On October 4, 2023, Massachusetts enacted a new law called “An Act to improve the Commonwealth’s competitiveness, affordability, and equity” (the “Act”). The Act makes several tax law changes relevant to Massachusetts...more
On November 8, 2022, Massachusetts voters elected to adopt Question 1, the so-called Fair Share Amendment or Massachusetts Millionaires Tax, through a ballot referendum. The referendum amends the Massachusetts state...more
The U.S. House Ways and Means Committee released proposed budget reconciliation legislation on September 13, 2021. The bill still must complete many steps in the legislative process – including passage by the full House of...more
9/28/2021
/ Base Erosion and Anti-Abuse Tax (BEAT) ,
Biden Administration ,
Capital Gains Tax ,
Corporate Taxes ,
Estate Tax ,
Foreign Derived Intangible Income (FDII) ,
Gift Tax ,
GILTI tax ,
High Net-Worth ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Proposed Legislation ,
Qualified Business Income ,
Tax Deductions ,
Tax Planning ,
Tax Reform ,
Ways and Means Committee
On April 28, 2021, in an address to a Joint Session of Congress and a Fact Sheet published by the White House, President Biden introduced the “American Families Plan,” the President’s plan for spending and a series of tax...more
A new Presidential administration and Congress always bring with them the potential for change, and this is again the case. Joe Biden and his party made a series of tax law proposals throughout the presidential campaign...more
The IRS recently released Notice 2020-51, which provides further taxpayer-friendly guidance for the treatment of required minimum distributions paid from retirement accounts in 2020....more
The Internal Revenue Service recently released guidance that may help to prevent some non-resident alien individuals from becoming subject to U.S. tax on their global income because they are physically present in the U.S. for...more
There is no question that COVID-19 has permeated every aspect of our personal and professional lives, causing mounting uncertainty and underscoring the importance of prioritizing the health of ourselves and our loved ones....more
The spread of the coronavirus has impacted the health and financial well-being of people worldwide. The safety and security of oneself and one’s family are naturally of critical importance during these times....more
Significant changes are expected to U.S. tax laws following the election of Donald Trump as the next President of the United States and the Republican Party’s retention of control over both houses of Congress. The details of...more
Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more