Kevin Kennedy attended the BIA Small Business Day as a panelist speaker on Valentine’s Day. Along with Karl Heafield of Baker Newman Noyes, Leslie Walker of Mason & Rich, and Steve Lawlor of Nathan Wechsler, Kevin contributed his understanding on the topic of making sense of Federal and State Tax Reform.
On Friday, January 31 in the Chamber of Commerce in Concord New Hampshire, Congresswoman Annie Kuster convened to a group of Concord region leaders to discuss her recently released Clean Energy Agenda, and to hear more about Concord’s many innovative energy initiatives.
The tax treatment of alimony underwent significant changes under the 2017 Tax Act (formally, the Tax Cuts and Jobs Act). The IRS has provided some guidance ; however despite the change occurring over 2 years ago, there is still uncertainty over the new law. Below we address some of the issues that have been raised.… [Read More]
Jessica P. Wiley, CPA, ABV has been admitted as a partner in Maloney and Kennedy, PLLC. Her incredibly hard working, dedicated and focused drive will be an asset to the firm, and we ask that all share in our celebration. Congratulations Jess!
Congratulations to Jessica Wiley on attaining her Accredited Business Valuation (ABV®) credential! This noteworthy achievement is granted exclusively by the AICPA to CPAs and qualified finance professionals who demonstrate considerable expertise in business valuation through their knowledge, skill, experience and adherence to professional standards. Please join us in applauding our own Jessica P. Wiley, CPA,… [Read More]
On July 19, 2019, Governor Sununu signed a bill into law that attempts to protect New Hampshire businesses from having to collect and remit certain sales and use taxes for other states. Last year’s ruling in the South Dakota v. Wayfair case by the U.S. Supreme Court cleared the way for states to require businesses… [Read More]
On September 24, 2019, the U.S. Department of Labor announced a final rule regarding overtime which will expand the list of employees eligible for overtime. Previously, “blue-collar” workers and professionals who earned less than $23,000 a year would earn overtime pay2019.10.01 New Overtime Rules (time and a half for hours worked over 40 per week).… [Read More]
In a statement (IR-2019-132) issued on July 26, 2019, the IRS announced that it would be sending letters to taxpayers who may have unreported income relating to virtual currency transactions, or who may not have reported the transactions correctly on previously filed returns. In this statement, Charles Rettig, the IRS commissioner, encouraged all taxpayers to… [Read More]
Recently the IRS released additional guidance on a large number of issues related to the Qualified Business Income (QBI) Deduction (Section 199A). This deduction allows certain taxpayers who have flow thru businesses (S Corporations, partnerships, sole proprietorships) to take a 20% deduction on the related income. To qualify, the activity has to rise to the level of a trade or business. Question: is rental activity a trade or business?