I. Introduction This Technical Information Release (“TIR”) explains the Massachusetts personal income tax tie-in to the federal personal income tax exclusion for employer-provided parking, transit pass and commuter highway vehicle benefits allowed to employees. The TIR describes the impact for 2014 of the Massachusetts adoption of this federal exclusion based on the January …
DOR Issues New Withholding Tables for Tax Year 2014 Beginning January 1, 2014, the 5.25 percent tax rate on most classes of taxable income will drop to 5.20 percent. The Department of Revenue has certified that baseline revenues this year met growth thresholds set by statute which automatically triggered the .05 percent decrease. DOR will …
Mass. Lowers Personal Income Tax Rate On December 4, Massachusetts Revenue Commissioner Amy Pitter announced that revenue growth has met the final threshold needed to lower the personal income tax rate from 5.25 percent to 5.20 percent beginning January 1, 2014. This cut will take effect as a result of a voter approved ballot measure …
Leonard D. Rea II EA CFP of Sturbridge, MA was recently elected First Vice President of the Massachusetts Society of Enrolled Agents. Rea owns Leonard D Rea & Co. a company providing income tax preparation, tax planning, representation before the Internal Revenue Service, state taxing authorities, & financial planning. Enrolled Agents are tax specialists licensed …
