DOR today released the October revenue report tallying a monthly collection of $1.45 billion, $107 million more than collected a year ago and $12 million under the revised monthly benchmark.
The FY12 revenue estate was revised upward by $395 million on October 17. As a result of that upward revision, what had appeared last month as a $190 million above benchmark revenue collection performance in the first three months of FY12 is now reported as $12 million under benchmark for the year.
When benchmarks are adjusted upward, revenue growth already registered as above benchmark is absorbed into the new, higher benchmark. The FY12 revenue estimate has grown from $20.615 billion to $21.010 billion as a result of the revised benchmark, effectively raising the bar for future above benchmark monthly performance.
The likely source of the below benchmark October collection is income withholding, which grew by $63 million but still fell $41 million short of benchmark. DOR believes that some withholding that was projected to arrive in October will show up in November instead.
For a closer look at the October numbers, take a look at the October tax collection summary, which reports on both the month and year-to-date.
So far in FY12, the state has collected $6.516 billion, an increase of $420 million or 6.9 percent from a year ago. Since October is the first month to report under the revised FY12 benchmarks, Commonwealth revenues for the year are $12 million under benchmark, the same as for the month of October.
MA Filing Extension to April 18th Announced posted on Apr 15
The Department of Revenue’s WebFile tool, which allows individuals to electronically file state personal income tax returns, has experienced delays due to heavy volume over the past few days. DOR is actively working to resolve this issue, and has extended the deadline for taxpayers to …Continue Reading MA Filing Extension to April 18th Announced
WARNING: Tax Lien Notices NOT issued by DOR Making the Rounds posted on Mar 13
Here’s another unfortunate addition to the list of financial things to protect yourself from. DOR has learned that letters of questionable origin are being sent to taxpayers with outstanding tax liens. Although these notices show amounts from actual tax liens, they are not from the Massachusetts …Continue Reading WARNING: Tax Lien Notices NOT issued by DOR Making the Rounds
Don’t Let a Hacker Steal YOUR Refund posted on Mar 11
There are some rabbit holes you definitely don’t want to fall down during tax season. One such hole, and an increasingly-common nightmarish scenario, is finding out your tax refund has been stolen. In a recent article, Allison Martin of Money Talk News was the bearer …Continue Reading Don’t Let a Hacker Steal YOUR Refund