The Inflation Reduction Act that became law in August included a provision that increases, expands, and extends the investment tax credit (ITC) for solar photovoltaic systems installed on residential properties. The law restores the 30% tax credit that was previously available for systems installed prior to 2020 and is applicable to qualifying installations completed between […]
Solar Tax Credits Expanded and Extended Read More »
On November 8 voters in Massachusetts narrowly approved a constitutional amendment authorizing an additional personal income tax of 4 percent on all annual income above a $1 million threshold. While similar amendments have been proposed and voted on in prior years, this is the first time the measure has passed. Proponents estimate the new tax,
How Might the “Millionaire’s Tax” Impact You? Read More »
By Nathaniel C. Gravel, CISA, CISM, CRISC Hundreds of thousands of organizations in the U.S. and around the world rely on Microsoft’s Office 365 software suite to run their businesses. But recent events have shown that even this highly regarded software is vulnerable to penetration by increasingly sophisticated methods used by cyber criminals. The biggest
Is Office 365 Vulnerable to Cyberattack? Read More »
With inflation continuing to pose a financial challenge American taxpayers will soon be getting some relief from the Internal Revenue Service (IRS). Annual inflation adjustments made by the IRS went into effect in 1985. For the 2023 tax year the IRS is increasing the standard deduction and adjusting the income limits for tax brackets. The
IRS Adjusting Tax Brackets, Deductions Read More »
The Social Security Administration (SSA) recently announced that the “wage base” for computing Social Security tax will increase for 2023 to $160,200. This is up from $147,000 for 2022. Federal law limits the amount of earnings that are subject to the Old-Age, Survivors, and Disability Insurance (OASDI) tax in a given year. This threshold, referred to
Social Security Wage Base and Earnings Test Amounts Increase in 2023 Read More »
By Nathaniel C. Gravel, CISA, CISM, CRISC With an estimated 2,200 cyberattacks taking place each day – one every 39 seconds – the task of creating and deploying a defensive strategy for your business can be intimidating. Still, the threat is too great to ignore, not to mention the fact that most states have strict
Where to Start with Cybersecurity Read More »
By Nathaniel C. Gravel, CISA, CISM, CRISC The number one cause of cybersecurity breaches in the U.S. is human error. Statistics show that 70% of all cyber intrusions are caused by somebody clicking on the wrong link, downloading an infected attachment, or responding to an email that looked legitimate but was a deception. Collectively known
How Simulated Phishing Can Save Your Business Read More »
By Martin E. Prendergast Gray, Gray & Gray, LLP While the recently enacted Inflation Reduction Act is making headlines for its energy and healthcare facets – along with a big ramp up in IRS muscle – there are several provisions that could benefit practitioners in the architectural and engineering fields. Here are some highlights of
Architects and Engineers Benefit from Inflation Reduction Act Read More »
If your organization has met the IRS qualifications to be considered tax-exempt, the income you receive — such as donor contributions — is exempt from federal income tax. However, it’s still possible for not-for-profits to follow the rules and experience adverse tax consequences. Here are five potential tax traps that could catch you off guard. 1.
Avoiding Nonprofit Tax Traps Read More »
Do you have a relatively new business with less than $1 million in annual gross revenues? You may be eligible for as much as $100,000 in tax credits. Under the American Recovery Rescue Plan, a company founded or incorporated after February 15, 2020 may be classified as a “Recovery Startup Business.” These recent startups (provided
Recent Startup? You Could Be Eligible for Up to $100,000 in Tax Credits Read More »