The Appellate Tax Board ruled that the gain from the sale of stock was Massachusetts source income subject to tax. The Court of Appeals affirmed. WHY THIS IS IMPORTANT… Although the taxpayer was a New Hampshire resident when he sold his stock, the sale was ruled taxable by Massachusetts because the company was Massachusetts-based and he received the stock as compensation for his employment with the company rather than as an investor. A 2003 amendment to the Massachusetts ta

IRS announced upcoming tax-reporting rules for overtime under the One Big Beautiful Bill. While not changing how overtime is calculated or paid, it introduces new reporting requirements for 2025-2028, enabling employee tax deductions for certain employee overtime compensation.

On July 4, 2025, President Trump signed The One, Big, Beautiful Bill Act (The OBBB), a spending and tax bill that extends many of the 2017 Tax Cuts and Jobs Act (TCJA), most of which were set to expire at the end of 2025. The bill extends these tax cuts and makes other changes. This explains the employee benefits and various business-related tax provisions in The OBBB, including how those provisions differ from existing law. Everyone should consult with their tax advisors t

The SECURE 2.0 Act of 2022 significantly changed how retirement plans operate. Sponsors will need to plan for changes.

Here are some common tax fallacies involving settlements and why they are wrong. Putting the money in a lawyer-client trust account...