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Bravo CPA
  • Home
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    • RECORD RETENTION
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    • TAX & FINANCIAL
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Guide to Massachusetts Estate Tax Updated

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…

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November 30, 2023

Form 1099-K Reporting Threshold Change Delayed, Phase to Start 2024

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…

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November 22, 2023

Interest Rates Hold Steady for Q1 2024

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…

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November 21, 2023

401(k) Contribution Rises to $23,000 in 2024; IRA to $7,000

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…

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November 2, 2023

MA 2023 Circuit Breaker Credit Threshold Amounts

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…

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October 31, 2023

Social Security Administration Announces Latest Increase

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…

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October 26, 2023

Beneficial Ownership Reporting Starts January 1, 2024

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…

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October 9, 2023

Governor Healy Signs Tax Relief Bill Retroactive to January 1, 2023

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…

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October 7, 2023

Q3 2023 Estimated Tax Payments Due

Third quarter estimated tax payments are due September 15, 2023.  If mailing, certified return receipt requested is recommended.

September 8, 2023

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…

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August 4, 2023
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    Address: 904 Concord St, Framingham, MA 01701
    Phone: (508) 872-4002
    Email: [email protected]

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