Massachusetts residents can look forward to tax-free shopping this summer. The Commonwealth’s annual Sales Tax Holiday will take place on Saturday, August 9th and Sunday, August 10th, 2025. This two-day event allows individuals to purchase certain personal items without paying the state’s 6.25% sales tax, offering a great opportunity [...]
Managing business expenses efficiently is a crucial aspect of financial health, yet many small business owners struggle with keeping track of receipts, categorizing transactions, and integrating expense data with their accounting software. Fortunately, expense tracking apps provide a streamlined solution. A recent NerdWallet article, Best Small-Business Expense Trackers of [...]
On July 3rd, Congress passed the expansive One Big Beautiful Bill Act (OBBBA) which was signed into law by President Trump on July 4th. This bill is a landmark tax and spending package with 940 pages of text covering a wide range of policy changes. Some of the key [...]
As litigation related to ERISA continues to evolve, one emerging trend has been the use of forfeitures to offset employer contributions in retirement plans. Forfeiture occurs when employees leave a company before fully vesting in their employer's contributions. The unvested portion then reverts to the plan’s forfeiture account and [...]
Cybersecurity is no longer just an IT issue, it's a business imperative. North American small businesses are grappling with a surge of cyberattacks, and the stakes have never been higher. According to a recent press release from Okta, many small and medium businesses are facing significant challenges that could [...]
Remember when “downsizing” was something you did to your closet every spring? Now, it’s a buzzword for a major financial move: selling the big family home to streamline expenses, pocket extra cash, or fund that dream RV trip. Especially for Baby Boomers and Gen Xers stepping into retirement territory, [...]
In an increasingly globalized world, many U.S. taxpayers find themselves with financial interests or assets located outside the United States. Whether through inheritance, investment, or business ventures, these foreign assets come with specific reporting requirements mandated by the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN). [...]
As a reminder, the second quarter estimated tax payment for 2025 is due on June 16, 2025. Your 2025 quarterly estimated tax payment vouchers and instructions would have been included with your completed 2024 tax return, if applicable. The 2nd Quarter estimate payments can be made online or mailed [...]
Running a small business is a round-the-clock hustle. You juggle employees, invoices, marketing, and a million other tasks that always demand your attention. The last thing you want is to overlook a perfectly legal tax deduction that could save you thousands—or worse, get stuck paying more than your fair [...]
A gift is any transfer to an individual, either directly or indirectly, where full consideration (measured in money or money's worth) is not received in return. The donor is generally responsible for reporting these gifts via an annual gift tax return, along with paying any tax should it apply. [...]
