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…
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…
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…
Due to the COVID/pandemic, the federal government established the Employee Retention Credit (ERC) to provide a refundable employment tax credit to help businesses with the cost of keeping staff employed. Eligible businesses that experienced a…
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…
Massachusetts will shortly be issuing refunds for the return of excess revenue collected for the fiscal year 2022. These refunds will be finalized by the end of October and begin to be received by taxpayers…
The recently passed Inflation Reduction Act expanded on several tax incentives for taxpayers that choose energy efficient alternatives. Some of the key changes include: The Act increased the nonrefundable personal tax credit for having qualified…
Each year the IRS issues its list of 12 common tax scams that are impacting taxpayers. One such scam is suspicious communications taxpayers receive through unsolicited text messages, emails, or phone calls. These scams are…
Reminder, 2021 required minimum distributions (RMDs) from retirement plans should be taken by December 31, 2021. RMDs were suspended for tax year 2020 but have been restored for tax years starting in 2021. (Note: Taxpayers…
Before 2021, taxpayers could receive up to a $2,000 nonrefundable credit per child, subject to income phaseouts, for the child tax credit. For tax year 2021, the American Rescue Plan Act (ARPA) increased the child…