The Internal Revenue Service recently acknowledged systemic problems processing tax returns for deceased taxpayers who are due to receive a tax refund.
The National Taxpayer Advocate (TAS) reported that the IRS experienced...more
The 2024 Paris Olympics are in full swing, and it is never too early for U.S. athletes to consult with their tax advisor. As was done in 2021, the United States Olympic & Paralympic Committee has pledged to award U.S....more
As a general rule, when a married couple files a joint tax return, they are jointly and severally liable for the entire tax. But what happens if one spouse failed to report income and the other spouse did not know or have...more
7/9/2024
/ Equitable Relief ,
Failure to Report ,
Federal Taxes ,
Income Taxes ,
Innocent Spouse Exception ,
Joint and Several Liability ,
Joint Tax Returns ,
Spousal Tax Relief ,
Tax Code ,
Tax Liability ,
Tax Relief ,
Tax Returns
Education income tax credits are one way students and parents can help pay for college. There are two types of federal tax credits available to taxpayers: the American opportunity tax credit (AOTC) and the lifetime learning...more
2/27/2024
/ Colleges ,
Educational Institutions ,
Federal Taxes ,
Income Taxes ,
IRS ,
Student Loans ,
Students ,
Tax Credits ,
Tax Returns ,
Tuition ,
Universities
Now that the 2023 tax filing season is underway, many taxpayers are having an unpleasant surprise when they file their tax return this year and find out they are getting a much smaller refund than they were expecting, or...more
After the excitement of the wedding and honeymoon is over, newlyweds should start thinking about joint finances and their income taxes. A common question for those recently married is whether or not to file a joint tax...more
Massachusetts taxpayers will be able to deduct charitable contributions on their state income tax returns for charitable contributions made after January 1, 2023. The deduction will be allowed even if the taxpayer does not...more
The IRS recently issued the 2024 annual adjustments for numerous tax provisions, including changes to tax brackets and standard deductions. Popular adjustments include...more
As the 2023 tax year winds down, owners of individual retirement accounts (IRAs) might consider combining the 2023 tax benefits of charitable giving with a qualified charitable distribution (QCD) from their IRA....more
The long-awaited Massachusetts tax reform package was signed by Governor Maura Healey on Wednesday, October 4, 2023.
Among the provisions:
Estate Tax Reform: Establishes a non-refundable credit of $99,600 for each estate,...more
10/5/2023
/ Capital Gains Tax ,
Dependents ,
Estate Tax ,
Income Taxes ,
Popular ,
State Taxes ,
Tax Code ,
Tax Credits ,
Tax Deductions ,
Tax Exemptions ,
Tax Loopholes ,
Tax Rates ,
Tax Reform ,
Tax Relief ,
Tax Returns
On August 25, 2023, the Internal Revenue Service announced a two-year delay in implementing changes to the catch-up retirement contributions of certain taxpayers....more
8/30/2023
/ 401k ,
Contribution Limits ,
Delays ,
Human Resources Professionals ,
IRS ,
New Rules ,
Payroll Companies ,
Retirement Plan ,
Retirement Plan Providers ,
Roth IRA ,
SECURE Act
On August 9, 2023, Massachusetts Governor Maura Healey signed a $56 billion Fiscal Year 2024 state budget that increases state spending by 6.2% compared to a year ago. However, what was missing from this budget was the highly...more
The SECURE Act 2.0 brings a slate of changes to retirement accounts and the way workers save for retirement. A summary of the Act can be found on the US Senate Finance Committee website....more
8/11/2023
/ 401k ,
529 Plans ,
Automatic Enrollment ,
Contribution Limits ,
Early Retirement Distributions ,
Required Minimum Distributions ,
Retirement ,
Retirement Plan ,
Retirement Plan Providers ,
Roth IRA ,
SECURE Act ,
Tax Planning
Despite the predictions and media attention, electric vehicles (EV) accounted for only 5.7% of all automobiles purchased in the United States in 2022.
Globally, EV sales rose to 14% in 2022....more
A friend backs out of the long-planned group outing to see Taylor Swift’s opening night of “The Eras Tour” in Glendale, Arizona. Rather than have the ticket go unused you decide to sell the extra ticket online. Do you have to...more
Massachusetts Governor Maura Healey’s long awaited tax reform package was released on Monday February 27, 2023. Among the proposals:
- Dependent Credit: Establishes a $600 fully refundable credit per qualifying...more
Along with twenty other states, Massachusetts made special payments to taxpayers in 2022. In Massachusetts, the rebate was the result of state law that returned excess state revenue to taxpayers. In California these payments...more
It is expected that sports betting will be allowed in Massachusetts in the coming weeks. Initially, sports betting will be allowed in-person at Plainridge Park Casino in Plainville, MGM Springfield and Encore Boston Harbor in...more
Many mutual fund investors have seen their mutual fund investments drop 30% or more in 2022. The Fidelity Growth Company Fund (FDGRX) is down 33.78% for 2022. The Vanguard US Growth Fund Investor (VWUSX) is down 39.64%....more
On October 31, 2022, the Massachusetts Department of Revenue (DOR) announced that tax refunds consisting of about $2.9 billion in excess tax revenue will begin on November 1, 2022....more
Massachusetts taxpayers are about to get a tax rebate. That’s right. A tax rebate.
Governor Charlie Baker announced that revenue collections in Fiscal Year 2022 far exceeded the annual tax revenue cap, thereby triggering a...more
During the 2022 tax filing season, many taxpayers had an unpleasant surprise when they filed their tax return and found out they were getting a much smaller refund than they were expecting, or worse, had a balance due....more
In a stunning about-face, after missing their July 31, 2022 midnight deadline, in the early morning hours of August 1, 2022, the Massachusetts legislature announced that they had failed to pass an economic development plan...more
Income tax effects are often the last thing on one’s mind when going through a divorce, but having sound tax advice during a divorce is important for many reasons.
FILING STATUS -
Divorce will change your income tax...more
8/5/2022
/ Alimony ,
Child Support ,
Dependents ,
Division of Assets ,
Divorce ,
Income Taxes ,
Marital Assets ,
Marital Status ,
Name Changes ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Withholding Tax
The Internal Revenue Service recently issued a reminder that all taxpayers filing Form 1040, 1040-SR or 1040-NR must answer a question concerning virtual currency at the top of the tax return.
The question asks “At any...more