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An 83(b) election must be filed within 30 days of the grant and cannot be made late. Massachusetts taxes most income at a flat 5%, with an additional 4% surtax on taxable income above an annually indexed threshold, currently $1,107,750, producing a 9% top rate. The surtax is marginal, applying only to the excess, and
Founder Equity and Massachusetts Tax: 83(b) Elections, Options and the 4% Surtax Read More »
The Employer Medical Assistance Contribution is a Massachusetts payroll tax on the first $15,000 of each employee’s wages. Employers are exempt for roughly their first three years and in any quarter in which they employ fewer than six people. After that the rate steps up by year of subjectivity, from 0.12% to 0.24% to 0.34%,
EMAC in Massachusetts: The Employer Medical Assistance Contribution Nobody Budgets For Read More »
The Massachusetts meals tax is 6.25%, and most cities and towns add a 0.75% local option, making 7% the common total. It applies to restaurant meals, prepared food, and drinks served on premises, alcohol included. The vendor collects it on every sale, files through MassTaxConnect, and carries the liability, with returns due 30 days after
Massachusetts Meals Tax: The Complete Guide for Restaurants, Pubs and Diners Read More »
Massachusetts use tax is 6.25% on taxable items bought out of state or online without Massachusetts sales tax and then used here. Individuals report it on Form 1, and the safe harbor method covers items under $1,000 with an estimated amount based on income, protecting the filer from additional assessment on those purchases if audited.
Massachusetts Use Tax: The 6.25% You Owe on Out-of-State and Online Purchases Read More »
Buying a car in New Hampshire does not avoid Massachusetts sales tax. New Hampshire charges nothing at the dealership, and Massachusetts then collects the full 6.25% when a resident registers the vehicle, with the registration application due within 10 days of the purchase. The border saves nothing, and an out-of-state dealer that is not a
Buying a Car in New Hampshire to Avoid Massachusetts Sales Tax: Does It Work? Read More »
Massachusetts taxes most income at a flat 5%, adds a 4% surtax on taxable income above an annually indexed threshold, and charges 6.25% sales and use tax statewide. Meals run 6.25% plus a local option, room occupancy starts at 5.7%, and the motor vehicle excise bills $25 per $1,000 of value each year. “My Boston
Massachusetts Tax Rates 2026: Income, Sales, Meals and Excise in One Table Read More »
Tax compliance and immigration strategy sometimes meet in places where timing, documentation, and professional judgment all matter. A taxpayer may be pursuing a green card, preparing for naturalization, responding to a USCIS documentation request, or working through another immigration matter while also discovering unresolved U.S. tax issues. Those issues may involve unfiled tax returns, missed
Ed Parsons, CPA | Licensed since 2009 | The Streamlined Foreign Offshore Procedures are the IRS program for taxpayers living outside the United States who failed to report foreign income or foreign accounts without meaning to.An SFOP submission covers three years of tax returns and six years of FBARs, plus a signed statement on Form
Streamlined Foreign Offshore Procedures (SFOP): What Americans Abroad Need to Know Read More »
When the IRS keeps your refund, the Treasury Offset Program applied it to a debt: back taxes, defaulted student loans, child support arrears, or state obligations. The offset itself is final. The debt behind it is not. An installment agreement, an Offer in Compromise, or Currently Not Collectible status can resolve the balance and stop
IRS transcript codes are three digit transaction markers that show where your refund stands. Code 150 confirms your return posted. Code 766 posts a credit to your account. Code 846 means your refund is approved and scheduled. Codes 570, 810, and 971 signal a hold, a freeze, or a notice on the way. Your IRS