On January 1, 2024, new registration and reporting obligations for businesses and business owners under the Corporate Transparency Act came into effect.
With certain limited exceptions, business entities (corporations, limited liability companies, partnerships, and similarly formed entities) must provide business ownership information to the U.S. Department of the Treasury's...
Tracy Craig, Chair of our Trusts and Estates Practice Group, recently contributed an informative article to Kiplinger, discussing crucial changes in estate tax laws. This article is a valuable resource for those seeking to understand the impact of these changes on retirement and estate planning.
Your informed planning is...
In addition to changes in the estate tax this month, there were significant changes made to many Massachusetts tax laws. Here’s a summary of some of the more important changes:
Estate Taxes
The threshold for a taxable estate is increased from $1,000,000 to $2,000,000 effective for decedents...
Change to MA Estate Tax Exemption Amount.
The law changes...
The Federal Trade Commission proposed a new rule potentially banning employers from imposing noncompetes on their workers. By stopping this practice, the agency estimates that the new proposed rule could increase wages by nearly $300 billion per year and expand career opportunities for about 30 million Americans.
Massachusetts...
Both the Federal Government and the Commonwealth of Massachusetts require employers to post notices concerning employees’ rights. Employers must post these notices in conspicuous places, where employees are likely to see them. Failure to post these notices could result in fines, and/or the employer might lose the right to raise...
IRS Announces Estate And Gift Tax Exemption Amounts For 2023. With inflation continuing to impact our economy, the IRS recently announced that they have adjusted their 2023 exemption amounts for estate and gift tax. Attorneys from our Trusts and Estates and Tax Law teams explain that the exemption for...
Student Loan Forgiveness Update (October 2022)
ForgivenessPresident Biden has announced up to $20,000 in federal student loan forgiveness for borrowers earning less than $125,000 ($250,000 for married joint filers and heads of household). Borrowers with federal student loans who earn less than the income limits...
In March 2022, the Firm forwarded its annual, updated information regarding changes in the law concerning minimum wage, IRS mileage allowance and other change.
As a result of the worldwide gasoline shortage, created in part by the Russian attack on Ukraine, the IRS has increased the standard mileage rate...
Legislative leaders and Governor Baker made a joint announcement that payroll withholding to fund the state’s new Paid Family and Medical Leave (PFMLA) will be delayed by three months to until October 1, 2019. This delay will allow employers across the Commonwealth more time to prepare.
Required Withholding Now...
