This morning, U.S. Treasury Secretary Steven Mnuchin announced, "We are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties." We expect the IRS will issue official guidance today or Monday, officially extending the deadline. Our plan is [...]
The Federal Government and States are offering small business loans and policies to offset some of the lost business. We encourage you to review these items to see if they might bring benefit to you and your business during this time. Please click on the following links below for more information: *Massachusetts launches $10 million [...]
This Technical Information Release (“TIR”) announces that the Department of Revenue (“Department”) will waive any late-file or late-pay penalties imposed under G.L. c. 62C, § 33 for returns and payments due during the period March 20, 2020 through May 31, 2020, for the following taxpayers: Vendors with meals tax return and payment obligations pursuant to G.L. c. 62C, [...]
In response to the coronavirus (COVID-19) pandemic, on March 18, 2020, Congress enacted a bill providing various forms of relief, including two separate laws mandating that employers give employees paid leave for specified purposes related to COVID-19. The two leave laws are the Emergency Family and Medical Leave Expansion Act, and the Emergency Paid Sick [...]
There are no personal or dependent exemptions under the new tax law. Effective January 1, 2018 the standard deduction is: • $24,000 for married filing jointly • $18,000 for heads of household • $12,000 for all other taxpayers Child tax credit The new tax law increases the credit to $2,000 per qualifying child and [...]
Do you have a child that will be graduating from college next spring and have been phased out of the tuition credit due to your income level? We recommend you consider paying for his or her final semester of college until 2020. If the graduate has taxable income in the year they graduate they [...]
For those turning 50 this year, we recommend you increase your 401(k) salary deferral to include the “catch up” amount of $6,000 making your total salary deferral for 2019 $25,000. There is a $1,000 catch up amount for IRAs as well, making the total you can contribute to an IRA in 2019 $7,000. [...]
One of the most interesting wrinkles of the Tax Cuts and Jobs Act, passed last December, was the creation of Opportunity Zones. According to the IRS, Opportunity Zones are particular distressed communities throughout the country in need of economic revitalization. Under a nomination process completed in June 2018, 8,761 communities in all 50 states, [...]
The Internal Revenue Service is reminding small businesses that recent tax reform legislation lowered the backup withholding tax rate to 24 percent and the withholding rate that usually applies to bonuses and other supplemental wages to 22 percent. The agency is also recommending that employers encourage their employees to check their withholding using the [...]
As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the Internal Revenue Service announced today its debut on Instagram, adding this platform to its social media portfolio. The IRSNews account will provide taxpayers the latest information on a variety of topics as taxpayers face numerous tax law changes [...]