On November 3, the House Rules Committee issued an updated version of its new tax proposal known as the Build Back Better Act. The Act represents a drastic simplification of the original proposal released by the House Ways and Means Committee on September 13. The changes are in conjunction with President Biden’s infrastructure package being […]
Update: It now appears the gift/estate and GST lifetime exemptions and modifications to grantor trust rules may be excluded from the revised plan known as the Build Back Better Act. We will provide additional updates once the bill has passed. The September 13 tax proposal from the House Ways and Means Committee contains many significant changes to gifting rules […]
Do you own stock in a small business or startup company? If so, it’s possible the stock is eligible for Qualified Small Business Stock (QSBS) tax treatment, which can potentially save millions of dollars in capital gains taxes. In this article, we provide an overview of the QSBS rules and some planning opportunities to consider. […]
As part of the state’s budget planning for fiscal-year 2021, Governor Baker’s administration passed legislation that delays the Massachusetts charitable deduction until 2022. Massachusetts residents were scheduled to be able to deduct charitable contributions on beginning with the 2021 tax year for the first time since 2001. Beginning in 2022, Massachusetts taxpayers may deduct charitable […]
Updated 12/21/20 After a very challenging year, many of us are anxious to see 2020 come to an end. Before it does, however, there are a number of tax planning items to consider. Now that Joe Biden has been elected the next President, it’s time to take a closer look at his proposed tax plan. […]
This fall, the Supreme Court of the United States will hear arguments regarding the legality of the Affordable Care Act (ACA). They will most likely announce their decision in 2021. If the law is declared unconstitutional, refunds for taxes paid related to the ACA legislation may be available. These taxes include the Additional Medicare Tax […]
The coronavirus pandemic has had a major impact on many aspects of our lives, and the tax landscape is no exception. The Federal Government and many state governments have extended deadlines for tax filings and payments, and have made changes to deduction allowances and use of retirement account funds for the 2020 tax year. The […]
The IRS announced today that the federal tax deadline has been extended to July 15. All filings and payments typically due on April 15 have been pushed back ninety days with no interest or penalties, including first quarter estimated payments. Taxpayers who expect refunds are encouraged to file their taxes promptly in order to receive their payments […]
With the holidays on the horizon, now is the time to plan in order to optimize your tax liability for 2019 and 2020. We encourage our clients to have a discussion with us and their tax accountant now to determine how best to address their current tax situation. While there are no drastic tax law […]
If you or your family members receive Social Security and Supplemental Security Income (SSI), you will receive a 1.6% raise in your benefits in 2020. The Cost Of Living Adjustment (COLA) will begin in January. Annual COLA adjustments take effect in January each year and are tied to any increase in the Consumer Price Index […]
