On August 29, the IRS issued Rev Ruling 2013-17 and FAQs on same-sex marriage. Under the ruling, legally married same-sex couples will be treated as married for all federal tax purposes, including income and gift and estate taxes, the IRS explained. The IRS has posted a helpful 'Frequently Asked [...]
Legislation authorizing a Massachusetts sales tax holiday for this weekend, August 10-11, 2013, has recently been enacted. On these dates sales tax does not apply to non business-related retail sales of tangible personal property with a price of up to $2,500 per item. The tax holiday exemption does not [...]
The 2013 Estate Tax Exemption is $5,250,000... Why Should I Still Consider Gifting? The American Taxpayer Relief Act of 2012 increased the lifetime estate and gift exemption to $5,120,000 and permanently indexed it for inflation while simultaneously increasing the estate and gift tax rate from 35% to 40%. The [...]
Sales and Use Tax on Computer and Software Services Law Changes Effective July 31, 2013 This past week the Massachusetts sales tax laws (Chapters 64H and 64I of the General Laws) have been amended to apply the sales and use tax to computer system design services. The definition of [...]
TAX IMPLICATIONS OF DOMA REPEAL – SAME-SEX MARRIAGES Overview: On June 26, 2013 the Supreme Court repealed Section 3 of the Defense of Marriage Act (DOMA), paving the way for the recognition of same-sex couples as married for federal purposes. This ruling means, if your state of residence recognizes [...]
Avoid Potential Penalties - File your Extended Return By July 15, 2013 Both the IRS and Massachusetts Department of Revenue will grant penalty relief on 2012 tax returns filed by July 15, 2013 for taxpayers in the City of Boston and Suffolk County areas who were affected by the [...]
The IRS announced a three-month tax filing and payment extension to Boston-area taxpayers and others affected by the explosions at the Boston Marathon. As a result, no filing and payment penalties will be due as long as returns are filed and payments are made by July 15, 2013. This [...]
Filing deadline extension - Business entities must certify tax status by April 12 to be listed in Corporations Book. The DOR is extending the deadline for business entities to certify their tax status through an online application on WebFile for Business, entitled Annual Certification of Entity Tax Status, until close [...]
Estimated Tax Responsibilities and Avoiding Underpayment Penalties: Below, we have included some helpful information relative to your estimated tax responsibilities and how to avoid underpayment penalties. The IRS assesses penalties for underpayment of income tax. If you did not pay enough tax throughout the year, either through withholding or [...]
RESIDENTIAL ENERGY CREDIT - 2012 The American Taxpayer Relief Act of 2012 (2012 Taxpayer Relief Act) provides benefits to homeowners like you by extending the Credit for Nonbusiness Energy Property (CNEP) for 2012 and 2013. The 2012 Taxpayer Relief Act does not modify the general requirements for the [...]
