by Jim Keefe | Aug 4, 2023 | Tax
This past month, the IRS published Notice 2023-54 which provides transition relief for plan administrators, payors, plan participants, IRA owners, and beneficiaries in connection with the change in the required beginning date for required minimum distributions. The...
by Jim Keefe | Jul 27, 2023 | Tax
On July 24, 2023, the U.S. Treasury Department and IRS released T.D. 9978, the final regulations under sections 3111, 3131, 3132, 3134 and 3221 of the Internal Revenue Code (Code) issued under the authority granted by the Families First Coronavirus Response Act, the...
by Jim Keefe | Jul 26, 2023 | Tax
Prior to 2022, Massachusetts personal income tax was based on fixed date conformity, meaning it started with federal gross income as defined by the Internal Revenue code as of 1/1/2005. This differed from Massachusetts corporate tax which had rolling conformity,...
by Jim Keefe | Nov 10, 2022 | Tax
A constitutional amendment to add a 4% surtax for Massachusetts taxpayers with over $1,000,000 of taxable income was passed with a 52% vote this past Tuesday and is expected to go into effect for the 2023 tax year. The current 5% tax rate will still apply to the first...
by Jim Keefe | Aug 16, 2022 | Tax
On Friday the House of Representatives passed H.R. 5376 commonly referred to as the Inflation Reduction Act (IRA). The Act’s key drivers are to control runaway inflation by way of reducing prescription drug prices for the average American, reducing energy costs and...
