Tax Planning & Compliance
Back to school: Tax tips for higher education costs
In many parts of the country, autumn means a drop in temperatures and leaves turning color. But no matter where you live, it also means heading back to school. For college students and those who love them, that means tuition payments and other fees. The good news is that there are a variety of ways […]
Roth + 401(k) = intriguing benefits option
Many companies have been forced to reconsider their health care benefits lately. Why not do the same for your retirement benefits? One intriguing option that’s gaining in popularity takes the well-known 401(k) plan and plugs in some key features of a Roth IRA. Not surprisingly, it’s called a Roth 401(k). Recognizing the differences Many prospective […]
Massachusetts DOR Suspends Computer Service Sales Tax Collection for 30 Days
The Massachusetts Department of Revenue has suspended collection and reporting of the sales tax on computer services for thirty days, pending final enactment and signature of the repeal recently announced by Governor Patrick and the Legislature. Reporting and payment of these particular taxes that cover the period July 31, 2013 to September 30, 2013 should […]
Breaking News: IRS releases ruling in regard to DOMA
The IRS today issued Revenue Ruling 2013-17 in response to the US Supreme Court’s ruling invalidating the Defense Of Marriage Act. The ruling’s key provision is to affirm that a same sex couple will be considered “married” for US tax purposes as long as they were married in a state where same sex marriage is […]
Tax Holiday Guidance Issued by Massachusetts Department of Revenue
The Massachusetts legislature has authorized a Sales Tax holiday for the weekend of August 10-11, 2013 for items costing less than $2,500. The Massachusetts Department of Revenue (MDOR) recently issued guidance to consumers and retailers, some of the highlights are as follows: Sales tax will continue to apply to the full price of any item […]
Tax Implications from The US Supreme Court DOMA Ruling
On June 26, 2013 the Supreme Court held in United States v. Windsor that Section 3 of the federal Defense of Marriage Act (“DOMA”) is unconstitutional. As a result the federal government will now recognize marriages between same sex couples that are valid under state law. Section 3 of DOMA provided that only persons of […]
New Excise Tax on Medical Reimbursement Plans due July 31, 2013
As part of the new Affordable Care Act, employers who provide a self-insured health plan (commonly referred to as medical reimbursement plans or health reimbursement arrangements) are potentially subject to a new excise tax in 2013. The tax is assessed based on the number of lives participating in the plan for the prior plan year. […]
Computer and Software Services Now Subject to Sales and Use Tax
On August 1, 2013, the Massachusetts Department of Revenue published a list of Frequently Asked Questions relating to the new tax. Click here for additional information. The Massachusetts legislature, as part of the new fiscal year, passed a transportation funding bill that newly subjects Computer and Software services to sales and use tax. The time […]
Key questions about the health care act’s employer coverage penalties
The deadline is looming. In roughly six months, employers will be subject to the “play or pay” provisions of the Patient Protection and Affordable Care Act of 2010. Not every company will face a penalty for not providing health care coverage or for not providing sufficient coverage. But taking a wait-and-see approach is highly unadvisable. […]