by Jim Keefe | Dec 28, 2024 | Uncategorized
On November 14th, 2024, the Internal Revenue Service (IRS) issued IR-2024-289 which increased the maximum tax-free charitable donations that can be made through a qualified charitable distribution (QCD). In years prior to 2024, the IRS limit for tax-free QCD’s was...
by Jim Keefe | Oct 25, 2024 | Uncategorized
On October 8, 2024, the Massachusetts DOR issued working draft regulation 830 CMR 62B.2.4 that explains the proposed withholding requirements on the sale of real estate in the Commonwealth by non-residents. The effective date of the regulation has still yet to be...
by Jim Keefe | Jul 10, 2024 | Uncategorized
On June 6, 2024 the Supreme Court of the United States decided in Connelly v. United States that the value of a company-owned life insurance policy death benefit must be included in the valuation of a closely held corporation for federal estate tax purposes regardless...
by Jim Keefe | Oct 26, 2023 | Tax
On October 4 2023, Massachusetts Governor Maura Healy signed H. 4104 which enacted significant tax reform legislation for both businesses and individuals. Some of the more notable changes are outlined below: Effective for Tax year 2023 The income tax rate for...
by Jim Keefe | Oct 25, 2023 | Tax
With the passage of the 2017 Tax Cuts & Jobs Act, IRC Sec. 174(a) was amended requiring taxpayers to charge specified research or experimental expenditures including software development costs to a capital account and amortize them over five years (15 years for...
