TAX ALERTS

On February 27, 2025, the Financial Crimes Enforcement Network (“FinCEN”) announced that it will not impose fines, penalties, or take enforcement actions against businesses that fail to file or update Beneficial Ownership Information (“BOI”) reports under the Corporate Transparency Act (“CTA”) by the current deadlines. FinCEN will delay enforcement until a forthcoming interim final rule…

New York State has imposed a sales tax on hotel occupancy charges.  Effective April 2025, the definition of “hotel” for purposes of sales on occupancy charges includes short-term rental units offered by short-term rental hosts.  A short-term rental host is a person or entity in lawful possession of a short-term rental unit who rents to…

In order to calculate payroll taxes accurately and effectively for your company and employees next year, it is important to understand the new and existing compliance requirements in effect for 2025.  Below is an overview of the tax rates, taxable wage bases, and other updates that will impact your payroll processes now that the new…

Year-end payroll reporting for 2024 is right around the corner.  To assist you in preparing the items your payroll provider will need to complete your payroll tax returns, we have provided an overview of the most significant reporting requirements to keep in mind.  Please also stay tuned for an email on the payroll tax updates…

On December 3, 2024, the United States District Court for the Eastern District of Texas issued a preliminary injunction against the Corporate Transparency Act (CTA) and its implementing regulations. The CTA, signed into law on January 1, 2021, expanded anti-money laundering laws and introduced new reporting requirements for certain businesses operating in the U.S. Starting…

As of October 2024, the IRS is ending automatic penalties for late-filed Form 3520’s in relation to foreign gifts and bequests.  This is not an all-encompassing relief for the form, but specifically Part IV on the Form 3520.  Commissioner Danny Werfel says that they “will now review the reasonable cause consideration statements that are attached…

The Massachusetts Department of Revenue (“MA DOR”) will waive most penalties for taxpayers who participate in the amnesty program. Amnesty Requests can be processed through the MA DOR Amnesty information web page beginning November 1, 2024.  Taxpayers must file outstanding returns and pay tax and interest owed for the periods covered by the returns (however,…