Tax News for Crew and Businesses
Boston Contractor Sentenced for Tax Evasion
A Boston contractor was sentenced for concealing business income, cashing customer checks, and failing to file required tax forms, causing over $3M in tax losses.
Federal Court Sentences Colorado Promoter to 12.5 Years for Abusive Trust Tax Shelter and Ponzi Scheme
An IRS criminal case resulted in a 12.5-year federal prison sentence for promoting an abusive trust tax shelter and fraudulent investment scheme.
Treasury and IRS Issue Guidance on New Car Loan Interest Deduction — What It Means for the Marine Industry
Treasury and IRS issued guidance on the new car loan interest deduction, including eligibility and lender reporting rules under OBBB.
Treasury and IRS Issue Guidance on New Health Savings Account Tax Benefits Under OBBB
New IRS guidance explains expanded HSA eligibility, tax benefits, and planning strategies for individuals and business owners under OBBB.
IRS Updates Section 163(j): What It Means for Marine Businesses (2025–2026)
The IRS updated Section 163(j rules affecting business interest deductions, depreciation add-backs, capitalized interest, and foreign income for 2025–2026.
The Biggest Yachting Industry Stories of the Month
MFS FLIBS 2024 Highlights: Luxury, Innovation, And Unforgettable Experiences
MFS Makes Waves At The Breakfast With The South Florida Business Journal Networking Event
Last week, MFS had the pleasure of attending The Breakfast With The South Florida Business Journal Event, hosted at the Marine Industries Association of South Florida (MIASF) offices. It was an incredible opportunity to connect with fellow professionals, share insights, and discuss the evolving landscape of the marine and yachting industry.