Key Points: An IRS business audit reviews your financial records to confirm that your income, deductions, and tax payments were reported accurately. During the audit, the IRS may request documents, ask questions about your operations, and examine your accounting methods. Most audits involve both written correspondence and some form of in-person verification, depending on complexity….
Key Points: Short-term rentals in Massachusetts are regulated at both the state and local levels, and owners must meet registration, tax, zoning, and safety requirements. Cities and towns may impose additional rules that limit where and how short-term rentals operate. Owners must also consider liability exposure, insurance coverage, and restrictions imposed by homeowners’ associations. Understanding…
Key Points: If you are planning your estate in Massachusetts, you and your family must take taxes into consideration. The right estate plan can minimize or even avoid estate taxes while preserving more of your assets for your family and other beneficiaries. However, tax laws are always subject to revisions, and even a well-drafted plan…
Imagine this: after decades of hard work, you’ve built a successful business, acquired valuable property, and secured financial assets to provide for your family. But what happens to all that wealth when you’re no longer around? Will it simply be divided up, leaving your children and grandchildren scrambling for their share? Or will it be…
Key Points: Secured and unsecured creditors are treated very differently when a debtor defaults or files for bankruptcy. Secured creditors generally have priority because their claims are tied to specific collateral, while unsecured creditors rely on the debtor’s remaining assets. Understanding these differences helps creditors assess risk, protect their interests, and improve recovery outcomes when…
Key Points: Whether you need a trust for Massachusetts real estate depends on your goals. A trust can help you avoid probate, maintain privacy, prepare for incapacity, and provide structure for how your property is inherited. However, homeowners with simple estates or straightforward beneficiaries may not need a trust. The best choice depends on your…
As AI tools become more common in business for content creation, marketing, design, or automation, company owners need to understand how copyright law treats AI-generated content. Under current U.S. law, works created solely by AI generally cannot be copyrighted. However, content that combines meaningful human creativity with AI assistance may still qualify for protection. Massachusetts…
Tracy A. Craig was quoted in WSJ Buy Side in an article focused on how to choose a life insurance beneficiary, and what to consider when naming an individual, a trust, an estate, or a charity. The piece highlights how beneficiary decisions can affect control, timing, and administration, especially when family circumstances or planning goals…
A personal guarantee makes an individual personally responsible for a business loan if the business cannot repay it. This means the lender may pursue personal assets such as bank accounts, wages, or property to satisfy the debt. Before signing, business owners should understand how guarantees affect liability, how they can be limited through negotiation, and…
Picture this: a Massachusetts-based startup has developed a new software tool that automates customer service responses using proprietary algorithms. A larger tech company wants to integrate the tool into its own platform. Instead of selling the technology outright, the startup decides to license it. That decision could shape the company’s growth—and its long-term control over…
