Mahoney, Fiorentino & Co., P.C.

Tax Alerts

Tax Briefing(s)

2022 Tax Year-In-Review Consolidated Appropriations Act, 2023 Inflation Reduction Act of 2022, Signed Aug. 16

Factors to Consider When IRS Contacts Taxpayers, IR-2023-56
Taxpayers must keep some important factors in mind when the IRS may initiate direct contact with a them. The IRS provides many different payment options to help taxpayers meet their obligat...

IRS Requests Comments on Treating NFTs as Collectibles, Notice 2023-27
The IRS requested comments on its intention to treat certain nonfungible tokens (NFTs) as collectibles under Code Sec. 408(m). If an NFT is treated as a collectible, an IRA's acquisition o...

Copies of Exempt Organization Returns Now Available Online Instead of DVD
The IRS has revised the instructions on obtaining the copies of exempt organization returns. Under the new revision, taxpayers will not be able to obtain the copies of returns on DVD. Instead, ...

Changes to 2023 Forms 5500 Issued
The Department of Labor (DOL), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) issued final forms and instructions revisions for the Form 5500 Annual Return...

Indexing Adjustments Provided for Employer Shared Responsibility Applicable Dollar Amounts, Rev. Proc. 2023-17
The IRS has provided indexing adjustments for the applicable dollar amounts under Code Sec. 4980H(c)(1) and (b)(1). These indexed amounts are used to calculate the employer shared respon...

IRS Announces Successful Expansion of Digital Scanning Initiative, IR-2023-41
The IRS has announced the successful expansion of the digital scanning initiative also known as Digital Intake. The Service has already scanned more than 120,000 paper Forms 940 since the s...

Population Figures Provided for Calculating Low-Income Housing Tax Credits, Notice 2023-22
State and local housing credit agencies that allocate low-income housing tax credits and states and other issuers of tax-exempt private activity bonds have been provided with a listing of the prop...

IRS Addresses FAQs on Nutrition, Wellness and General Health, IR-2023-47
The IRS announced frequently asked questions (FAQs) that addressed whether certain costs related to nutrition, wellness and general health are medical expenses. These are expenses that may b...

CT - April 18 filing deadline reminder issued
The Connecticut Department of Revenue Services has issued a press release reminding taxpayers that the deadline for filing 2022 personal income tax returns is April 18, 2023. Press Release, Connecticu...

FL - Electronic filing of partnership information returns (Form F-1065) available
The Florida Department of Revenue has issued a tax information publication informing corporate income taxpayers that beginning January 1, 2022, the Florida Partnership Information Return (Form F-1065)...

ME - Personal exemption instructions clarifiedo other jurisdictions
Maine Revenue Services clarified the amount of personal exemptions certain taxpayers should take on their Maine personal income tax returns. This is after an error was discovered in the 2022 Form 1040...

MA - Interest rates unchanged for second quarter of 2023
The interest rates on the underpayment and overpayment of Massachusetts taxes are unchanged for the period April 1, 2023, through June 30, 2023.The rate for overpayments is 6%.The rate for underpaymen...

NH - Governor proposes eliminating communications tax
In his 2023 Budget Address, New Hampshire Governor Chris Sununu said he will recommend elimination of the 7% Consumer Communications Services Tax. 2023 Budget Address,Gov. Chris Sununu, February 14, 2...

NJ - Bulletins revised to include information on payments made with GSA smartpay credit card
New Jersey revised the following sales and use tax bulletins to include information about payments made with a GSA SmartPay credit card that has 5 as the sixth digit:Bulletin S&U-1, Restaurants an...

NY - Brownfield redevelopment credit amendments discussed
New York issued a memorandum discussing various changes made to the brownfield redevelopment tax credit by budget legislation enacted in 2022. The credit is now allowed for sites accepted into the cle...

RI - Services offered by employee incentives provider subject to tax
The Rhode Island Tax Division (division) determined that a multinational company’s (taxpayer’s) consulting, startup, website design, and transaction fees were subject to sales and use tax. In this...

VT - Summary judgment affirmed as property owner’s action was time-barred
For Vermont property tax purposes, the Supreme Court affirmed the Superior Court’s grant of summary judgment to the town because the property owner’s action was time-barred by the one-year statute...

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