Ideas and Opportunities

Meet Our Firm

Sharon Blazejowki, CPA

Sharon is a director in the firm, with primary responsibility for managing audits of Massachusetts Charter Schools, non-profit organizations (including yellow book and single audits), employee benefit plans, and small to medium size businesses. She also manages compilations and reviews of small to medium size businesses. (More)

Investors will be 'miles ahead' if they avoid these 3 things, 'How Not to Invest' author says

Barry Ritholtz had a hard time writing his first book, “Bailout Nation.” Drafted in the midst of the 2008 financial crisis, the biggest challenge, he said, was that a different company “would blow up” every week. It felt as if the writing “was never over,” said Ritholtz, the chairman and chief investment officer of Ritholtz Wealth Management, an investment advisory firm that manages more than $5 billion of assets. (More)

Every Successful Business Solves a Pain Point — Does Yours?

Every successful business I've launched has had one important thing in common: They've solved a pain point. Back in college, when I was building a website for an on-campus association, I needed a membership system that allowed people to create profiles and browse others. That's how, long before social media became a thing, I created Profile Manager, essentially a proto-Facebook. It became a hit because so many other websites had the same needs.(More)

Treasury says it won’t enforce BOI fines or penalties against U.S. citizens, businesses

U.S. citizens and businesses will not be subject to fines or penalties for failing to file beneficial ownership information (BOI) reports after new reporting deadlines are set, Treasury said Sunday in a news release. Last week, the Financial Crimes Enforcement Network (FinCEN) said it would announce new BOI reporting deadlines no later than March 21. But on Sunday, Treasury said “it will not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect.” (More)

Are Irrevocable Trusts Really Irrevocable Part 2

When I began practicing law, clients created irrevocable trusts with caution because the trust was then set in stone. By the time I left private practice, clients created irrevocable with more frequency and considerably less caution because changing irrevocable trusts became commonplace. Trusts and Estate practitioners have numerous options to consider if they want to change an irrevocable trust. The first part of this three-part series explored changes to irrevocable trusts using judicial or nonjudicial modification Are Irrevocable Trusts Really Irrevocable – Part I. This second part examines decanting, and the final part in the series reviews the use of a Trust Protector to modify an otherwise irrevocable trust. (More)

Theft Loss Deductions Under the Tax Cuts and Jobs Act of 2017

The number of incidents of fraud perpetrated against individuals and the resulting loss amounts have both drastically increased in recent years. In 2018, the Federal Trade Commission reported approximately 1.4 million fraud incidents with a total loss of $1.48 billion. By 2023, the number of incidents had increased to roughly 2.6 million, and the loss amount skyrocketed to more than $10 billion. These frauds ranged from scammers impersonating businesses (8.80% of 2023 reports), to government officials (4.23%), to potential romantic partners (1.19%), and nearly everything in between. (More)

Navigating the SECURE Act 2.0: Critical Changes for Your Retirement Future

Understanding the tax implications of your real estate investments can significantly impact your financial outcomes. In a recent episode of the Knowing What Counts podcast, Brian Moss, a senior tax associate with MP CPAs who recently passed all four parts of his CPA exam, shared valuable insights about the distinction between passive and non-passive rental income and how property owners can potentially optimize their tax situations. By default, rental activity is considered passive income by the IRS. This classification carries significant tax implications, particularly regarding loss deductions. Under passive activity rules, rental losses can only offset passive income from other sources. (More)

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