Beneficial Ownership Information (BOI) Reporting Requirement

Date November 1, 2024
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In January of 2021, the Corporate Transparency Act (CTA) was signed into law. The CTA requires companies that meet the definition of a “reporting company” to file a Beneficial Ownership Information (BOI) report with the U.S. Treasury Financial Crimes Enforcement Network (FinCEN).

If you own a business, you may be required to file the BOI for your business with FinCEN by January 1, 2025.

To find out more about your reporting obligations, please visit our resource page here: https://hbkcpa.com/insights/what-is-the-beneficial-ownership-information-reporting-requirement/

Please note: HBK is not authorized to prepare these reports on your behalf. Many of our clients have been successful completing the BOI directly on the FinCEN website. However, if you need assistance we would be happy to put you in touch with an attorney that can help with your filing. Please reach out to your HBK representative for more information.

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Florida Sales Tax Guidance for the Holidays

Date November 1, 2024
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With the approach of the holiday season, the Florida Department of Revenue is getting into the spirit with its issuance of Tax Information Publication TIP No. 24A01-14, which addresses the taxability of holiday decorations. According to the Publication, the sale and rental of decorations and lighting (not permanent) are subject to Florida sales tax. In addition, any services that are part of the sale or rental, such as design, installation, removal, or storage are subject to sales tax.

Charges to install or remove customer-owned decorations or lighting are not subject to tax if the service provider does not supply any tangible personal property. Tangible personal property may include light clips, adhesives, extension cords, or similar items. If tangible personal property is provided with the installation or removal service, the total amount charged for the service is subject to sales tax.

The Publication addresses several examples of installation, removal, and storage services related to decorations and lighting. Service providers should review the Publication to determine the proper sales tax treatment of their transactions.

The full Publication can be accessed on the Florida Department of Revenue webpage.

If you have questions about any of Florida’s sales tax rules or guidance, please contact the HBK SALT advisory group at hbksalt@hbkcpa.com.

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Ohio TechCred Application Period Opens November 1

Date November 1, 2024
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Graham Bollenbacher

The Ohio TechCred program is a valuable resource for Ohio manufacturers looking to train employees, increase productivity and customer satisfaction, and add technological skills. Technology in the manufacturing industry is continuously evolving, and the Ohio TechCred program enables employers to stay competitive as well as be reimbursed for their employees’ accomplishments of obtaining credentials and certificates.

What credentials are eligible for reimbursement through Ohio TechCred?

Currently, there are more than 900 eligible manufacturing technology credentials and certificates available for reimbursement. However, if an employee wants to obtain a credential that is not already approved, employers can submit an application to the TechCred program for the credential to be added. Applications for credentials that have not yet been approved must detail the skills taught, include a syllabus, and answer other simple questions. Submitted credentials will be reviewed by a panel of experts and potentially be added to the growing list of eligible credentials and certifications. All credentials must be technology-focused, industry-recognized, and able to be completed in less than 12 months. The list of approved programs and link to apply can be found here.

When is the enrollment period and how do I apply?

Applications for this round of the Ohio TechCred program are open from November 1 to November 29, 2024. Manufacturers of all sizes and specialties are encouraged to take advantage of this opportunity by applying. Applications are open to any Ohio registered employer with W-2 employees. Employers may be reimbursed for up to $2,000 per credential by covering the costs of tuition, lab fees, manuals, textbooks, and certification costs, up to a maximum of $30,000 of reimbursement per funding round.

Applying for the program is easy; applications for the program only require basic information, such as industry, number of Ohio employees, federal tax ID, Ohio ID, credential being considered for reimbursement (including the credential name, training provider, and cost of training), and the employee’s wages before and after earning the credential.

What is the reimbursement timeline and what documentation do I need?

After an employee completes their desired approved credential within 12 months of the award date, employers must submit documentation within six weeks to receive reimbursement. Required documentation includes proof that the employee has completed the specified credential, an itemized invoice that clearly identifies the cost of the credential, and proof of payment. Note that for the employer to receive reimbursement, the credential earner must be a W-2 employee at the time of the reimbursement request. Additionally, employers must be able to verify that credential earners are Ohio residents with verifiable Ohio addresses.

Additional details regarding this program are available here.

For questions about this program or for other support available for manufacturers, contact a member of HBK Manufacturing Solutions by calling (330) 758-8613 or through email at manufacturing@hbkcpa.com.

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PA DOR Releases Sales Tax Guidance on Software, Digital Goods, and Related Services

Date October 25, 2024
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The Pennsylvania Department of Revenue (PA DOR) has released additional sales tax guidance on software, digital goods, and related services. The guidance outlines the Department’s current positions on software-related topics and provides several examples of taxable and nontaxable transactions. The guidance is of great interest to software vendors, software consulting firms, and information technology providers.

While the taxability of canned and custom software has been consistent for many years in Pennsylvania, the current guidance addresses areas of contention and confusion surrounding software and services. Notably, the guidance provides that most services to software are taxable, for example, consulting is taxable if sold in conjunction with the sale of software (or tangible personal property) while consulting is nontaxable when the result is a recommendation and not sold with software. Software consulting has long been an area where the tax treatment from vendor to vendor is inconsistent.

In addition, Pennsylvania has traditionally treated website design as a nontaxable service. The new guidance from the Department states that website development is taxable if the website is transferred to the customer. If the developer retains control of the website, the development is not subject to sales tax. Website hosting services remain nontaxable as long as they are separately stated.

The Department’s guidance will clarify questions surrounding the taxability of software-related transactions for many taxpayers. Impacted industries should review their invoicing procedures to ensure consistency with the Department’s current guidance. The guidance from the Department can be viewed here.

If you have questions on Pennsylvania’s guidance or other SALT matters, please contact HBK’s SALT Advisory Group at hbksalt@hbkcpa.com.

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A Guide to Conducting Physical Inventory Counts

Date October 25, 2024
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Conducting physical inventory counts is critical for manufacturers. The counting process ensures accurate financial records, which are essential for inventory management. This article defines a physical inventory count, explains why it is important, and offers some best practices on how to properly conduct it.

What is a physical inventory count?

A physical inventory count is the process of counting inventory items to verify the quantity and condition of your on-hand inventory and to ensure the accuracy of the records in the inventory management system. The process typically includes counting raw materials, work-in-progress items, and finished goods.  The primary goal is to reconcile the physical counts with the recorded inventory levels in your inventory management system to identify any discrepancies.

Why are physical inventory counts important?

Physical inventory counts are not just a fundamental internal control practice, they also offer a number of benefits:

  • Accuracy in Financial Reporting: Inventory is a significant asset for manufacturers and discrepancies can lead to incorrect financial statements. Due to its significance, a physical inventory count may be required for financial reporting or tax purposes by investors, creditors, or regulators.
  • Operational Efficiency: Having an accurate picture of your inventory allows for better production planning and scheduling. You can avoid stockouts that disrupt production and ensure you have the right materials on hand to meet customer demands.
  • Reduced Inventory Costs: Physical counts help identify shrinkage, that is, inventory losses due to theft, damage, or obsolescence. By pinpointing discrepancies, you can implement controls to prevent future losses.
What are best practices for conducting a physical inventory count?

There is no one-size-fits-all approach to conducting an effective and efficient physical inventory count. Choosing the best counting process will depend on your business, your inventory, and the processes and controls you have in place. Generally, best practices include:

Preparation

  • Establish a Cadence: Determine how frequently physical inventory counts should be performed. At the minimum a physical inventory count should be performed annually, but monthly, quarterly, or semi-annual counts could be beneficial to reduce discrepancies.
  • Schedule the Count: Choose a time when operations are slow to minimize downtime, typically during a scheduled shutdown or during off-peak hours. Notify all relevant personnel well in advance.
  • Organize the Inventory Area: Ensure the warehouse is clean and organized. Clearly label all items and storage locations. Group similar items together to simplify the counting process. Halt shipping and receiving activities.
  • Assign Roles: Assign specific roles to team members, such as counters, recorders, and data collectors. Assign teams to count specific areas of the warehouse. Ensure everyone is trained in the counting procedures.

Counting Methods

  • Manual Counting: Physically count each item and record the counts on paper or using tags or handheld devices. Mobile weighing scales or pallet jacks equipped with scales can be used to quickly weigh inventory that can’t be manually counted efficiently. While this method is labor-intensive, it is suitable for all types of inventories.
  • Barcode Scanning: Barcode scanners can significantly speed up the counting process and reduce human error. Scanners can instantly update inventory records, providing real-time accuracy.
  • RFID Technology: Radio Frequency Identification (RFID) technology involves tagging inventory items with RFID tags and using RFID readers to count items. This method is fast and accurate, though it requires an initial investment in the technology.
  • Drones and Automation: Drones equipped with cameras and sensors can conduct inventory counts by scanning barcodes or RFID tags or assessing inventories from above. Automated systems can further enhance accuracy and efficiency.

Conducting the Count

  • Double-Check and Recount: For critical items or high-value inventory, conduct a double-check or recount to ensure accuracy. Pair individuals to verify each other’s counts.
  • Record Discrepancies: Immediately record any discrepancies between physical counts and inventory records. Investigate the causes of these discrepancies to address underlying issues.
  • Adjust Records: After completing the count, adjust inventory records to reflect the results of the physical counts. Update the inventory management system with accurate data.

Post-Count Procedures

  • Review Results: Identify patterns or recurring issues, such as frequent discrepancies or damaged goods.
  • Implement Corrective Actions: Based on the analysis, implement corrective actions to prevent future discrepancies. This may include improving storage practices, enhancing security, or updating inventory management procedures or controls.
  • Report Findings: Prepare a detailed report of the inventory count results, including any discrepancies, their causes, and the corrective actions taken.

Physical inventory counts are a vital component of any manufacturing operation. Apply the practices that best suit your organization’s needs and capabilities. By following these best practices, you can ensure accurate inventory records and financial accuracy, and improve overall operational efficiency. 

To discuss physical inventory counts and inventory management for your company, contact a member of HBK Manufacturing Solutions at 330-758-8613 or manufacturing@hbkcpa.com.

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Ohio’s MEP Benefits Students Entering Manufacturing—and Employers

Date October 24, 2024
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Nicole Vinco

While at a recent event with manufacturers representing companies of various sizes, I kept hearing the same complaint: “I can’t find steady workers.” The concern is universal among companies large and small; they are finding it difficult to hire reliable and consistent help.

The current manufacturing environment requires highly skilled technical expertise, and companies want to invest in their employees. Still, a typical four-year college is not always feasible, nor desirable. Taking advantage of vocational programs can be a smart way to attract young and eager-to-learn employees.  

The Ohio Manufacturing Extension Program (MEP) offers valuable assistance. This program partners with area high schools and technical schools to help interested students gain real-life experience with the technical skills necessary to succeed in the manufacturing industry.

Some benefits for students include:

  • Paid work-based training programs
  • Learning valuable skills in a real manufacturing job
  • Exposure to a real-world manufacturing environment
  • The opportunity to earn a steady income without the expense of a four-year college

Some benefits for employers include:

  • Introducing eager students to the world of manufacturing
  • Identifying students that would be excellent hires after graduation
  • Reimbursement of half of the students’ wages, up to $1,500 per student

To learn more about this program, email MEP@development.ohio.gov or visit the Ohio Department of Development website. To discuss this program or other opportunities to support your labor needs, contact HBK Manufacturing Solutions at 330-758-8613 or by email at manufacturing@hbkcpa.com.

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New Jersey Manufacturing Voucher Program Phase III

Date October 17, 2024
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The New Jersey Economic Development Authority (NJEDA) announced recently that the third phase of the Manufacturing Voucher Program (MVP) has been approved. This phase will make an additional $10 million available to manufacturers to support their capital purchase needs.

The MVP is part of New Jersey’s larger effort to stimulate economic growth through innovation and investment in key industries. Phase III builds on the success of previous phases to assist targeted and non-targeted entities within the manufacturing sector with opportunities for business growth and enhancement. With a push for increased digital transformation in the industry, the MVP program provides a cost-effective way for manufacturers to make this transformation.

Similar to previous phases, eligible manufacturers must meet the following criteria:

  • Be in good standing with the State of New Jersey and be registered to do business in the state.

  • Be a manufacturer in a targeted industry, or the equipment being considered must meet the definition of advanced manufacturing. Targeted industries include:
    • Advanced manufacturing
    • High technology
    • Life Sciences
    • Aviation
    • Non-retail food and beverage
    • Advanced transportation and logistics
    • Autonomous vehicle research or development
    • Information technology industry (excluding IT service providers, web design services, or IT used in other industries to support general business operations)
    • Hemp processing
    • Clean energy

Manufacturers in non-targeted industries will be considered if the equipment being purchased meets the definition of advanced manufacturing. This is defined as equipment that will integrate advanced or innovative technologies, processes, and materials to improve the manufacturing of products. Examples include additive manufacturing technologies, robotics, and computer-aided manufacturing.

Phase III vouchers will be valued between 30 and 50 percent of eligible equipment costs, including installation, up to a maximum award of $250,000. Stackable bonuses will be offered for certified woman-, minority-, or veteran-owned businesses, as well as bonuses for businesses located in Opportunity Zones, that have an active collective bargaining agreement, that have 50 or fewer full-time equivalent employees, or who are purchasing equipment from a New Jersey manufacturer.

Applications are expected to be available in early 2025. Applicants who have not previously been awarded funding will be prioritized during the first two weeks of the application period.

For additional information or support regarding the NJEDA Manufacturing Voucher Program, please contact the NJEDA call center at 844-965-1125 or a member of HBK Manufacturing Solutions at 330-758-8613 or manufacturing@hbkcpa.com.

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“Cause I’m the Taxman”: A Qualified Appraisal or Hefty Tax Bill?

Date October 14, 2024
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While it’s good to learn from your mistakes, it’s better to learn from other people’s mistakes.” – Warren Buffett.

Businesses of all sizes can, and should, be appraised regularly. “Qualified appraisals,” as defined under the Internal Revenue Code (IRC), are commonly sought by higher-income taxpayers and estates and attached to Internal Revenue Service (IRS) submissions for tax purposes. And—it might not come as a surprise—some of the IRS’s favorite items to audit are private business and closely-held entity valuations.

A recent U.S. Tax Court case highlights the importance of keeping these facts top-of-mind. In Estate of Hoenshied v. Commissioner, T.C. Memo. 2023-341, the Tax Court’s decision resulted in a large, unexpected tax bill. A key to the decision: The taxpayer failed to acquire a qualified appraisal. While no extra penalty was levied, potentially millions of dollars in tax deductions were lost.

Case Background

As noted in a summary of the case in Business Valuation Law News, what went wrong for the taxpayer occurred admittedly by their own actions. The case focuses on two issues: anticipatory assignment of income doctrine and what constitutes a qualified appraisal. In short, the owners of a private company attempted to make a charitable contribution of appreciated shares of stock to a charitable organization that administers donor-advised funds (DAFs) prior to a sale. This can prove to be a tax-efficient gifting strategy when structured properly: The taxpayer recognizes the income tax deduction for the gift at the time it was made and avoids paying capital gains on the appreciated stock when the sale occurs.

But the Tax Court first found the taxpayer failed to make a gift in a timely fashion, disallowing the gift of private company stock prior to the sale (and losing the charitable tax deduction for income taxes2. The Court then turned to whether the taxpayer was allowed to make a charitable contribution deduction for the gifted stock. While it ruled a valid gift had been made, it left open the question of whether the gift was accompanied by a qualified appraisal of gifted stock.

According to Business Valuation Law News, the taxpayer “decided to use the ‘cheaper chicken’ for the appraisal,” a free appraisal provided by the financial advisor to the transaction rather than by a qualified appraiser. The result? As the saying goes, “Pigs get fat, hogs get slaughtered.”

Do I Really Need a Qualified Appraisal?

Under Section 170(f)(11) of the IRC, taxpayers are required to obtain a qualified appraisal for noncash contributions valued over $5,000 for charitable tax deductions. In this case, the estimated contribution was in the millions, warranting a qualified appraisal from a qualified appraiser.

Treasury Regulations outline specific criteria for an appraisal to be deemed “qualified.” Quoting directly from Hoensheid3:

Treasury Regulation § 1.170A-13(c)(3)(ii) requires that a qualified appraisal itself include, inter alia:

  • (1) [a] description of the property in sufficient detail for a person who is not generally familiar with the type of property to ascertain that the property that was appraised is the property that was (or will be) contributed;
  • (2) [t]he date (or expected date) of contribution to the donee;
  • (3) [t]he name, address, and . . . identifying number of the qualified appraiser;
  • (4) [t]he qualifications of the qualified appraiser;
  • (5) a statement that the appraisal was prepared for income tax purposes;
  • (6) [t]he date (or dates) on which the property was appraised;
  • (7) [t]he appraised fair market value . . . of the property on the date (or expected date) of contribution; and
  • (8) the method of and specific basis for the valuation.

To further cite Hoensheid in regard to a qualified appraiser4:

Turning back to the statute, section 170(f)(11)(E)(ii) provides that a “qualified appraiser” is an individual who:

  • (I) has earned an appraisal designation from a recognized professional appraiser organization or has otherwise met minimum education and experience requirements set forth in regulations,
  • (II) regularly performs appraisals for which the individual receives compensation, and
  • (III) meets such other requirements as may be prescribed . . . in regulations or other guidance.

In short, a qualified appraisal is a specific document with specific criteria and items that must be included. It must be performed by a qualified appraiser, that is, someone who has valuation credentials and regularly performs appraisals for compensation.

The appraisal in this case did not describe the method for the valuation, did not include appraiser qualifications, and did not use the correct date for the valuation, among other deficiencies. As such, the taxpayer and the financial advisor failed to provide an appraisal that met the standard of a “qualified appraisal,” and the advisor himself did not meet the definition of a qualified appraiser.

The result: a double whammy. The IRS disallowed the entire charitable deduction related to the stock donation, and the taxpayer was unable to claim the over $3 million deduction for tax purposes after having to recognize a gain on the sale of the same stock due to not gifting the stock in a timely manner.

Lessons for Estate Planners and Business Owners

Hoensheid teaches a simple lesson amidst a detailed legal analysis: Do not cut corners when the taxman is involved. Hoensheid is a useful case for estate planners to use with reluctant clients, highlighting the importance of careful planning in the pre-transaction process. A qualified appraisal from a qualified appraiser would have likely paid itself back 50 to 100 times after considering the lost tax deductions.

HBK is here to help. Please give one of our tax or valuation professionals a call to discuss your family’s situation and needs. You can contact me at 941-909-7194 or by email at afrank@hbkvg.com.


1Full case available, T.C. Memo 2023-34; 2023 Tax Ct. Memo LEXIS 33

2Anticipatory Assignment of Income Doctrine and whether the taxpayer had a fixed right to income arising from the sale is beyond the scope of this article.

3T.C. Memo 2023-34; 2023 Tax Ct. Memo LEXIS 33, page 38

4T.C. Memo 2023-34; 2023 Tax Ct. Memo LEXIS 33, page 39

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Exiting your Manufacturing Business Successfully

Date October 1, 2024
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Most small to middle-sized businesses face significant challenges.  Manufacturers are no exception.  Common concerns include (but are not limited to):

  • Labor shortages – Baby boomers retiring from key positions, ghosting employees, and increasing skill gaps.
  • Supply chain issues – Re-shoring or near-shoring, acquiring inventory (just-in-case versus just-in-time), and increased transportation costs.
  • Speed of change – Industry 4.0, Internet of Things (IoT), and cybersecurity.

These challenges have taken the “fun” out of running a business for owners.  Often owners stress that they are looking for guidance on an exit plan.  Even if you are not yet looking for such advice, we recommend being proactive and beginning to develop your exit strategy.  This is important as many manufacturing business owners have a significant percentage of their personal net worth locked up in their business.  With the stakes this high, developing an exit strategy is important.  To maximize your value, you must follow a process and set up a system to recognize the value of your business. 

No matter the size of your business, you need to consider an exit strategy.  It is typically recommended that three to five years before selling, one should start to develop the process and strategy.  There are several steps in this process.  The following stages are discussed below.

Discover Phase
  1. Value the business to know what it is currently worth.  This can be a formal business valuation or a Merger and Acquisition (M&A) assessment. 
  2. Assess your Personal Plan.  What will you do after you sell the business?  What does the next chapter in your life look like?  Without a personal plan, many business owners feel a lack of purpose in their lives.  According to the Exit Planning Institute, 76 percent of business owners who sold their businesses profoundly regretted selling within a year.  This Seller’s remorse is the regret that a business owner may feel after exiting the business. There are many reasons for this feeling.  Understanding your purpose helps ensure that you have a fulfilling life after you exit.
  3. Personal Financial Plan.  The business owner should have a personal financial plan prepared.  This involves developing goals for the next chapter of their life.  The goal is to see the amount of money needed to meet these goals. The process for exiting is driven by a wealth goal. If the current personal net equity is not significant enough to meet the wealth goal, there is a “Wealth Gap”.   If there is a wealth gap, the business value will need to be increased until such time it has closed the wealth gap.
  4. Business Financial Plan.  If there is a wealth gap, how much does the business value need to grow?  How is this business growth completed?  Now is the time to work on your business versus in your business.  Factors that drive business growth and related value include:
    • Market Attractiveness – How attractive is your business to others? 
    • Business Readiness – How ready is your business for sale?Business Risk – How can you reduce the risk in your business?Value Gap and Value Growth – How do you increase your EBITDA and what drives growth for your business?  How healthy is your business?
    • Exit Options – Do you sell to a competitor, management, private equity, or ESOP?  Do you sell assets or stock?
Preparation Phase
  1. Create an Action Plan. 
    • Protect your business’s value by reducing risk.  For instance, a business owner may develop contingency plans or review insurance coverages.
    • Know what needs to be done and execute those items.Stay committed to the plan.  Change is difficult.
    • Besides protecting value, the owner will need to focus the organization on building value.  This may include working to improve efficiency or grow revenue, profit margins, or both. 
  2. Revisit your Plan at least quarterly.
    • Review your growth strategy.
    • Continue to improve sustainable profitability.
    • Reduce debt.
    • Improve cash flow.
    • Continue to work on building a strong management team. 
    • Keep an eye on market and industry trends.  Adjust your plan, if needed. 
    • Compare actual results to planned results.
Decide Phase
  1. Sell or grow the business.
    • If growth is needed due to the wealth gap, repeat the planning process quarterly.
    • If it is decided to sell the business:
      • Assemble an advisory team.  Selling a business is complex.  You will need to surround yourself with trusted advisors, which may include CPAs, wealth advisors, attorneys, and business brokers, among others.
      • Develop a comprehensive exit strategy.  This will outline a timeline and steps needed to sell the business.

HBK has experience in formulating, designing, and implementing the above strategies.  If you are interested in learning more about the exit process, please contact a member of the HBK Manufacturing Solutions team at 330-758-8613 or manufacturing@hbkcpa.com

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Massachusetts’s 2024 Tax Amnesty Program Begins November 1

Date September 23, 2024
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Massachusetts has announced a new tax amnesty program that will run from Nov. 1 through Dec. 30, 2024. The program will allow taxpayers with outstanding tax liabilities to pay back taxes and interest without penalties.

Eligibility for the amnesty program extends to individuals, businesses, estates, and trusts. Taxpayers with outstanding liabilities due to audits, assessments, or appeals are also eligible, as are those with unfiled returns. Taxpayers are not eligible if they participated in the prior amnesty program in 2015 and 2016, or if they are in bankruptcy or under criminal investigation. Most taxes are eligible for amnesty and include, but not limited, to corporate excise tax, marijuana retail tax, personal income tax, and sales tax. See a complete list of eligible taxes at https://www.mass.gov/info-details/ma-tax-amnesty-2024-eligible-ineligible-account-tax-types.

Eligible taxpayers will receive an amnesty eligibility letter from the Massachusetts Department of Revenue. The Department will also launch a webpage dedicated to amnesty on Nov. 1, which will allow taxpayers to complete an amnesty request. Non-filers who are not registered with the Department and who have not been contacted by the Department are also eligible to apply for amnesty. Non-filers will also be eligible for a limited look-back of three years, from Jan. 1, 2022, through Dec. 31, 2024.

The Massachusetts Department of Revenue webpage includes the amnesty announcement and links to FAQs and other resources at https://www.mass.gov/news/massachusetts-tax-amnesty-2024-announced.

If you have questions on the tax amnesty or other state and local tax (SALT) matters, contact HBK’s SALT advisory group at hbksalt@hbkcpa.com.

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