Insights/News

Oct 10 2023

Plan Carefully to Avoid GST Tax Surprises

2023-11-09T15:06:28-05:00October 10, 2023|

If you want to share some of your wealth with your grandchildren or great grandchildren — or if your estate plan is likely to benefit these generations — it’s critical to consider and plan for the generation-skipping transfer (GST) tax. Designed to ensure that wealth is taxed at each [...]

Oct 6 2023

Governor Healey Signs $1Billion Tax Relief Bill

2023-11-09T15:11:28-05:00October 6, 2023|

On Wednesday, October 4, 2023, Massachusetts Governor Maura Healey signed into law a widespread tax relief bill. The relief package, which is created to provide $561 million in reductions to individuals and corporations during the current fiscal year, will reach $1 billion in relief by fiscal year 2027 when [...]

Oct 3 2023

Have You Recently Reviewed Your Life Insurance Needs?

2023-11-09T15:18:17-05:00October 3, 2023|

Once upon a time, life insurance played a much larger part in an estate plan than it does now. Why? Families would use life insurance payouts to pay estate taxes. But with the federal gift and estate tax exemption at $12.92 million for 2023, far fewer families currently are [...]

Sep 27 2023

Employee Retention Credit Paused Amid Growing Fraud Concerns

2023-11-09T15:20:52-05:00September 27, 2023|

The Internal Revenue Service (IRS) has announced a moratorium on new claims related to the pandemic-era Employee Retention Credit (ERC, also known as Employee Retention Tax Credit).  The pause on new claims goes into effect immediately and will last until at least 2024. The IRS is currently working through [...]

Sep 19 2023

Selling Your Home for a Big Profit? Here are the Tax Rules

2023-11-09T15:26:06-05:00September 19, 2023|

Many homeowners across the country have seen their home values increase in recent years. According to the National Association of Realtors, the median price of existing homes sold in July of 2023 rose 1.9% over July of 2022 after a couple years of much higher increases. The median home [...]

Sep 12 2023

To File or Not to File a Gift Tax Return, That is the Question

2023-11-09T15:28:03-05:00September 12, 2023|

If you made gifts during 2023, you may be wondering if you need to file a gift tax return during the upcoming filing season. The short answer: There are many situations when it’s necessary (or desirable) to file Form 709 — “United States Gift (and Generation-Skipping Transfer) Tax Return” [...]

Sep 5 2023

Reminder – 2023 3rd Quarter Estimates

2023-11-09T15:29:31-05:00September 5, 2023|

As a reminder, 2023 2nd quarter estimates are due September 15th, 2023. Your 2023 quarterly estimated coupons and instructions would have been included with your completed 2022 tax return if applicable. The 3rd quarter estimate payments can be made on-line or mailed via check and should be postmarked no later [...]

Aug 22 2023

DOL Enforcement to Increase Activity Expected in 2023

2023-11-09T15:34:00-05:00August 22, 2023|

Employee benefit plan sponsors are advised to expect an increase in enforcement activity by the Employee Benefits Security Administration (EBSA) in 2023. The ESBSA has seen a major decrease in enforcement actions for two consecutive years, resulting in a decrease of nearly 50% in the amount of funds recovered [...]

Aug 15 2023

A Guide to Key Changes to the 2023 Form 5500

2023-11-09T15:35:49-05:00August 15, 2023|

The Department of Labor (DOL) released the final changes to Form 5500 relating to the September 2021 notice of proposed form revisions (NPFR) to amend Form 5500.  These changes are effective for plan years beginning on or after January 1, 2023, and will be incorporated into the 2023 Form [...]

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