Q3 2023 Estimated Tax Payments Due
Third quarter estimated tax payments are due September 15, 2023. If mailing, certified return receipt requested is recommended.
Modernization Efforts at the IRS
In 2022, the Inflation Reduction Act was signed into law. The Act includes nearly $80 billion in additional new funding for the IRS over the next 10 years. On April 6, 2023, the Treasury and…
Inherited IRAs
There have been a number of changes to the required minimum distribution (RMD) rules that apply to traditional IRA and 401(k) accounts. The age at which these distributions must begin for account owners has been…
New Hampshire Accelerates Date on Repeal of Interest and Dividends Tax
New Hampshire recently enacted legislation that phases out the Interest & Dividends Tax (I&D Tax) starting at 4% for taxable periods ending on or after December 31, 2023, 3% for taxable periods ending on or…
Scams are surging this summer according to the IRS
The Journal of Accountancy has reported the IRS is asking for taxpayers to be wary of offers promising tax refunds or to “fix” tax problems. Many of these offers center on promises of a third…
New Clean Vehicle Credit
The new clean vehicle credit in effect in 2023 has numerous requirements. In addition to meeting the manufacturing requirements (which the licensed dealer should be able to provide), there is an income limitation based on…
IRS Delays Implementation of $600 1099-K Reporting Requirement
The IRS has announced third-party settlement organizations will not be required to report tax year 2022 transactions on a Form 1099-K to the IRS or the payee for the lower, $600 threshold amount enacted as…
MA 1099-Gs will reflect return refund and 62F refund
In January, the 1099-Gs are scheduled to go out to taxpayers who claimed itemized deductions on their federal return for Tax Year 2021. Note that they will contain a combined amount reflecting a taxpayer’s return…
Payment Apps and Form 1099-K
Taxpayers who were paid for goods and services through a third-party payment network, such as PayPal, Venmo, eBay, etc. will now receive a reporting form “Form 1099-K Payment Card and Third-Party Network Transactions” once the…
Massachusetts begins distribution of excess tax revenue refunds.
On November 1, 2022, the Massachusetts Department of Revenue (DOR) began distributing $2.941 billion in tax refunds in accordance with Chapter 62F, a Massachusetts law that requires tax revenue collected in excess of an annual…