Proponents of the so-called “Millionaires Tax” won a hard-fought victory in their effort to enact a progressive state income tax for high earners. With this new tax slated to become law, taxpayers and their advisors are likely to take a fresh look at what income is subject to Massachusetts state income tax for both residents…
POSTED IN: Commercial Real Estate, Corporate & Business, News, Tax Law
On June 21, 2022, President Biden signed S. 3823, also known as the “Bankruptcy Threshold Adjustment and Technical Corrections Act” into law, amending the Small Business Reorganization Act of 2019 (the “SBRA”) to increase the eligibility debt cap for businesses filing under subchapter V of chapter 11 of the Bankruptcy Code (“Subchapter V”) from $2,725,625.00…
Ruberto, Israel & Weiner congratulates our colleagues on receiving Boston Magazine’s Top Lawyers of 2021 designation.
POSTED IN: Commercial Real Estate, Construction Law, Corporate & Business, Litigation, News, Tax Law
Based on the latest guidance from the IRS in Notice 2020-32, businesses that use Paycheck Protection Program (“PPP”) loan proceeds to pay payroll costs, mortgage interest, rent and utilities will not be allowed to deduct those expenses to the extent that the PPP loan is later forgiven. Under the PPP, a business that gets a…
POSTED IN: Articles & Quotes, COVID-19, News, Tax Law
The new IRS audit procedures for partnerships (and limited liability companies taxed as partnerships) are now in effect for tax years that begin on or after January 1, 2018. The new procedures are designed strictly to help the IRS when it audits partnerships and LLCs. Legal protections that previously benefited LLC members, such as notice…
POSTED IN: Corporate & Business, News, Tax Law
Business entities that are taxed as partnerships (most limited liability companies that have more than one member are taxed as partnerships), will need to modify their operating agreements this year to address recent changes in the Internal Revenue Code that give extraordinary authority and autonomy to the “Partnership Representative.” For tax years that begin on…
POSTED IN: Articles & Quotes, Tax Law
Massachusetts taxpayers will have the benefit of a two-month tax amnesty during September and October of 2014. The tax amnesty bill was signed into law by Governor Deval Patrick on July 11, 2014 as part of the state’s 2015 fiscal year budget. The bill directs the commissioner of revenue to work out the details, and…
POSTED IN: Articles & Quotes, News, Tax Law
