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May 15, 2012
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As of November 2024, for Non-Profits operating in Massachusetts there are new audit and review thresholds to keep an eye on at a state and federal level.
When making transfers of business interests or other assets to family members, there’s a three-year period where the IRS can challenge their values for gift tax purposes. During that time, the tax agency can claim the transfers originally treated as nongifts were actually gifts or partial gifts.
If you are self-employed there could be a chance that you are eligible for the self-employed health insurance deduction. Keeping in mind that the deduction can't exceed the net income you earn from your business.
