The Massachusetts legislature was very busy during the last few weeks of the session just concluded, passing a fiscal year 2015 state budget of approximately $36.5 billion. Among the provisions passed and enacted were several new and expanded tax credits and incentives that offer taxpayers in the Commonwealth a number of opportunities to reduce their tax burden. Continue reading
School is out for summer, and for many families that means one or more children will be enrolled in childcare or a summer day camp during the workday. If you have a child in daycare during the summer months you may qualify for a federal Child and Dependent Care Credit. Although this credit is not limited to the summer months, many families find themselves paying for childcare only during non-school periods, and may not be aware of their eligibility to claim the credit. Continue reading
The “Tax Reform Act of 2014” is the largest proposed change in the U.S. tax code since 1986. The tax reform will have a huge impact on all taxpayers, both individual and corporate.
While nobody knows what the final language of the Tax Reform Act of 2014 will be, it is vital that you know as much about the proposed changes as possible.
In case you missed our recent webinar on the proposed tax reform and/or you would like to share this information with your colleagues, now you can access the webinar recording online!
Timing is everything, and that is especially true when it comes to getting your taxes filed on time. Late filing can result in penalties and fees, which are completely avoidable with a little planning and preparation. The first step is to know your filing deadlines for the coming year. We have listed the most important filing dates for this year below. Continue reading
While it seems the IRS piles on new regulations annually, the 2014 tax year is shaping up to be even busier in terms of updates and changes that could have a significant impact on both corporate and individual taxpayers. Here is a brief look at some of the new provisions that will require your attention in the months ahead. Continue reading
The nearly two-week shutdown of the federal government will have an impact on the start of the tax season. The IRS has announced that the 2014 filing season, which was originally scheduled to begin on January 21, could be delayed by one to two weeks. This would push the earliest filing date to January 28, or as late as February 4, 2014.
A final decision on the official start date – the day the IRS will begin to accept 2013 tax returns from both businesses and individual taxpayers – will be made in December.
The delay does not affect the filing deadline, which remains April 15, 2014.
The government shutdown, which brought an estimated 90 percent of IRS operations to a standstill, came at a critical preparation time for the IRS. An estimated 1.4 million documents were either in process or were received during the shutdown period. In addition, the IRS was in the process of programming and testing systems to provide additional refund fraud and identity theft detection and prevention.
If you have any questions about filing your corporate or individual tax returns, please contact us.
This is a friendly reminder that quarterly estimated tax payments for the third quarter of 2013 are due on Monday, September 16. Please be sure to make your payment on time to avoid interest charges and penalties.
If you have any questions about estimated tax payments, or any other tax questions, please contact Gray, Gray & Gray’s Tax Department at (781) 407-0300.