Each year, the Massachusetts Department of Revenue gives a filing season video update presentation for the tax year. This video provides the update for tax year 2024. It includes valuable tax information such as recent legislative changes and DOR initiatives, what's new on 2024 forms and schedules, helpful hints, updates to popular credits, and how to [...]
This article was published by the IRS. The Internal Revenue Service is reminding low- and moderate-income taxpayers that they can save for retirement now and possibly earn a tax credit in 2025 and future years. The Retirement Savings Contributions Credit, also known as the Saver’s Credit, helps taxpayers offset a portion of the first $2,000 ($4,000 [...]
This article was published by the IRS. The IRS’s second Employee Retention Credit Voluntary Disclosure Program is open and runs through Nov. 22, 2024. This ERC VDP helps businesses repay credits they received after filing ERC claims in error. The program allows businesses to correct improper payments at a 15% discount and avoid potential compliance action [...]
This article was published by the IRS. The IRS recently shared five new warning signs of incorrect claims by businesses for the Employee Retention Credit. The new list comes from common issues the IRS has seen while reviewing and processing ERC claims. Aggressive promoters convinced many businesses to claim this pandemic-era credit when they’re not eligible. [...]
This article was published by the IRS. Businesses that make structural adaptations or other accommodations for employees or customers with disabilities may be eligible for tax credits and deductions. Here's an overview of the tax incentives designed to encourage employers to hire qualified people with disabilities and to off-set some of the costs of providing accommodations. [...]
