Law Office of Richard M. Stone

Boston, Massachusetts

McLane Law Firm Welcomes Richard M. Stone

May 13

Posted by admin in Boston Business Tax Attorney, Boston Tax Attorney, Massachusetts Business Tax Attorney, Massachusetts Tax, Massachusetts Tax Attorney, Massachusetts Tax News | No Comments

April 19, 2010, Manchester, NH and Woburn, Massachusetts – The McLane Law Firm welcomes attorney Richard M. Stone to its TradeCenter 128 office location in Woburn, MA.

About the McLane Law Firm

Founded in 1919, the McLane Law Firm is one of New England’s premier full-service law firms with offices in Manchester, Concord and Portsmouth, New Hampshire, as well as Woburn, Massachusetts. Driven by the firm’s depth of sophisticated legal expertise and an unwavering commitment to client service, McLane has built collaborative and lasting relationships with a broad spectrum of domestic and international clients. www.mclane.com

Massachusetts One of the Few States to Tax Royalties and Interest Paid by Local Subsidiaries to their Corporate Parents in Other Countries

May 13

Posted by admin in Massachusetts Tax News | 1 Comment

Foreign businesses, which include some of the major employers in the state of Massachusetts, are acting to transform a state law they state taxes their subsidiaries inappropriately and will discourage them from investment and growing here.

The law, put into practice as part of a wider rewrite of corporate and business tax regulations in 2008, makes Massachusetts one of the few states to tax royalties and interest paid by local subsidiaries to their corporate parents in other countries. Taxation of the payments raises about $40 million a year in additional revenue for the state, according to rough estimates by the state Department of Revenue.

Foreign-owned corporations claim the law is equal to double taxation, given that the corporate parents must pay taxes on royalties and interest in their home country. They also say it offends the spirit of tax treaties between the US government and more than 60 other nations that are targeted at stopping double taxation.

Massachusetts legislators are looking at legislation that would repair the problem for most foreign companies, but no action is imminent.

Read more

House Lawmakers Scrap Proposal To Increase Massachusetts Property Taxes

Apr 26

Posted by admin in Boston Business Tax Attorney, Massachusetts Business Tax Attorney, Massachusetts Tax, Massachusetts Tax News | 2 Comments

A proposal that could have raised property taxes by up to $500 million was scrapped today by Massachusetts House lawmakers.

Proposition 2 1/2 is a state law that limits property tax increases. The measure was approved by voters in 1980 and changed the way local districts raise taxes in order to pay for municipal services. Under the proposition, local government can not raise property taxes by more than 2.5% per year without getting voter approval.

You can read more about the failed plan here.

Leaders In Opposition To Proposed Ballot Cutting Massachusetts Sales Tax

Mar 29

Posted by admin in Boston Business Tax Attorney, Boston Tax Attorney, Massachusetts Business Tax Attorney, Massachusetts Tax, Massachusetts Tax Attorney, Massachusetts Tax News | No Comments

Leaders are concerned that a proposal in place to cut the state sales tax to 3% would mean devastating cuts in state and municipal services. If approved, it would cost the state about $2.34 billion in revenues.

Another ballot proposal will get rid of the 6.25 percent sales tax on the retail sale of beer, wine and alcohol. If passed, this would cut $100 million in revenues each year from state government.

The concern is that the loss in revenue by the tax cut would be crippling to local government services.

You can read more about the tax cut proposals here.

No Gas Tax Hike According To Gov. Patrick

Mar 24

Posted by admin in Massachusetts Business Tax Attorney, Massachusetts Tax, Massachusetts Tax Attorney, Massachusetts Tax News | No Comments

According to the Massachusetts Gov., Deval Patrick, there will be no gas tax hike. The Governor dismissed the idea of raising the gas tax at a breakfast forum today for the 2010 gubernatorial candidates.

At the breakfast, the governor outlined his agenda hoping for a second term in office. He also went on to explain his policy decisions over the past four years. According to the Boston.com article:

The governor vowed to continue to examine the state’s transportation system, but dismissed any notion of hiking the gas tax, saying the state cannot afford it at this time. The governor had supported a gas tax in the past because, under state law, any revenues from the tax would have to be redirected to transportation projects.

This is a welcome relief for Massachusetts drivers.

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New Taxes On Meals Are Bringing In More Revenue Than Expected

Mar 9

Posted by admin in Massachusetts Tax | No Comments

The Massachusetts Legislature enabled local communities to impose a tax on meals. The new tax has been bringing in more money than was originally anticipated.

In total, 73 communities have instituted the new tax. It was projected that Boston would raise an additional $1.4 million in revenue, and it wound up bringing in $1.5 million in October, the first month the tax was put in place. Medford more than doubled the state’s projection.

While it has proven to be a new source of revenue, the tax is being met with resistance from business owners, restaurants, and others in the community tired of more taxes.

Attorney Richard M. Stone, Featured Speaker at the 2010 Massachusetts Bar Association Annual Conference

Mar 5

Posted by admin in Massachusetts Tax | No Comments

We are excited to announce that Richard Stone will be a featured speaker at the 2010 Massachusetts Bar Association Annual Conference. The conference will take place on Thursday, March 11 and Friday, March 12 at the Westin Copley Place in Boston.

Programming for the conference includes:

  • Plenary sessions
  • Two continuous tracks on law practice management
  • Other recent developments.

You can read more about the conference on the Massachusetts Bar Association website:

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Free Download: New Massachusetts Tax Updates

Mar 5

Posted by admin in Massachusetts Tax | No Comments

A new Massachusetts Tax Update has just been added to our site.
The most recent update includes developments from 2009.

Updates from the report include:

  • Geoffrey and Capital One Cases – Nexus Without a Physical Presence
  • Limits On States’ Taxation Powers
  • State Transfer Pricing Case
  • Economic Nexus Legislation In Other States
  • New York City Case Involving Post 9/11 Rent On World Trade Center Buildings
  • W.R. Grace Appellate Tax Board Case
  • Work Product Doctrine
  • Sales Tax Increase
  • State Income Tax Credit For Donated Conservation Land
  • Streamlined Sales Tax Project
  • New Hampshire Update

You can download the update using the form on the right.

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Massachusetts Tax Collections Continue To Exceed Predictions

Mar 5

Posted by Rick Stone in Uncategorized | No Comments

In January, Massachusetts collected more taxes than expected for the fourth consecutive month.  This is largely due to the strong collections of the state sales tax during the holidays and corporate and business taxes.  Tax collection increases have caused Gov. Patrick to consider restoring some of the governmental services he was forced to cut earlier in the fiscal year.  Corporate and business tax collections totaled $54 million this January.  This signals a sharp increase from $29 million from the previous January.

Tax Audits On The Rise

Mar 5

Posted by admin in Massachusetts Tax | No Comments

It is estimated that more than 1.4 million United States taxpayers were audited last year. This is the most audits in more than a decade. The IRS hasn’t tipped its hand about its secret formula for determining whether or not to flag a return. However, there are some general guidelines to follow in order to avoid drawing attention to yourself. Whether for your personal or business taxes, having a professional review your tax situation is a smart move. The more complicated your tax return is, the more beneficial hiring tax professional.

Learn more here.