In this episode of "Issues of Interest", host Adam Aucoin speaks with Connor Smart about the complexities of tax deductions for meals and entertainment, just in time for the holiday season. They explore the impact of the Tax Cuts and Jobs Act on these expenses, the upcoming changes in 2025, and the importance of
Co-authored by Anne Cloutier and Leanne Scott In late November, Governor Healey signed a much-anticipated economic development bill (also known as “the Mass Leads Act”) into law. This $4 billion package will benefit many segments of the Massachusetts economy, with the goal of boosting the Commonwealth’s competitiveness. The legislation itself
For those with an appetite for arcane tax compliance and regulatory due diligence, the ever-expanding U.S. Tax Code leaves no shortage of bounty to feast upon. In 2017, lawmakers passed the Tax Cuts and Jobs Act (“TCJA”, or “the Act”) and made very significant changes to a myriad of tax
There are a variety of reasons, including anticipating tax rate changes, that banks and corporations start to dive deeply into tax planning, the topic of tax accounting method changes comes up in conversation. Many of you may recall how broadly potential tax accounting method changes were discussed a decade ago
In articles we published in December 2022 and December 2023, we explained the creation of a new federal registry of direct and indirect entity ownership. With it, the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) demands that owners of most entities provide very detailed, personal information regarding their ownership of
At BNN’s 2024 Accounting and Business update, we hosted a panel of banking and related industry specialists to talk about FinTechs. Bryan Mulcahey of FS Vector, William Martel of Camden National Bank, and Kyle Glover of Piece Atwood covered opportunities that FinTechs provide to financial institutions (FIs), the planning activities
The end of the year is a time not only to reflect on the events of the past year but also to think about what is to come in the next year. Banks and financial institutions are wise to focus on the latter so they can understand the implications of