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Crown Colony Office Park
300 Congress Street, Unit 406
Quincy, MA 02169
Phone: (617) 439-0600
Fax: (617) 439-7080


October 02, 2013
Bonus depreciation will expire for most taxpayers at the end of 2013 unless Congress extends the provision. A 50-percent bonus depreciation deduction (the "special first-year depreciation allowance") is allowed for the first year that qualifying property is placed in service. Bonus depreciation is available for property acquired after December 31, 2007 and acquired and placed in service only before January 1, 2014 (the "applicable period").
August 21, 2013
As an individual or business, it is your responsibility to be aware of and to meet your tax filing/reporting deadlines. This calendar summarizes important tax reporting and filing data for individuals, businesses and other taxpayers for the month of September 2013.
August 07, 2013
Even though the calendar still says summer, it's not too early to be thinking about year-end tax planning. In fact, year-end tax planning has become around-the-year tax planning because of tax legislation (or the lack of tax legislation), new IRS rules and regulations and personal and business considerations. Looking ahead to year-end 2013, there are many tax planning strategies to explore and evaluate.


July 22, 2013
Gain or loss is not recognized when property held for productive use in a trade or business or for investment is exchanged for like-kind property. Instead, the taxpayer's basis and holding period in the property transferred carries over to the property acquired in the exchange. Deferring taxable gain, always a good strategy, makes more sense than ever after the recent rise in tax rates for many taxpayers under the American Taxpayer Relief Act of 2012.  In particular, Code Section 1031 like-kind exchanges deserve a close second look by many businesses and investors.

July 18, 2013
On June 26, the U.S. Supreme Court held that Section 3 of the federal Defense of Marriage Act (DOMA) is unconstitutional (E.S. Windsor, SCt., June 26, 2013).  Immediately after the decision, President Obama directed all federal agencies, including the IRS, to revise their regulations to reflect the Court's order.  How the IRS will revise its tax regulations - and when - remains to be seen; but in the meantime, the Court's decision opens a number of planning tax opportunities for same-sex couples.
July 17, 2013
Facilitated by the speed, ubiquity, and anonymity of the Internet, criminals are able to easily steal valuable information such as Social Security numbers and use it for a variety of nefarious purposes, including filing false tax returns to generate refunds from the IRS. The victims are often unable to detect the crime until it is too late, generally after the IRS receives the legitimate tax return from the actual taxpayer. By that time the first return has often been long accepted and the refund processed. Because of the ease, speed, and difficulty involved in policing cybercrime, identity theft has grown rapidly. One estimate from the National Taxpayer Advocate Service has calculated that individual identity theft case receipts have increased by more than 666 percent from fiscal year (FY) 2008 to FY 2012.

October 29, 2012
An individual received both Social Security disability benefits and state worker's compensation benefits. For 2009, the Social Security Administration (SSA) reported that taxpayer's total disability benefits were $11,947, which included a $4,715 offset for worker's compensation. Because worker's compensation benefits are generally nontaxable under Code Sec. 104(a)(1), the taxpayer reported only $5,844 in Social Security benefits on her joint 2009 tax return, which was the net amount she received from the Social Security Administration. However, the IRS determined that the full $11,947 should have been reported, of which 85 percent was taxable.
October 26, 2012
The IRS has issued Notice 2012-58, which provides interim guidance on the Code Sec. 4980H shared responsibility payment for applicable large employers with employees who receive a premium tax credit or applicable payment under the Patient Protection and Affordable Care Act (PPACA). The shared responsibility payment requirement generally applies after 2013. The guidance sets forth some safe harbor methods applicable to seasonal employees and employees who work variable hours that may or may not average 30 hours.

October 24, 2012
The IRS has issued proposed regulations that clarify the "simplified methods" for determining inventory costs under the Code Sec. 263A uniform capitalization rules. In a significant change from prior guidance, the proposed regulations would prohibit the use of negative numbers for adjustments to inventory costs, unless particular exceptions apply. Among the exceptions is that the IRS will allow the use of negative amounts by companies using the simplified resale method and by certain small producers.
October 22, 2012
The IRS issued long-awaited proposed regulations on the limitations on net operating losses (NOL) for excess interest deductions. The limitations apply when a corporation engages in a corporate equity reduction transaction (CERT) that generates or increases an NOL because of an excess interest deduction. The provision prevents the excess NOL from being carried back over the normal carryback period and generating a refund.
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