Overview In general, spouses who file joint income tax returns are jointly and severally liable for any tax reported on those returns, which means the…
Did you know that if an individual or business receives $10,000 or more of cash as part of a transaction they have a legal obligation…
Due to COVID impact on the struggling taxpayers and as a help to the IRS to return to the normal operations for 2023 tax filing…
In a recent case concerning the civil penalties for failing to report non-U.S. financial accounts on the Foreign Bank Account Report, the U.S. Court of…
Paycheck Protection Program – No Deduction Allowed for Expenses Paid with Forgiven Paycheck Protection Program Loan Proceeds – IRS Notice 2020-32 On April 30, 2020,…
Massachusetts Department of Revenue has promulgated an emergency regulation and issued a Technical Information Release addressing personal income tax/withholding requirements, sales/use tax nexus, corporate excise…
Overview: On March 25, 2020, the Internal Revenue Service (IRS) unveiled the People First Initiative, which provides taxpayers with various relief as a result of…
Overview: The CARES act, passed on March 27, 2020, allows individuals and corporations to deduct greater amounts of charitable contributions. In Detail: Election to not…
Overview: In light of COVID-19, Massachusetts enacted Bill H. 4598, “An Act to Address Challenges Faced by Municipalities and State Authorities Resulting From COVID-19.” Pursuant…
Overview: In response to the ongoing COVID-19 emergency, on March 21, 2020, the Internal Revenue Service (IRS) issued Notice 2020-18, extending the Federal income tax…