Beneficial Ownership Information (BOI): Most privately-held business entities are now required to report information to FinCEN about the individuals who ultimately own or control them. Reporting deadlines are as follows:
Entities created or registered:
The IRS has warned taxpayers against a new mailing scam trying to mislead them into believing they are owed a tax refund.
In a decision issued on June 13, 2023, in The Atlanta Opera, Inc., the NLRB overruled the standard for determining independent contractor status under the 2019 SuperShuffle ruling, and replaced it with the 2014 ruling, FedEx Home Delivery, thus making it more difficult for employers to classify workers as independent contractors. LEARN MORE
The IRS issued guidance stating that most Massachusetts taxpayers who received a Chapter 62F refund in 2022 will not be required to pay a federal income tax on that refund. Certain qualifications apply. Please check with your CPA or tax advisor. LEARN MORE
The IRS is studying the situation and is expected to issue guidance in the near-term. We recommend waiting for additional clarification from the IRS before filing your 2022 income tax returns. LEARN MORE
The Massachusetts deduction for charitable contributions has been suspended since 2002 when it was tied to the return to the 5% state income tax. Implementation was again delayed due to the uncertainty relative to Covid19. READ MORE
WASHINGTON — The Internal Revenue Service today released frequently asked questions (FAQs) about clean vehicle credits for new, previously owned and commercial clean vehicles in Fact Sheet (FS-2022-42)PDF.
The Inflation Reduction Act of 2022 (IRA) makes several changes to the new clean vehicle credit for qualified plug-in electric drive motor vehicles, including adding fuel cell vehicles. The IRA also added a new credit for previously owned and commercial clean vehicles.
These FAQs provide detail on how the IRA revises the new clean vehicle credit for individuals and businesses, and information on the previously owned clean vehicle credit for individuals, and the new credit for qualified commercial clean vehicles.
More information about reliance is available.
WASHINGTON — These frequently asked questions (FAQs) are released to the public in Fact Sheet 2022-06 PDF, January 31, 2022.
The American Rescue Plan Act (ARPA) of 2021 expanded the Child Tax Credit (CTC) for tax year 2021 only. These Child Tax Credit FAQs focus on information helpful to taxpayers preparing their tax year 2021 tax returns.
Recipients of advance Child Tax Credit payments will need to compare the amount of payments received during 2021 with the amount of the Child Tax Credit that can be claimed on their 2021 tax return.
Those that received less than the amount they are eligible for can claim a credit for the remaining amount. Those that received more than they are eligible for may need to repay some or all of the excess amount.
The IRS has sent Letter 6419 in January 2022 to provide the total amount of advance Child Tax Credit payments that were received in 2021. The IRS urges taxpayers receiving these letters to make sure they hold onto them to assist them in preparing their 2021 federal tax returns in 2022.
These FAQs contain the following topics:
More information about reliance is available.
IRS-FAQ
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