by Jim Keefe | Oct 26, 2023 | Tax
On October 4 2023, Massachusetts Governor Maura Healy signed H. 4104 which enacted significant tax reform legislation for both businesses and individuals. Some of the more notable changes are outlined below: Effective for Tax year 2023 The income tax rate for...
by Jim Keefe | Oct 25, 2023 | Tax
With the passage of the 2017 Tax Cuts & Jobs Act, IRC Sec. 174(a) was amended requiring taxpayers to charge specified research or experimental expenditures including software development costs to a capital account and amortize them over five years (15 years for...
by Jim Keefe | Sep 13, 2023 | Tax
IRC Sec 280A(g) allows taxpayers to exclude from income any compensation obtained by renting the taxpayer’s residence as long as the residence is rented for 14 days or less in a calendar year. This rule has been dubbed the “Master’s rule” in reference to the famous...
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,...
