If you are a Massachusetts resident (or former Massachusetts resident) who is living abroad, you may qualify for the IRS’ Foreign Earned Income Exclusion (FEIE). This exclusion allows you to exclude up to $112,000 of your foreign-earned income from your federal taxable income. But, determining your eligibility for the FEIE and calculating the amount of your eligible foreign-earned income is not easy; and, even if you don’t have to pay tax on this income, you must still report it on your annual return.Read More

Now that we’re well into 2023, Tax Day is right around the corner. For cryptocurrency investors and businesses that accept Bitcoin and other cryptocurrencies as a form of payment, this means that it is time to figure out how much gain and loss they realized on their transactions throughout 2022. But does it also mean they need to prepare to file an FBAR with their annual returns?Read More

While it has been more than a year and a half since the Paycheck Protection Program (PPP) ended, the program is still making headlines. The PPP initially made headlines due to the unprecedented pace of its rollout and its positive impacts on the country’s struggling economy at the height of the COVID-19 pandemic. But, in 2023 it is making headlines for an entirely different reason.Read More

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