Taxing Matters Archives - Howland Capital

Taxing Matters

New Federal Filing Requirement for Small Businesses in 2024: What You Need to Know

Beginning January 1, 2024, there is a new Federal filing requirement for small businesses that comes with large civil and criminal fines and possible jail time for noncompliance. To be in compliance, all small businesses (S Corps & C Corps and LLCs) need to file a Beneficial Ownership Information Report (BOI) with the Financial Crimes Enforcement Network (FinCEN).

Taxing Matters

Understanding the 2024 IRS Inflation Adjustments: What You Should Know

As we enter the new year, we highlight key IRS inflation-adjustment changes for 2024. Here is what you need to know: The IRS has released inflation adjustments for over 60 tax provisions for the 2024 tax year.

Taxing Matters

Clarifications on the Massachusetts Estate Tax Amendments

On October 4, 2023, Massachusetts Governor, Maura Healey, enacted comprehensive tax legislation that will modify a wide range of Massachusetts tax laws, including those related to estate tax.

Taxing Matters

Massachusetts Millionaires Tax In 2023

Significant changes are coming for Bay State taxpayers in 2023 with the implementation of the “millionaire’s tax” and the long-awaited deduction for charitable contributions.

Taxing Matters

The Inflation Reduction Act (IRA) & What You Should Know

In August 2022, President Joe Biden signed into law the Inflation Reduction Act (IRA), which includes tax incentives you may be able to take advantage of as they relate to energy efficient home improvements and the purchase of electric vehicles.

Taxing Matters

Secure Act 2.0 – What You Need To Know

On December 29, 2022, President Joe Biden signed the SECURE Act 2.0 into law. The legislation includes many changes affecting how Americans can save for retirement. Through tax credits, increases in retirement savings limits and delayed distribution requirements, it benefits both individuals who save for retirement and employers offering retirement plans.

Taxing Matters

Chapter 62F Taxpayer Information

In state tax news, Massachusetts filers may be eligible for a refund based on their 2021 tax filing. Chapter 62F is a general law that requires the Mass. Department of Revenue to issue a refund to taxpayers if total tax revenues in a given fiscal year exceed an annual cap tied to wage and salary growth in the Commonwealth.

Taxing Matters

IRS Backlog and Delays

Echoing the challenges described in the Economy section, the IRS continues to struggle with impacts from the pandemic and staffing shortages.

Taxing Matters

Taxing Matters Q1 2022

With our Tax Department working diligently towards the April deadline, we wanted to provide a brief update on recent legislation for retirement savings.

Taxing Matters

Taxing Matters Q4 2021

As we enter the new year, Congress is still deliberating on legislation that could impact the 2022 tax year. The Build Back Better plan was passed by the House in late 2021 but ultimately was not signed into law by the end of the year. The bill has gone through several revisions and could be passed in early 2022. While the act was not passed before the start of 2022, it could still have retroactive tax implications this year.

Taxing Matters

Taxing Matters Q3 2021

Because the Act contains a large number of spending provisions, the tax provisions generally go in one direction – up. We begin with a discussion of the proposed changes that could impact individuals and families.

Taxing Matters

Child Tax Credit for 2021

With the American Rescue Plan Act, the child tax credit was expanded effective only for 2021.