Terranova & Associates, LLC strives to keep our clients up to date regarding tax changes that will impact them. Our friends at the Massachusetts Department of Revenue (MADOR) have issued Technical Information Release 23-1 with Fiscal Year 2023 budget. Technical Information Release 23-1 serves the purpose of conforming MA personal income tax to the Internal Revenue Code as amended on January 1, 2022.
The major provisions are:
· the conformity of the Massachusetts personal income tax law to certain federal tax law changes affecting the determination of Massachusetts gross income and deductions that have been enacted since 2005;
· the decoupling of the Massachusetts personal income tax from the 20% federal deduction for pass-through businesses afforded by Code §199A;
· the income exclusion for the forgiveness of student loans; and
· the repeal of an unconstitutional tax on illegal drugs.
To read the full article click on the PDF below!
As additional information becomes available, we will provide additional updates.
We are available for consultations regarding this and other tax matters if you need assistance, please contact us. We are excited to welcome the new clients that have retained our services!
This is our update as of this time and we will strive to keep you informed; please keep in mind this is a fluid topic and subject to change at any time.
This information should be used to strategically navigate through the months ahead. We are in the office and are happy to assist you.
Please feel free to share this with your relatives and friends and remember we are here to help our clients.
Terranova & Associates, LLC.
Thomas D. Terranova, Jr., CPA, PFS, CITP