New 0.5% Floor for the Deduction on Charitable Contributions
 

Starting with the 2026 tax year there is a new limitation on the charitable contribution deduction for individuals that itemize their deductions. Individuals will now have to reduce their charitable deduction...  
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Trump Accounts

The 2025 Tax Act included a new tax provision which took effect in 2026 called “Trump Accounts.” These accounts can be set up for qualifying individuals...  
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 Federal Charitable Contribution Deduction for Non-Itemizers

Starting in 2026, individuals that do not itemize on their Federal tax return will be eligible to take a charitable contribution deduction of up to $1,000... 
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2026 Standard Business Mileage Rates

Beginning January 1, 2026, the standard mileage rates for the use of a car, van, or pickup or panel truck will be:
•    72.5 cents per mile driven for business use. This is an increase of 2.5 cents from 2025.
•    20.5 cents per mile driven for medical purposes, down from 21 cents in 2025.
•    20.5 cents per mile driven for moving purposes for qualified active-duty members of the Armed Forces, down from 21 cents in 2025. This rate also applies for certain members of the intelligence community.
•    14 cents per mile driven in service of charitable organizations, unchanged from 2025...
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 IRS Reminds Taxpayers 73 and Older to Take RMDs by Dec. 31

The IRS has reminded taxpayers 73 and older to take their required minimum distributions (RMDs) from individual retirement arrangements (IRAs) and other retirement plans by December 31, 2025.

Mandatory distributions. RMDs are mandatory annual withdrawals... 
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Uncertainty as the IRS Reopens after the Shutdown

 How quickly the IRS can mobilize back to full operations is expected to be challenging.
IRS must address return and correspondence backlogs that could number into the millions.  It must reschedule canceled exams, hearings, and... 
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2025 Tax Act

Public Law 119-21, commonly referred to as the “One Big Beautiful Bill Act” (OBBBA), made significant changes to the Internal Revenue Code (IRC). Some changes were permanent, and some were modifications. It also created new sections, introduced some temporary provisions, and altered or terminated many energy credits...
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 No Tax on Car Loan Interest

For tax years 2025 through 2028 there will be a deduction of up to $10,000 of car loan interest for individuals. To qualify for the deduction the debt must be secured after... 
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  Increased State and Local Taxes (SALT)

The 2025 Tax Act has temporary increased the State and Local Taxes (SALT) limitation from $10,000 to $40,000 starting...
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 Termination of Clean Energy Credits

The 2025 Tax Act has terminated the Clean Energy Credits for tax years after December 31, 2025. The Energy Efficient...  
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Termination of Clean Vehicle Tax Credits

The 2025 Tax Act has terminated both the Clean Vehicle Tax Credit and the Previously Owned (Used) Clean Vehicle Tax Credit effective 9/30/25. This means... 
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 Inherited Retirement Accounts

If you are the recipient of an inherited retirement account you may be required to take a distribution...
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Treasury Department to Phaseout Paper Checks 

Effective September 30, 2025, the executive order "Modernizing Payments to and From America’s Bank Account" calls for the Treasury Department ...
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2025 Tax Act: OBBBA 
 

On July 4th, 2025, The One, Big, Beautiful Bill Act (OBBBA) was signed into law. The OBBBA has many changes to individual and business taxation. It made permanent many tax laws that were scheduled to expire, accelerated...
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MA Releases Individual Mandate Penalties for 2025
 
 

The Massachusetts Department of Revenue (MA DOR) has released the 2025 penalty schedule for individuals who fail to comply with the requirements under...
 
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EV Charger Installation Reminder
 
 

According to the filing instructions for Federal Form 8911, the refueling property must be in an eligible census tract...
 
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2025 Standard Business Mileage Rate Increases to 70 Cents Per Mile: Other Rates Unchanged
 
 

The IRS has issued the 2025 standard mileage rates and other amounts that are used to calculate deductible vehicle expenses. (IR 2024-312, 12/19/2024; Notice 2025-05, 2025-4 IRB)...
 
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IRS Reminds Taxpayers 73 and Older to Take RMDs by Dec. 31
 

The IRS has reminded taxpayers 73 and older to take their required minimum distributions (RMDs) from individual retirement arrangements (IRAs) and other retirement plans by December 31, 2024... 
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Qualified Charitable Distribution from an IRA
 

Taxpayers who are age 70 ½ or older have the option to have a qualified charitable distribution (QCD) be taken from their IRA...
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529 Plan to ROTH IRA Rollover

The SECURE 2.0 Act allows, effective January 1, 2024, unused Sec. 529 funds to be transferred to a Roth IRA with the following restrictions...
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MA Lowers Interest Rates for First Quarter 2025

The Massachusetts Department of Revenue (DOR) has announced the interest rates for the first quarter of 2025, which are 1% lower than the rates for the fourth quarter of 2024. The 2025 first quarter interest rates are 6% simple interest for tax overpayments...
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Interest Rates Remain Unchanged for Q4 2024

The IRS announced interest rates for the calendar quarter beginning October 1, 2024. (IR 2024-220, 8/21/2024)

For individuals, the rate for overpayments and underpayments will be 8% per year, compounded daily...
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New MA Fraud Prevention Program

MA Department of Revenue (DOR) has launched a new process to give taxpayers more control of their personal information ... 
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MA Tax Amnesty Program ends December 31, 2024

The 2024 Massachusetts Tax Amnesty program has officially begun. During this 60-day program, ending on Dec. 30, 2024, eligible taxpayers can benefit from having penalties... 
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Interest Rates for the Third Quarter of 2024 - May 14, 2024

The IRS announced that interest rates will remain the same for the calendar quarter beginning July 1, 2024. (IR 2024-138, 5/9/2024) For individuals, the rate for overpayments and underpayments will be 8% per year, compounded…
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‘Where’s My Refund?’ Tool Enhanced for 2024 Filing Season - March 14, 202

The IRS Where’s My Refund? tool has been enhanced for the 2024 filing season.  It now provides taxpayers with the following information: IRS confirmation of receiving a federal tax return, approval of the tax refund and issuing…
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MA Individual Mandate Penalties for Tax Year 2024 - February 4, 2024

The MA Department of Revenue has released the 2024 penalty schedule for individuals who fail to comply with the requirements of the Massachusetts Health Care Reform Act. The penalties apply only to adults who are…
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FinCEN Updates Beneficial Ownership Information Reporting FAQs - January 25, 202

In January 2024, the Financial Crimes Enforcement Network (FinCEN) updated its frequently asked questions on the Beneficial Ownership Information (BOI) Reporting requirements. In 2021, Congress passed the Corporate Transparency Act (CTA). The CTA requires many entities doing…
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Individual Tax Filing Season Starts January 29, 2024 - January 9, 2024

The IRS announced that on Monday, January 29, 2024, it will begin accepting and processing 2023 returns. This year, the tax filing deadline for most taxpayers is April 15, 2024. However, taxpayers in Maine and…
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Many Companies Required to Report Information to FinCEN - January 2, 2024

Starting 1/1/24, the new Beneficial Ownership Information (BOI) reporting rules go into effect, requiring many businesses (i.e.; corporations, limited liability companies, partnerships, and other business entities) to report information about individuals who own or control…
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IRS Reminder: Those Aged 73 and Older Make RMDs by Dec. 31, 2023 - December 21, 2023

The IRS has reminded people born before 1951 of the year-end deadlines to take required minimum distributions (RMDs) from funds held in IRAs and other retirement plans and noted new requirements under the law beginning…
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Final 2023 Quarterly Estimated Payment Due Jan. 16, 2024 - December 19, 2023

The IRS is reminding taxpayers that the fourth quarter 2023 estimated tax payment (ES) is due on January 16, 2024. Taxpayers who will owe taxes for 2023 should make a payment to avoid a penalty…
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IRS Issues 2024 Standard Mileage Rates - December 16, 2023

The IRS has issued the 2024 standard mileage rates for calculating the deductible costs of operating an automobile for business, charitable, medical or moving purposes.  (IR 2023-239, 12/14/2023; Notice 2024-8, 2024-2 IRB) Beginning on January 1,…
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HIRD Deadline December 15, 2023 - December 13, 2023

December 15 is the final day for employers to file their Health Insurance Responsibility Disclosure (HIRD) form. HIRD is for employers who must report on employer-sponsored insurance. Check out the HIRD FAQ page for more…
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Interest Rate of MA Overpayments And Underpayments - December 5, 2023

The Massachusetts Department of Revenue announced the quarterly interest rate on overpayments and underpayments pursuant to G.L. c. 62C, §§ 32 and 40, as amended. 2024 First quarter Overpayments 7% Underpayments 9% 2023 Fourth quarter…
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Guide to Massachusetts Estate Tax Updated - November 30, 2023

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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Form 1099-K Reporting Threshold Change Delayed, Phase to Start 2024 - November 22, 2023

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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Interest Rates Hold Steady for Q1 2024 - November 21, 2023

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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401(k) Contribution Rises to $23,000 in 2024; IRA to $7,000 - November 2, 2023

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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MA 2023 Circuit Breaker Credit Threshold Amounts - October 31, 2023

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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Social Security Administration Announces Latest Increase - October 26, 2023

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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Beneficial Ownership Reporting Starts January 1, 2024 - October 9, 2023

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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Governor Healy Signs Tax Relief Bill Retroactive to January 1, 2023 - October 7, 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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Q3 2023 Estimated Tax Payments Due - September 8, 2023

Third quarter estimated tax payments are due September 15, 2023.  If mailing, certified return receipt requested is recommended.
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Modernization Efforts at the IRS - August 4, 2023

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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Inherited IRAs - July 28, 2023

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…
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New Hampshire Accelerates Date on Repeal of Interest and Dividends Tax - July 28, 2023

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…
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Scams are surging this summer according to the IRS - July 28, 2023

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…
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New Clean Vehicle Credit - June 5, 2023

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…
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IRS Delays Implementation of $600 1099-K Reporting Requirement - December 27, 2022

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…
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