Taxes

Mass. court issues ‘bombshell' ruling on tech founder's stock sale

Craig Welch and his wife, Natalia, should have reported the $4.7 million that Welch received from the 2015 sale of his shares in financial services technology firm AcadiaSoft as income from a Massachusetts source, a three-judge panel ruled Thursday

By Greg Ryan • Published April 4, 2025 • Updated on April 4, 2025 at 7:16 pm

In what one tax expert called a "bombshell" decision, a state appeals court ruled this week that a tech founder’s sale of his interests in his company could be taxed as Massachusetts income, even though he no longer lived in Massachusetts at the time of the sale.

Craig Welch and his wife, Natalia, should have reported the $4.7 million that Welch received from the 2015 sale of his shares in financial services technology firm AcadiaSoft as income from a Massachusetts source, a three-judge panel ruled Thursday, affirming an earlier decision from the state Appellate Tax Board.

WATCH ANYTIME FOR FREE