By Andy Medici The IRS has delayed a requirement that business owners and freelancers report more than $600 in income from platforms such as PayPal and Venmo. The agency in a recent notice said it will instead phase in that reporting requirement over the next few years. Taxpayers will be required to report total income of more than […]
By Brooke Sutherland and Sri Taylor Boston Mayor Michelle Wu is seeking to raise commercial property tax rates to help protect homeowners from the brunt of the historic slump in office property values. Wu has submitted a petition for a temporary increase of the city’s tax-rate ceiling for commercial properties relative to residential levies. The proposal aims to redistribute the tax burden […]
State Auditor Suzanne Bump announced Thursday that her office has determined that the state’s tax revenue last year exceeded the allowable limit by nearly $3 billion, confirming the estimate put forward by Gov. Charlie Baker and clearing the way for the money to be returned to taxpayers. Chapter 62F, a law approved by voters in 1986, sets limits on […]
By Richard Rubin via The Wall Street Journal Rettig says abusive syndicated conservation easement transactions persist despite stepped-up enforcement WASHINGTON—Internal Revenue Service Commissioner Charles Rettig sought congressional help Tuesday in stopping land-rights deals that the government views as abusive transactions. Mr. Rettig said so-called syndicated conservation easements have continued despite years of stepped-up IRS enforcement that now […]
Oops, here comes a rainy day and you need cash? You find a better location for your business or you are doing very well and need a bigger space for your growing business? Well, whatever reason people might have to sell their properties, there is one thing that everyone would be concerned about—how much tax […]
You don’t need to worry about the cost of managing your investment if you know how to manage it efficiently by yourself. It is not an easy task even though you have good reliable tenants. You need to have basic understanding of money and safety issues, local municipal, and city and state laws. If you […]
On Monday, Governor Deval Patrick notified cities and towns of their share of a $300 million statewide road repair program. However, in the letter Patrick warned that the program would only progress at that magnitude if additional state revenues were raised. The program, Chapter 90, increases statewide funding to $300 million, a 50% increase from […]
Commercial property tax has increased in and around the Boston area. The 2013 numbers are out and communities such as Everett, Framingham, and Holyoke experienced increases in their already sky high rates. Everett’s commercial property rate is much higher than any other city in the area at $43.04 for every $1,000 of assessed property value. […]
In the past week, two Massachusetts based clean energy firms declared bankruptcy. On Wednesday, clean energy firm Satcon Technology Corp. filed for Chapter 11 bankruptcy. The firm, which specializes in the production of conversion equipment utilities for solar panels, defaulted on $16 million dollar loan from Silicon Valley Bank and Compass Horizon Funding Company LLC […]
Residents of Massachusetts can expect an increase in the average property owner’s tax rate by next year. The Department of Revenue has reported that 21 community property tax rates have been approved and all but the towns of Eastham and Alford plan to increase rates on residential and commercial property (Boston Business Journal). The expected […]
