Taxing Matters Archives - Howland Capital

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.

Taxing Matters

Our Thoughts Regarding Biden’s Tax Plan

This plan contains several proposals for changes to individual income and estate tax law. It is the third of three plans put forth by the Administration. The first is the recently enacted American Rescue Plan, which provided additional economic stimulus. The second is the recently introduced American Jobs Plan, an infrastructure bill.

Taxing Matters

Tax Deadlines 2021

We are writing with an important update regarding changes to the filing deadline for 2020 tax returns.

Taxing Matters

IRS Scams 2021

Taxing Matters

Taxing Matters Q4 2020

In early December, the IRS Commissioner announced that there are still approximately 6.8 million returns in process, more than one million unprocessed returns and three million pieces of unopened mail.