valuable tax incentive for homeowners who make qualifying energy-saving improvements to their existing homes. This credit has undergone several modifications since its inception in 2006, with significant changes introduced by the [...]
As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it's about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning [...]
Natural disasters can strike with little warning, leaving a lasting impact on both personal and business finances. Whether it's a hurricane, wildfire, or flood, the financial toll can be substantial. However, by taking a proactive approach, small and medium-sized businesses (SMBs) and individuals can minimize disruptions and recover more [...]
The Form 706, also known as the United States Estate (and Generation-Skipping Transfer) Tax Return, is a critical document in estate planning and tax management. One of its significant features is the portability election, which allows a surviving spouse to utilize their deceased spouse's unused estate tax exclusion amount. [...]
In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven't fully utilized these features yet, it's time to revisit them and streamline your collections process. Here’s an updated guide [...]
