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Greater Boston Architecture Firms Find Success amid Disruption
Posted by Merrill Puopolo on Mon, Oct 11, 2021 @ 05:47 PM

2020 was a uniquely challenging year, but architecture firms in the Greater Boston region experienced a silver lining.

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Topics: architecture firm, Boston, architecture, survey, Greater Boston Architecture, Merrill Puopolo, architecture trends, architecture trends report

Mass. Legislature enacts elective tax on pass-through entities
Posted by Tarra Curran on Wed, Oct 6, 2021 @ 08:39 AM

On Sept. 30, 2021, the Massachusetts legislature enacted an elective pass-through entity (PTE) tax. The PTE tax is intended to enable Massachusetts taxpayers that are PTE owners, to deduct state and local (SALT) taxes exceeding the annual $10,000 deduction limitation ($5,000 for married individuals filing separately) for federal income tax purposes.

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Topics: Tarra Curran

How the New Auditor Report Will Affect Your 2022 Audit
Posted by Nate Vander Hamm on Mon, Sep 27, 2021 @ 11:16 AM

Your financial statement audit’s report will look a little different in 2022. The AICPA updated the form and content requirements for financial statement auditors’ reports, effective for audit periods ending after Dec. 15, 2021. Changes clarify responsibilities during the audit, including those of your management team. Here are some key updates financial leaders will want to understand prior to their first audit with the new report.

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Topics: audit, financial statement audit, auditor report

House Democrats Release Tax Legislative Blueprint for the Build Back Better Plan
Posted by Eric Strawder on Mon, Sep 27, 2021 @ 11:06 AM

The House Ways and Means Committee released discussion drafts that detail various tax increases or incentives for their version of President Biden’s “Build Back Better” infrastructure plan. These discussion drafts are organized into two “Committee Print” summaries, with one pertaining to green energy and social safety incentives, and the other pertaining to corporate and individual tax increases.

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Topics: Taxes, Indivdual Taxes, Eric Strawder, Employee Retention Credits, Stimulus, Biden, Joe Biden, green energy, “Build Back Better” infrastructure plan

4 Tax Moves to Consider if Planning for M&A
Posted by Kevin Eagan on Fri, Sep 24, 2021 @ 02:09 PM

Merger and acquisition (M&A) activity continues to be strong in 2021 as companies on the buy-side and sell-side take advantage of favorable market conditions and a rebounding post-pandemic economy. If M&A activity is in the cards for your business, you need to understand how recent tax developments could affect your strategy. Read on to discover tax moves and considerations that will help you make the most of your planned transaction.

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Topics: m&a, merger & acquisition, Taxes, mergers and acquisition, post-pandemic

House Sets Stage for Biden Tax Plan by Passing $3.5 Trillion Budget Resolution
Posted by Bill Smith and Nate Smith on Thu, Aug 26, 2021 @ 02:24 PM

The House of Representatives passed a fiscal 2022 budget resolution (H. Res. 601) on August 24 that paves the way for President Biden’s “Build Back Better” (BBB) plan to be passed into law, potentially by the end of September.

Included in the $3.5 trillion bill are infrastructure programs to fight climate change, expand education access, and expand Medicare, with new funding “pay-fors” coming from tax increases on corporations and individuals with higher incomes. It is designed pursuant to the Senate’s budget reconciliation procedures, which enables the resulting budget reconciliation bill to pass in the Senate with a simple majority vote.

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Topics: Taxes, excess business loss limitation, American Jobs Plan, AJP, American Families Plan, Build Back Better, Step-Up in Basis, Long-Term Capital Gains, AFP, Budget Resolution, BBB Plan

Change Is Coming to the Research and Experimentation Tax
Posted by Christina Silva on Mon, Aug 2, 2021 @ 03:52 PM

Research and experimentation is fundamental for innovation, allowing companies to pursue cutting-edge solutions in a competitive market. It is also expensive. To reduce the cost and encourage research and experimentation, Congress currently offers a choice between two tax benefits. These research and experimentation (R&E) tax incentives—sometimes referred to as research and development incentives—sweeten the pot for companies developing new products or processes by providing a tax credit equal to 20 percent of eligible costs or the ability to immediately deduct all of those expenses in the year they were paid or incurred.  

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Topics: research and development, R&D, TCJA, research and experimentation, R&E, Christina Silva

More States Enact Pass-Through Entity Tax: What Does It Mean?
Posted by Tarra Curran on Tue, Jul 20, 2021 @ 05:12 PM

The Tax Cuts and Jobs Act (TCJA) of 2017 caught many states off guard. The speed at which the federal legislation moved did not allow much time for states to react before the calendar year 2017 ended and the 2018 calendar year began, particularly related to the creation of the "so-called" SALT cap.

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Topics: Tarra Curran, pass-through, pass-through entities, PTE

Accounting Considerations for Employee Retention Tax Credits
Posted by Carrie Gizienski on Tue, Jul 20, 2021 @ 11:42 AM

Throughout 2020, Congress released numerous pieces of legislation designed to lessen the impact of the COVID-19 disruption, particularly for organizations that struggled to maintain their headcounts. One provision involved a refundable credit that organizations could apply against qualified wages and certain health insurance costs – the Employee Retention Tax Credit (ERTC).

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Topics: IRS, tax relief, tax credit, COVID19, Coronavirus, CARES Act, PPP, PPP Loan Forgiveness, Consolidated Appropriations Act, Employee Retention Tax Credit, The Act, ERTC

Remote Practices for Financial Statement Audits That Are Here to Stay
Posted by Kevin Higgins on Thu, Jun 24, 2021 @ 05:39 PM

COVID-19 changed how most businesses operate day-to-day. Similarly, many financial statement audit teams were tasked with migrating to a fully remote environment in order to complete year-end financial statement audits and other attest functions. But while these changes to core auditing practices can raise questions around quality, these differences from standard customs are generally misunderstood. Below are some common misconceptions about the remote audit process.

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Topics: accounting, financial statement audit, Kevin Higgins, COVID19, Coronavirus, remote work, remote audit

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