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BOI reporting deadline extension passes US House
A bill to extend the deadline for an estimated 32 million small businesses to report their beneficial ownership information (BOI) as mandated by the Corporate Transparency Act (CTA) passed the U.S. House unanimously. The House passed H.R. 736, Protect Small Businesses From Excessive Paperwork Act of 2025, 408–0, on Monday. The bill, which goes to the Senate next, extends the deadline for filing BOI reports to Jan. 1, 2026. The deadline for most reports previously was Jan. 1, 2025, but the reporting requirements have been caught up in numerous court cases and are now on hold. (More)
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Lower auto depreciation limits issued for first time in at least 3 years
For the first time in at least three years, the IRS issued lower depreciation limitations for passenger automobiles. These limits are updated annually for inflation, based on the automobile component of the Chained Consumer Price Index for Urban Consumers. Rev. Proc. 2025-16, released Wednesday, contains the Sec. 280F(a) inflation-adjusted dollar limitations on depreciation deductions for passenger automobiles — which include trucks and vans — (More)
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Tax changes coming to Mass. in 2025. Here’s what to know.
New changes to Massachusetts tax law are going into effect in 2025, including the full realization of an expanded tax credit first signed by the governor in 2023. As part of the $1 billion tax package Gov. Maura Healey signed into law, parents of children or caretakers for disabled adults or seniors have access to what officials called the most generous Child and Family Tax Credit in the country. The bill first increased the credit for what taxpayers could claim on their 2023 taxes from $180 to $310. (More)
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Unlocking Business Value: Mastering Valuation Strategies with Tim Provost
Understanding the value of your business is crucial, but many entrepreneurs underestimate its importance. The episode series dives into business valuation, laying out its significance, methods, and common pitfalls. One of the major revelations is that business valuations serve multiple purposes including securing funding, planning for mergers or acquisitions, and preparing for succession. Moreover, they are vital for strategic planning, allowing business owners to address weaknesses while considering future growth potentials. Most importantly, accurately understanding the value of one’s business can significantly affect decision-making and potentially enhance profitability. (More)
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