Our Tax Planning Letter has been updated for the New Year 2012.
Payroll Tax Cut extended through the end of February 2012
Massachusetts Personal Income Tax Rate Reduction for 2012 - Part B income tax rate is reduced from 5.3% to 5.25%
IRS Announces 2012 Standard Mileage Rates
The 2011 Massachusetts Sales Tax Holiday Weekend
IRS Increases Mileage Rate for July to Dec 2011
Repeal of expanded 1099 requirements
IRS delays processing of 2010 tax returns until Feb 14 due to late December tax law changes.
Tax Relief Act of 2010 Summary - signed by President Obama on December 17, 2010
IRS Announces 2011 Standard Mileage Rates updated Dec. 13, 2010
Electronic Federal Tax Payment System Cited in New E-mail Scam
2010 Small Business Jobs Act Highlights
Wall Street Journal article on 1099 reporting requirements for 2012
Closing Deadline Extended to Sept. 30, 2010 for Eligible Homebuyer Credit Purchases
Update - Tax Legislation 2010
Tax-Free Employer Provided Health Coverage Now Available for Children under Age 27
COBRA Subsidy Eligibility Period Exteneded to May 31, 2010
Eligibility for the new Small Business Health Care Tax Credit
Massachusetts Severe Storm and Flooding Victims have until May 11, 2010 to file certain tax returns and payments.
Federal - Internal Revenue Service
Massachusetts - Massachusetts Department of Revenue
HIRE Act Q&A for Employers
New tax benefits enacted March 18, 2010 available to employers who hire certain previously unemployed workers.
You must have employee fill out Form W-11
Tax Credit Helps Small Employers Provide Health Insurance Coverage
Charitable donations to qualified charities providing earthquake relief in Haiti can be claimed on your 2009 tax return. Cash contributions made after January 11, 2010 and before March 1, 2010 are eligible for deduction in 2009. Contributions can be made by text message, check, credit card or debit card.
November 2009 updates to First-Time Home Buyer Credit
Energy Tax Credit Incentives for Individuals for tax years 2009 & 2010.
IRS announces 2010 standard mileage rates
Beginning on Jan. 1, 2010, the standard mileage rates for the use of a car (also vans, pickups or panel
trucks) will be:
50 cents per mile for business miles driven
16.5 cents per mile driven for medical or moving purposes
14 cents per mile driven in service of charitable organizations
More fake emails that appear to be from the IRS. The IRS will NEVER email you. These emails contain malicious software.
The IRS warns of suspicious emails regarding refunds
Don't fall for email scams about your refund. The Internal Revenue Service will never email you about any tax matters.
Massachusetts Sales & Use Tax Changes Effective August 1, 2009
Rate
Effective August 1, 2009 the rate of tax for sales (including meals) and use tax increases from 5% to 6.25%.
Computation
The "bracket" system is now repealed for a method of computation. The new legislation replaces it with a rounding system. Computations must be made to the third decimal place, rounding up to the next whole cent whenever the third decimal place is greater than 4. The tax due on a transaction may be computed on an item or an invoice basis.
Scope
Legislation repealed the existing exemption for alcoholic beverages, including beer, wine & liquor sold at retail. Otherwise, the scope of of the sales/use tax has not changed. Tangible personal property, prepared food (meals), and telecommunications services remain and are taxable at the new higher rate of 6.25%.
Transition Rules
Some transactions will be subject to a transition rule and taxed at the old rate of 5%. These include periodic utility bills, certain unconditional contracts, and certain contracts for construction of buildings. Please contact us for further information.