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April 22, 2011
Professional
Research
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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Tax returns are due but once a year. However, paying taxes — through withholding from taxpayer wages, estimated tax payments, or both — is a year-round activity. That’s why it’s a good idea for taxpayers to review their tax payments regularly throughout the year to ensure they’re as accurate as possible.
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.
