Tax Planning & Compliance
Megabill Provisions Raise Tax Exposure for Multinationals
The One Big Beautiful Bill Act (OBBBA), enacted in July 2025, introduces broad changes to international tax rules. These adjustments will affect U.S. corporations with foreign subsidiaries, especially those that benefit from favorable tax treatment on foreign income. While some provisions align with expectations tied to the scheduled end of the Tax Cuts and Jobs […]
New Theater Tax Credit Offers Support for Massachusetts Arts Organizations
Designed to encourage local economic activity and nurture the state’s vibrant arts and culture ecosystem, the Commonwealth of Massachusetts has launched a new program that supports performing arts organizations while also bolstering Massachusetts’ reputation as a premier destination for theatrical production. Starting in July 2025, the Massachusetts Live Theater Tax Credit Pilot Program will run […]
Buy-Sell Agreements, Life Insurance & Business Valuation: What Owners Must Know
Business owners are often reluctant to plan for the eventual transition of ownership, even though the need for succession is inevitable, whether it comes through retirement or unforeseen circumstances. Too often, the process is delayed because it feels premature, uncomfortable, or overwhelming. Some believe that having life insurance or a signed agreement in place is […]
Congress Passes Sweeping Tax and Spending Law with Broad Implications for Individuals and Businesses
Congress has passed a sweeping new law that permanently extends and expands key tax provisions, reshapes health and social program eligibility, and revises spending across defense, energy, and federal benefits programs. While many provisions take effect immediately, others will phase in or expire over time. AAFCPAs is analyzing the full scope of the law to […]
Court Upholds Massachusetts Tax on Business Gain After Owner Relocates
In this article: The Massachusetts Appeals Court recently ruled that a tech founder’s $4.7 million stock sale could be subject to state income tax, despite his move out of state. Craig Welch, who co-founded AcadiaSoft, Inc. in 2003, initially held a 50-50 ownership split with one partner, though his interest was diluted over time as […]
IRS to End Paper Checks in 2025
Beginning in September 2025, the federal government will phase out paper checks to the Internal Revenue Service (IRS), ending a long chapter in the way Americans exchange money with the agency. Under a sweeping mandate issued by the U.S. Treasury, all federal disbursements including tax refunds must be paid electronically, and paper refund checks will […]
Massachusetts to Automate Penalties on Late Advance Payments Starting July 2025
Beginning July 1, 2025, the Massachusetts Department of Revenue (DOR) will automatically assess penalties on businesses that fail to make required advance tax payments by the 25th of each month. The advance payment requirement, in place since 2021, applies to businesses with more than $150,000 in annual tax liability from certain indirect taxes, such as […]
Navigating multi-state employment: Payroll tax compliance in the hybrid era
Benefits Pro (June 06, 2025)- It’s critical to take a step back and create a plan, assessing and managing the risks that come along with distributing employees across the country. The rise of remote and hybrid work is no longer a temporary response to disruption. Even as “work from home” becomes a less prevalent reality, […]
Estate Planning Pro Tip for Married Couples: Don’t Overlook Portability
In this article: Estate planning ensures that wealth transfers happen efficiently with minimal tax exposure. One of the most powerful tools in the estate planning toolkit for married couples is portability, which allows a surviving spouse to inherit any unused federal estate tax exemption from their deceased partner. It is a concept that can significantly […]