With 2022 in the books, it’s time to look ahead to the New Year. But, before we do that, it’s worth taking a look back at some of the lessons we learned in the year that was. Here is a recap of some of our top articles for taxpayers in Massachusetts from 2022.Read More

In a Revenue Ruling published on November 29, 2022, the Internal Revenue Service (IRS) announced that the interest rates for federal tax underpayments will increase in 2023. When individual and corporate taxpayers pay less than they owe, interest begins to accrue immediately—often in addition to liability for financial penalties.Read More

Many people took up new hobbies during the height of the COVID-19 pandemic, and, for many, their new hobbies proved to be profitable. Making money from any endeavor has tax implications, so those who have newfound sources of income must now be sure to report their income on their federal returns.Read More

IRS Criminal Investigation (IRS CI) recently released its Annual Report for the 2022 fiscal year. As always, IRS CI’s Annual Report highlights some of the agency’s top enforcement priorities—providing important insights for individual and corporate taxpayers alike heading into the New Year.Read More

The Internal Revenue Service (IRS) recently announced the tax inflation adjustments for the 2023 tax year. As the IRS clarifies, “[t]he tax year 2023 adjustments . . . generally apply to tax returns filed in 2024.” With the 2023 tax year fast approaching, taxpayers should take these adjustments into account when doing their tax planning this season.Read More