Summertime, and the Living is, Well, Pretty Easy…
Welcome to the mid-summer days and heat of summer. We hope this finds you on a beach somewhere enjoying the cool breezes off the water and that you are reading…
Kiddie Tax: Potential Tax on Unearned Income for Children
For centuries, individuals have looked for ways to pay little to no income taxes. The methods for avoiding income taxes may be more complex today because the IRS has a…
(Sales Tax) Relief is on the Way!
Under Massachusetts Legislation making the Sales Tax Holiday permanent, the MA Department of Revenue has set the dates for the 2022 event as August 13th and 14th. If you plan…
SECURE Act Summary for Traditional and ROTH IRA Bequests
Congress added the SECURE Act to the panoply of tax laws (Setting Every Community Up for Retirement Enhancement Act for 2019). In addition to resetting the age for initial RMDs…
Increased Standard Mileage Rate for Second Half of 2022
With the increase in gasoline and diesel prices at the pump, the I.R.S. has been under intense pressure to adjust the Standard Mileage Rate with which businesses may reimburse employees…
Quarterly Tax Estimates Overview
“Dear Gary, I see you sent me quarterly estimates to pay. Do I have to pay them? Can I pay less than you recommend?” The above is one of the…
Accounting for Internal Use Software Costs for SAAS Companies
To capitalize or not to capitalize? Companies that sell software as a service (“SAAS”) are faced with the challenge of considering the appropriate accounting method for software development costs. In…
Should your Business Report on the Cash or Accrual Method?
Deciding between cash or accrual accounting methods for your initial business tax return? Here is what you need to know. Cash method taxpayers report income and deductions when cash is…
What if Your Holding Period Isn’t Five Years for §1202 (QSBS)?
Most entrepreneurs and early investors are familiar with the five-year holding period for §1202. This tax code section allows an exclusion on the gain of qualified small business stock (“QSBS”) of…
When to Use Restricted Stock Instead of Stock Options
I often get asked by clients whether they should use stock options, the typical “currency” of choice for their employees, or some form of restricted stock. The answer I give…