The Massachusetts Department of Revenue (DOR) has finalized regulation 830 CMR 62B.2.4, which establishes new rules for withholding on the sale of Massachusetts real estate by non-resident taxpayers. These rules will take effect for closings on or after November 1, 2025 and apply to transactions with a gross sales [...]
If you’ve been considering starting a retirement plan for your employees, the timing has never been better. Thanks to SECURE Act 2.0, small and mid-sized businesses can now take advantage of substantial tax incentives that dramatically lower the cost of launching and maintaining a 401(k) or similar retirement plan. At Newburg CPA, [...]
As your business grows, so do your responsibilities, including compliance with regulations related to your company’s 401(k) plan. If your business has reached the threshold requiring a 401(k) audit, you may be wondering what to expect. This guide will walk you through the process, helping you understand the requirements, [...]
QuickBooks is one of the most powerful tools on the market for managing small business finances, but getting started can feel daunting. Setting up your account properly and taking advantage of key features is the best way to save time and avoid headaches when tax season rolls around – [...]
The Internal Revenue Service (IRS) has released its annual "Dirty Dozen" list of tax scams for 2025, cautioning taxpayers, businesses, and tax professionals to remain vigilant against prevalent schemes that endanger their tax and financial data. These fraudulent tactics, which range from phishing email schemes to deceptive tax credits, [...]
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 [...]
