Insights/News

Dec 5 2024

Form 1099 Filing Requirements and Important Changes for 2024

2024-12-05T19:03:05-05:00December 5, 2024|

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 [...]

Dec 5 2024

Important Update: Corporate Transparency Act Blocked Nationwide

2024-12-05T18:30:37-05:00December 5, 2024|

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 [...]

Nov 25 2024

Governor Healey Signs $4 Billion Economic Development Bill into Law: A Win for Nonprofits

2024-12-02T15:12:07-05:00November 25, 2024|

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 [...]

Nov 25 2024

IMPORTANT: BOI Filing Reminder

2024-11-25T10:30:16-05:00November 25, 2024|

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 [...]

Nov 21 2024

Understanding ASC 805: Essential Insights for Business Combinations

2024-11-21T13:08:34-05:00November 21, 2024|

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) [...]

Nov 15 2024

Making Home Improvements? You May Qualify for a Substantial Tax Credit

2024-11-15T11:51:50-05:00November 15, 2024|

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 [...]

Nov 1 2024

Financial and Tax Preparedness for Natural Disasters: A Strategic Guide for SMBs and Individuals

2024-11-01T11:21:05-04:00November 1, 2024|

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 [...]

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