One Big Beautiful Bill (OBBBA)
On July 4, 2025, President Trump signed into law legislation that has been dubbed, “One Big Beautiful Bill (OBBBA)”. The bill extends a number of provisions from the Tax Cuts and Jobs Act of 2017 and attempts to fulfill many of his campaign promises. The following is a highlight of certain provisions of the bill and does not encapsulate all changes. Business Changes Bonus Depreciation – Bonus...
Revenue Ruling 2025-4 – Federal Income & employment tax treatment of contributions and benefits paid under state mandated Paid Family and Medical Leave Programs (PFML)
The IRS recently issued Revenue Ruling 2025-4 to provide guidance on the federal income and employment tax treatment of contributions and benefits paid under state-mandated Paid Family and Medical Leave (PFML) programs, as well as the related reporting requirements. Revenue Ruling 2025-4 is in response to numerous requests to clarify the federal tax treatment of state paid leave programs that...
DOR Issues Final Regulations: Non-Resident Income Taxation (830 CMR 62.5A.1)
The Massachusetts Department of Revenue (DOR) has amended 830 CMR 62.5A.1(6) to clarify that, for taxable years beginning on or after January 1, 2025, pass-through entities must apportion their taxable net income using the single sales factor apportionment rules under M.G.L. C. 63, Sec 38. These updated regulations are in response to Bill H.4104 "An Act to Improve the Commonwealth's...
Qualified Charitable Distribution Update
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 $100,000 for individual taxpayers and $200,000 for those who were married filing jointly and maintained separate IRA’s. For tax year...
New Withholding Requirements on Sales of Real Estate by Non-residents in Massachusetts
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 determined and currently withholding is not required on sales of Massachusetts real estate. If the regulations are promulgated,...
Supreme Court rules Company owned Life Insurance must be included in Estate Valuation
estate tax value of stock is not reduced by contractual obligation to redeem shares.
Lee & Crowley, LLC is Proud to Announce the Promotion of James Keefe, CPA to Partner
Lee & Crowley, LLC is proud to announce the promotion of James Keefe to Partner. Jim has been an integral part of our team since the day that he joined L&C, and with his help the Firm has grown their tax department revenue by 106% over the last two years. Jim is a trusted advisor to his clients in the Construction, Manufacturing and Distribution, Professional Services, Real Estate, and...
Recent Changes to Massachusetts tax law
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 short-term capital gains (e.g. gains from the sale of capital assets held for 1 year or less) is reduced from 12% to 8.5. This is...
IRS Releases Additional Guidance on the Treatment of Research and Experimental Expenditures Under Section 174
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 expenditures attributable to research performed outside the United States). The law was effective for tax years beginning on or...
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