Translations from Your Trusted Advisor.
Ahead of the Veterans Day holiday the IRS has published a list of tax resources available for members of the military. These include a dedicated IRS webpage with helpful resources. There are also specific IRS publications for military members.
With inflation running at 30 year highs the IRS has been busy updating various items that are tied to inflation. On October 21, 2022, the Internal Revenue Service issued Notice 2022-55 announcing retirement plan cost-of-living adjustments (COLAs) applicable to 2023.
If you are a Massachusetts individual taxpayer and had a tax liability for 2021, you may be getting a refund of state taxes paid via direct deposit or check.
The Commonwealth of Massachusetts reported that it received excess revenue from taxpayers in 2021, to the tune of almost $3 billion. This massive surplus brought Chapter 62F of Massachusetts state law into effect, requiring the state to issue refunds to individuals who paid a tax liability last year.
Over the summer the Inflation Reduction Act (oxymoron anyone?) was passed by Congress and signed into law by President Biden. Although most of the provisions affect Business taxpayers, there are some items of interest to the individual taxpayer.
The Social Security Administration (SSA) has announced that the maximum earnings subject to Social Security (OASDI) tax will increase from $147,000 to $160,200 in 2023. The maximum Social Security employer contribution will increase $818.40 in 2023. These changes reflect cost-of-living adjustments (COLA) to account for inflation.