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Monday 8:30am - 5:30pm Tuesday 8:30am - 5:30pm Wednesday 8:30am - 5:30pm Thursday 8:30am - 5:30pm Friday 8:30am - 5:30pm

Peter A Norton, CPA, PC

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Peter A Norton, CPA, PC

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11/05/2025

Tax penalties can feel like dragging a ball and chain. They may happen even when you’ve done your best to comply with tax law. Don’t panic. Penalty relief may be available. For example, if you suffered a serious illness, were a victim of a natural disaster, or relied on bad advice from the IRS, you may qualify for penalty abatement. A penalty may arise from actions such as filing late, making a late tax payment or missing a deposit. If you receive an IRS notice that you think is incorrect or unjust, you don’t have to tackle it alone. Contact us at (508) 624-5534 for help with this matter.

11/04/2025

You may want to offer employees a retirement savings plan, but they can be expensive and complex. What’s a small business owner to do? Consider a simplified employee pension (SEP). They’re easy to set up and administer. Requirements are minimal: All workers must be eligible to participate, and your contributions can’t discriminate in favor of highly compensated employees. In 2025, you can contribute up to $70,000 (or up to 25% of compensation) to a worker’s SEP account and deduct the contributions. Contact us at (508) 624-5534 for details about this and other retirement plan options.

11/03/2025

Wage garnishment can be tough. It allows creditors to collect a debt by legally withholding a portion of an employee’s paycheck, but it comes with limits and employee protections. Garnishments are often triggered by government debts such as child support, student loans, tax levies, or court judgments. Before withholding can begin, you must be notified of the order to withhold. Some portion of your wages must be exempt per state law. If you’re hit with a garnishment order you believe is incorrect or unfair, you have the right to challenge it. Contact us for help with this matter at (508) 624-5534.

10/31/2025

Does your business incur research and experimentation (R&E) expenses? The One, Big, Beautiful Bill Act reinstates the immediate deduction for research activities conducted in the United States, beginning in 2025. Before the new law was enacted, R&E expenses had to be capitalized and amortized over five years, beginning on or after Jan. 1, 2022. What if you began to amortize R&E expenses in 2022, 2023 and/or 2024? You can deduct the remaining amount on your 2025 return or split it between your 2025 and 2026 returns, rather than continuing to amortize over what remains of the five-year period. Contact us at (508) 624-5534 with questions.

10/29/2025

Conventional wisdom says your mortgage should retire before you do. If you pay it off, you’ll enjoy a lower cost of living — not to mention the psychological boost of owning your home! But if mortgage interest provides an income tax advantage or you need to prioritize paying off other, high-interest debt, you may want to hold on to your mortgage. Contact us at (508) 624-5534. We can help you weigh the pros and cons.

10/28/2025

College costs like tuition, books, computers and, generally, room and board have long qualified for tax-free 529 plan withdrawals, with no annual limit. For elementary and secondary school expenses, the limit has been $10,000 per year per student, with only tuition qualifying. Starting with expenses incurred after July 4, 2025, additional K–12 expenses like books and instructional materials also qualify, with the cap increasing to $20,000 per year in 2026. Also effective after July 4, 2025, certain credentialing programs qualify. Call us at (508) 624-5534 to discuss how to make the most of 529 plans.

10/27/2025

If you own a life insurance policy, a portion of its proceeds could be lost to estate tax if your estate exceeds the gift and estate tax exemption amount. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (508) 624-5534 for details.

10/24/2025

Being prepared for disasters is always important. But the IRS warns that you should also be on the alert for an uptick in scams aimed both at survivors and those who donate to help them. Scammers often sweep in after a disaster to solicit donations. They may pose as employees of federal agencies or legitimate charities. In many cases, they ask for donations by gift cards, cash or wire transfers. Scammers may also set up bogus websites with names similar to real charities and make false claims that your donations are tax-deductible. Contact us at (508) 624-5534 with questions about charitable gifts. Use the IRS's Tax Exempt Organization Search tool to verify a charity’s status and learn more details here: https://bit.ly/4pgYYiS

10/22/2025

Does your business pay independent contractors? A provision in the One Big Beautiful Bill Act, signed into law on July 4, 2025, will reduce your required reporting. Currently, businesses that pay $600 or more for services rendered by a contractor must issue a Form 1099-NEC (Nonemployee Compensation). Beginning with payments made in 2026, the threshold increases to $2,000 and will be adjusted for inflation in subsequent years. This change will simplify compliance and reduce the risk of penalties for missed filings. Contact us at (508) 624-5534 with questions about how to proceed.

10/21/2025

Starting in 2026, tax law changes could increase the risk of getting hit by the alternative minimum tax (AMT). This is especially true for high earners. At least some income-based phaseout thresholds for the AMT exemption will drop, and the exemptions will be phased out twice as fast as in 2025. Add to that the impact of larger state and local tax deductions (which aren’t AMT-deductible), and more taxpayers could face the AMT. Call us at (508) 624-5534 for help assessing your risk and finding strategies you can implement now to minimize your taxes.

10/20/2025

Fraud often hides in plain sight. Some red flags to watch for include reporting delays, unexplained cash shortages, missing inventory, inconsistent financial reports, duplicate payments and vendors you don’t recognize. You may also notice employees who resist sharing responsibilities, override company policies or avoid taking vacations. Don’t ignore your instincts. We can help investigate financial anomalies, identify weak controls and recover losses. Call us at (508) 624-5534 to strengthen your internal controls and gain peace of mind.

10/17/2025

Individuals with sizable estates can breathe a sigh of relief when it comes to the federal estate tax. Currently, the federal gift and estate tax exemption is $13.99 million for individuals ($27.98 million for married couples). This exemption was scheduled to revert to $5 million (plus inflation adjustments) in 2026. But under the One, Big, Beautiful Bill Act, it has been made permanent. For 2026, the exemption will rise to $15 million ($30 million for married couples) and will be adjusted annually for inflation after that. This much-needed certainty provides planning flexibility and enables affluent families to preserve their wealth across generations. Questions? Contact us at (508) 624-5534.

Address

PO Box 3278
Southborough, MA
01772

Opening Hours

Monday	8:30am - 5:30pm
Tuesday	8:30am - 5:30pm
Wednesday	8:30am - 5:30pm
Thursday	8:30am - 5:30pm
Friday	8:30am - 5:30pm

Telephone

+15086245534

Website

https://www.nortoncpapc.com/

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