News & Updates

Treasury and IRS issue proposed regulations defining energy property

IRS reminds eligible 2020 and 2021 non-filers to claim Recovery Rebate Credit before time runs out

Treasury, IRS propose regulations implementing disallowance of deductions for certain conservation easement contributions by partnerships, S corporations

Interest rates remain the same for the first quarter of 2024

IRS, Security Summit partners announce 8th annual National Tax Security Awareness Week begins Nov. 27; focus on raising awareness among taxpayers, tax pros on security tips to protect against identity theft, scams

DOR Update

Qualified charitable distributions allow eligible IRA owners up to $100,000 in tax-free gifts to charity

Featuring information on the supplemental budget, October DOR revenue collections and more.

Earlier this month, the Commonwealth’s Department of Revenue (DOR) announced that revenue collections for October 2023 totaled $2.558 billion, $186 million or 6.8% below the state’s benchmark.

The Local Government Advisory Commission met Tuesday, Nov. 14, 2023, and heard from Administration and Finance Secretary Matthew Gorzkowicz about state tax collections, which have come in below expectations for each of the last four months.

Wednesday marked the end of legislative formal sessions for the calendar year. During closed door conversations that went into the early hours of Thursday morning, House and Senate leaders failed to iron out the differences between two different versions of a $2.8 billion supplemental budget that would have enabled the Commonwealth to close out Fiscal Year 2023 (FY23).

This Technical Information Release (“TIR”) explains the provisions of the Massachusetts Fiscal Year 2024 Budget[1] (the “FY24 Budget”) that pertain to the recently enacted income surtax and the extension of the brownfields tax credit for an additional 5 years.

IRS selects Rajiv Uppal as new Chief Information Officer; veteran technology executive will assist with ongoing transformation work

IRS offers free Nov. 16 webinar on new information return e-file threshold change taking effect next year

IRS updates frequently asked questions related to wrongful incarceration of a United States service member

IRS highlights International Fraud Awareness Week; taxpayers urged to protect against scams, schemes

Tax season rapidly approaching: Get ready now to file 2023 federal income tax returns in early 2024

Peek inside the issue now!

Yesterday, the House passed a $2.8 billion supplemental budget that would enable the Commonwealth to close out FY23. Along with the funds to cover FY23 spending, the bill combines $250 million in new shelter system funding.

IRS provides tax inflation adjustments for tax year 2024