The State Department of Revenue (DOR) recently certified that there is insufficient tax revenue growth under the terms of a 2002 state law that would trigger a 0.05 percentage point cut in the Part B indivdual income tax rate beginning in 2013. As part of the legal process determined by the Legislature, an automatic tax cut would go into effect if the following thresholds in revenue growth were exceeded:
- Inflation-adjusted baseline revenue growth for the previous fiscal year surpassed 2.5% and,
- There was positive inflation-adjusted baseline revenue growth in each of the consecutive three-month periods starting in August and ending in November in the current calendar year compared to the same consecutive three-month periods in the previous calendar year.
DOR certified on September 6th that FY2012 inflation-adjusted baseline revenue increased 2.77% over the previous fiscal year. The agency also certified that revenue growth was 4.12% for the first growth period and 1.88% for the second growth period. However, revenue growth was negative (-1.29%) during the third period so the 5.25% Part B individual income tax rate will remain the same for 2013.
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