MA 1099-Gs will reflect return refund and 62F refund - December 14, 2022

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…
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Payment Apps and Form 1099-K - December 6, 2022

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…
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Massachusetts begins distribution of excess tax revenue refunds. - November 4, 2022

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…
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Massachusetts Excess Revenue Credit will be refunded to Taxpayers - October 17, 2022

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…
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Clean Energy Incentives - September 10, 2022

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…
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IRS Issues Advise on Suspicious Communications - July 27, 2022

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…
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Required Minimum Distributions (RMDs) for 2021 - December 11, 2021

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…
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Advance Child Tax Credit Payments in 2021 - July 21, 2021

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…
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New Massachusetts Legislation Allows Unemployment Income Deduction - April 6, 2021

New legislation signed into law by Governor Charlie Baker on April 1, 2021, allows taxpayers with household income of not more than 200% of the federal poverty level to deduct up to $10,200 of unemployment…
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New Massachusetts Legislation Excludes Forgiven PPP Loan Amounts from Gross Income For Personal Income Taxpayers for Tax Year 2020 - April 6, 2021

On April 1, 2021, Governor Charlie Baker signed legislation which allows the exclusion of forgiven PPP loan amounts from gross income for 2020 for taxpayers subject to the Massachusetts personal income tax. This includes unincorporated businesses reporting income and expenses on Schedule…
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IRS Extends 2020 Federal Individual Income Tax Filing and Payment Deadline to May 17, 2021 – Massachusetts Expected to Follow Suit - March 19, 2021

On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) extended the individual income tax filing and payment deadline from April 15, 2021 to May 17, 2021. Individual taxpayers may also defer federal…
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The American Rescue Plan Act Provides Federal Tax Relief to 2020 Unemployment Recipients -Massachusetts DOR Cautions Taxable Amount of 2020 Unemployment Benefits May Differ From Federal Law. - March 18, 2021

On March 11, 2021, the American Rescue Plan Act was signed into law by President Biden. The Act includes a retroactive provision that makes the first $10,200 of 2020 unemployment benefits nontaxable for taxpayers having…
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Massachusetts DOR Issues Tax Guidance on Reporting PPP Forgiven Loans and Other COVID-19 Relief - March 11, 2021

On its Tax Filing Season Frequently Asked Questions web page, the Massachusetts Department of Revenue (DOR) recently provided answers to some common questions regarding tax treatment and reporting of Paycheck Protection Program (PPP) forgiven loans…
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Massachusetts Department of Revenue Issues Notice Regarding Form 1099G to Unemployment Recipients. - February 2, 2021

Taxpayers who received unemployment benefits or pandemic related unemployment benefits from the Commonwealth of Massachusetts during 2020 can expect to receive a Form 1099-G (Certain Government Payments) showing the amount of unemployed compensation received. Unemployment…
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IRS Announces 401(k) and Other Retirement Plan Adjustments for Tax Year 2021 - November 12, 2020

On October 26, 2020, the Internal Revenue Service released Notice 2020-79, which provides tax year 2021 inflation-adjusted figures for retirement plans and other retirement-related items. As can be seen in the chart below, the limit…
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PPP Loan Forgiveness – What Borrowers Should Know - November 4, 2020

The SBA began allowing lenders to submit Paycheck Protection Program (PPP) loan forgiveness applications on August 10, 2020. Below is the timeline for the loan forgiveness phase of the PPP process. Two Key Questions Remain…
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IRS Guidance on Small Business Closures - October 8, 2020

COVID-19 has hit small business particularly hard, and forced many to close their doors. Whether you are closing your business as a result of the current pandemic or for reasons such as retirement or starting…
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PPP Loans and Changes of Ownership - October 6, 2020

On October 2, 2020, the Small Business Administration (SBA) issued a Procedural Notice which addresses Paycheck Protection Program (PPP) loans and changes of ownership. The Notice provides guidance and clarification beneficial to loan borrowers needing…
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Tax Strategy For Required Minimum Distributions - September 11, 2020

By making a qualified charitable distribution (QCD) an individual can transfer monies from an IRA directly to a qualified charity in an amount up to $100,000. This transfer is not included in taxable income or…
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Guidance Issued On Employee Payroll Tax Deferral - September 3, 2020

On August 28, 2020, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing the Presidential Memorandum dated August 8, 2020. In the memorandum President Trump directed Secretary of the Treasury, Steven Mnuchin,…
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Higher Limit On Employer-Sponsored Retirement Plan Loans Expires on September 23, 2020 - September 1, 2020

The six-month period that employer-sponsored retirement plans are allowed to increase the loan amount that eligible plan participants may borrow from their account expires September 23, 2020. Thus, if you decide that borrowing from your…
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Reminder: The Deadline To Return Required Minimum Distributions Is August 31, 2020 - August 26, 2020

We want to remind taxpayers who have already taken a Required Minimum Distribution (RMD) in 2020, that they have until Monday, August 31, 2020 to roll those funds back into a retirement account. This extension…
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Accessing Your Retirement Funds Early Due To COVID-19 - July 24, 2020

The COVID-19 pandemic has resulted in high unemployment rates and left many households struggling to make ends meet. Under normal circumstances one would be advised to avoid accessing retirement account funds early. However, with the…
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Top Twelve Tax Scams To Watch Out For In 2020 - July 22, 2020

The methods used by scam artists to steal hardworking taxpayers’ money and personal financial information continue to evolve and have become increasingly aggressive in nature. Each year the IRS issues a “Dirty Dozen” list to…
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Massachusetts Taxpayers: Where to Mail Your Federal Tax Payments - June 18, 2020

The IRS has announced the closing of several business payment P.O. Boxes in Cincinnati, OH and Hartford, CT effective as of July 1,2020, and that payments mailed to a closed P.O. Box will be returned…
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Reminder: Federal and Massachusetts Tax Filings and Payments Due By July 15th - April 3, 2020

In response to the COVID-19 outbreak, the Treasury Department and the Internal Revenue Service provided special tax filing and payment relief to individuals and businesses. The Massachusetts Department of Revenue later followed suit. In short,…
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Massachusetts DOR Update - March 26, 2020

Sales and Use Tax, Room Occupancy Excise Suspension The MA DOR has adopted emergency regulation that suspends sales and use tax and room occupancy excise tax return filing and payment remittance obligations for certain vendors…
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Taxpayer Relief - March 21, 2020

Yesterday (3/20/20) the Internal Revenue Service issued Notice 2020-18 which supersedes Notice 2020-17 (regarding a postponement in income tax payments) and which automatically postpones to July 15, 2020 the filing of federal income tax returns…
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SECURE ACT UPDATE - March 15, 2020

The Setting Every Community Up for Retirement Enhancement Act of 2019 (“SECURE Act”) was signed into law on December 20, 2019, and makes some of the most significant changes to the administration and inheritance of…
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