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Massachusetts Cuts You a Break!

Taxonomy: 
Tax & Accounting
Body: 

On September 1st the Massachusetts Department of Revenue (DOR) began a two month period, which ends October 31, 2014, that cuts late tax payers a potentially huge break.

If you owe money to the Massachusetts DOR, as an Individual or a corporation, you may very well qualify for what they are calling a Tax Amnesty. What this Amnesty does is allow you to waive any late penalties that you have accrued on your state taxes.

Tax Identity Theft

Taxonomy: 
Tax & Accounting
Body: 

Tax identity theft happens when someone files a phony tax return using your personal information (i.e., your SSN) to get a tax refund from the IRSIt also can happen when someone uses your Social Security number to get a job or claims your child as a dependent on a tax return.

Tax identity theft is the most common form of identity theft reported to the Federal Trade Commission.  Tax identity theft is a top priority for the IRS, and the IRS has hired new staff, explored new technologies, and adopted new procedures to fight it. 

Tax Filing Reminders!

Taxonomy: 
Tax & Accounting
Body: 

As we near the end of the first week of August, we wanted to remind you of some upcoming filing deadlines.

September 15, 2014

  • 2014 third quarter estimated tax payments are due.
  • Final deadline to file 2013 Forms 1120, 1120A and 1120S—corporate tax returns.
  • Final deadline to file 2013 Form 1041—trust income tax returns.
  • Final deadline to file 2013 Form 1065—partnership tax returns.

October 1, 2014

Corporate Inversions

Taxonomy: 
Tax & Accounting
Body: 

        There has recently been a surge of U.S. companies moving their legal homes to foreign countries in order to minimize their U.S. taxes this year.  Only last week, the Chicago based AbbVie announced an agreement on a $54.7 billion merger with Britain’s Shire designed to cut its U.S.

Tax Implications for Same-Sex Couples After DOMA Ruling

Taxonomy: 
Tax & Accounting
Body: 

Today, June 26, 2013 the Supreme Court repealed aspects of the Defense of Marriage Act, same-sex partners who reside in a state which recognizes same-sex marriage will be entitled to a plethora of benefits which were previously denied to them.

There will be some restriction of benefits if you are a same sex couple who was married in a state which recognizes it but live in a state which does not.  The U.S. Department of Defense, however, will distribute military veteran’s spousal benefits to same-sex couples based on laws in the state where they got married.

Tax Relief Provided to Oklahoma Tornado Victims

Taxonomy: 
Tax & Accounting
Body: 

The IRS has provided tax relief to individuals and businesses affected by the tornadoes in Moore and Oklahoma City and other severe storms occurring in parts of Oklahoma.  The tax relief postpones various tax filing and payment deadlines that occurred starting on May 18, 2013, and affected individuals and businesses in Cleveland, Lincoln, McClain, Oklahoma and Pottawatomie counties will have until September 30, 2013, to file these returns and pay any taxes due.  This includes the June 17 and September 16 deadlines for making estimated tax payments, the July 31 deadline for second

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