Monthly Archives: December 2015

Flynn v. Commissioner of Revenue: What Are the Prerequisites for a Massachusetts Tax Appeal?

Recent decisions by the Massachusetts Appellate Tax Board (ATB) illustrate that a taxpayer must fulfill three prerequisites in order to obtain ATB jurisdiction in tax appeals against the Commissioner of Revenue:
  • File all required tax returns.
  • File a Form CA-6: Application for Abatement, with the Department of Revenue. The CA-6 filing
  • ...

    IRS Raises Safe Harbor Threshold and Simplifies Recordkeeping for Small Businesses to Deduct Certain Expenditures

    The Internal Revenue Service (IRS) announced on November 24, 2015 that it has raised the safe harbor threshold for small businesses to deduct certain capital expenditures from $500 to $2,500. The $2,500 threshold applies to small businesses that do not have audited financial statements.  For larger businesses with audited financial ...

    Year-End Tax Tips Update: Qualified Charitable Distributions Permanently Extended

    We’ve been waiting all year to find out which tax provisions will be extended and today, in the 11th hour, Congress has passed the “Protecting Americans from Tax Hikes Act of 2015." This bill is expected to be was signed by President Obama  shortly and made law. The importance of this bill ...

    Jerry Lucente Speaks

    Jerry Lucente is a Small Business/Self Employed Territory Manager with the North Atlantic Region of IRS, which includes the six New England states, New York and New Jersey. He is responsible for four groups at IRS that comprise about 100 employees. On Tuesday, December 15, 2015, Jerry spoke informally at ...

    The IRS’ Proposed Regulations to Provide a Substitute to the “Contemporaneous Written Acknowledgment” Requirement: A Data Security and Identity Theft Fiasco in the Making

    I would like to acknowledge my colleague, Attorney Patricia Weisgerber, LL.M., who co-authored this blog article with me. If you are a donor who makes a charitable gift of $250 or more, you need to obtain a “contemporaneous written acknowledgment” (CWA) letter from the recipient charitable organization to substantiate ...

    YEAR-END TAX TIPS

    In advance, I would like to thank my colleague, Dean R. Jacobus, CPA, MST, for his diligent research and assistance in preparing and writing this blog. As 2015 comes to a close, folks have a lot on their plates – and that’s not just from the holiday hors d’oeuvres being passed ...

    Defending Federal and State Tax Audits For High-Income Taxpayers

    Originally published April 17, 2014

    In 2013 the IRS audited slightly over one taxpayer in nine[1] with an income of $1 million or more.[2]  This audit rate represents a sharp 69 percent increase from the 6.42 percent audit rate that similar high-income taxpayers enjoyed as ...