The Massachusetts Department of Revenue has updated its guide to estate taxes to reflect recent law changes effective for estates of decedents dying on or after January 1, 2023. The new law amended the estate…
After facing pushback from the tax community and third-party payment facilitators, the Form 1099-K reporting threshold will remain unchanged for calendar year 2023 in lieu of a phased-in approach beginning next year to allow more…
The IRS has announced that over/under payment interest rates will remain the same for the calendar quarter beginning January 1, 2024. (IR 2023-219, 11/17/2023; Rev Rul 2023-22, 2023-49 IRB) The interest rates for the first quarter…
The IRS announced that the amount individuals can contribute to their 401(k) plans in 2024 has increased to $23,000, up from $22,500 for 2023. (Notice 2023-75, 2023-47 IRB; IR 2023-203) Highlights of changes for 2024 The…
The Massachusetts Department of Revenue has updated the real estate tax credit against personal income tax available to a Massachusetts taxpayer age 65 or older who owns or rents his or her principal residence and…
The Social Security Administration announced the latest Cost of Living Adjustment (COLA) is 3.2 percent for Social Security benefits and Supplemental Security Income (SSI) payments. Social Security benefits will increase by 3.2 percent beginning with…
Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. They will have to report…
The relief bill was signed on October 4, 2023. Below is a snapshot of some of the changes: Short term capital gains rate reduced to 8.5% Single sales factor apportionment for MA businesses based solely…
Third quarter estimated tax payments are due September 15, 2023. If mailing, certified return receipt requested is recommended.
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…