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To Use A 529 Plan For K-12 Or Not? That Is The Question.

The Tax Cuts and Jobs Act of 2017 (TCJA) expanded what a 529 plan can be used for.  TCJA allows that distributions from a 529 plan for no more than $10,000 per designated beneficiary per year can be made for enrollment in public, private or religious elementary or secondary schools. While this is a significant …

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Partnership Taxation is Changing. Should You Change, Too?

If you are in a partnership (or an LLC taxed as a partnership), two significant tax changes may give you  cause to review – and possibly revise – your partnership agreement. The first tax change has been a long time coming. The Bipartisan Budget Act of 2015 created  a replacement for audit rules for “large …

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Is Now the Time to Convert to a Roth IRA?

The reach of the recently enacted Tax Cuts and Jobs Act is far and deep, and even extends into the type of IRA you should consider:  regular or Roth? And if you have a regular IRA, should you convert it to a Roth IRA and when? Keep in mind that an investment in a regular …

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Make Sure Your Licensees are Paying Their Royalties

By Kevin F. Howley, CPAGray, Gray & Gray, LLP Royalty payments from the licensing of intellectual property can be a significant source of revenue for a business. But not all licensees keep up to date with their royalty payments, and others may pay a lower amount than required by their agreement. Which is why a …

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Is the Estate Tax “Dead”? Not in Massachusetts

The federal gift and estate tax is (virtually) dead. The recently enacted Tax Cuts and Jobs Act of 2017 has essentially doubled the gift and estate tax exemption to $11.2 million for individuals and $22.4 million for married couples. Estates that exceed these amounts will be subject to a flat tax of 40 percent on …

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IRS Issues Final Regulations on Partnership Audits

On January 2, the Internal Revenue Service (IRS) posted the final regulation on the new rules governing the audits of partnerships. The final regulation does not make many significant changes. Confirmed were the limitations on the number of partners, and which type of entity is considered to be an eligible partner. All types of trusts, …

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Tax Tip

Must-Know Information About the Tax Cuts and Jobs Act

As tax reform is completed it is important to consider its ramifications. The Tax Cuts and Jobs Act of 2017 is a complex and far-reaching revision to the country’s tax laws, and the most dramatic in 30 years. It will take some time to completely analyze its impact on businesses and individuals. However, there are …

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