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Four big things the winners of Congress will have to tackle in 2025
Whichever party wins control of the House and Senate must decide how to handle a slew of consequential policy matters.
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Boston City Council steers new tax plan back to State House
A plan to temporarily shift more of Boston’s property tax burden onto commercial owners is headed back to Beacon Hill after the City Council approved a revised version with a lone objection. The council voted 12-1 Wednesday to approve a new home rule petition that would enable the city to move more of the city’s property tax burden onto...
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There's still time to reduce your 2024 tax bill with these strategies
There’s still time to lower your taxes or boost your refund for 2024, financial experts say. Here are some strategies to consider before year-end.
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Wu talks Boston's compromise tax plan: no ‘tax spike come January' for residents
The news came Wednesday of long-awaited progress on an issue impacting homeowners across Boston: Property tax bills at risk of rising due to falling commercial property values. Mayor Michelle Wu announced the temporary tax shift following agreement with major business groups. “We want to make sure residents don’t have a major residential tax spike come January,” Wu said Thursday....
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Breaking down Boston's business, property tax deal
City officials say the compromise temporary tax hike to make up for empty office space post-COVID is necessary, though critics say a long-term solution for city revenue is needed.
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Deal reached between Boston, businesses on temporary tax hike
Mayor Michelle Wu announced that she’s reached a deal to temporarily raise tax rates for local businesses amid a revenue shortfall.
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City, Boston business groups reach deal on property tax fix, Wu says
With her existing proposal hung up on Beacon Hill, Boston Mayor Michelle Wu said Wednesday that she’s sending a new proposal to the State House that she believes will “stabilize property taxes and protect homeowners and renters from a dramatic spike.” The Massachusetts House in July approved a home rule petition from the City of Boston designed to shift...
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How new tax changes for 2025 could affect federal tax liabilities for families
The IRS has announced new changes affecting the earned income tax credit, child tax credit, adoption credit and annual gift tax exclusion for 2025.
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IRS announces new federal income tax brackets for 2025
The IRS has announced higher federal income tax brackets and standard deductions for 2025. Here’s what taxpayers need to know.
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Wu says plan to push tax burden onto businesses needs to happen by next month
With her proposal to address the impending increase stalled in the Senate, Boston Mayor Michelle Wu’s office said city residents’ taxes could increase 28%— a large quarterly jump but less than originally estimated — unless senators on Beacon Hill act on her plan to shift more of the city’s tax burden onto businesses by late November. “It affirms that this…
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Explaining the child tax credit with the ‘Give me my money' TikTok challenge
Will the IRS “give you your money!?” Watch this explainer to see if you will qualify for the federal child tax credit.
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Treasury proposes rule to prevent large corporations from evading income taxes
The Biden administration has proposed a new rule that would require the largest U.S. companies to pay at least 15% of their profits in taxes.
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The IRS has a method of ‘last resort' to collect overdue taxes: Revoking your passport
The State Department can deny a passport application or revoke an active passport if the IRS certifies a tax debt as “seriously delinquent.”
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How to make the most of Massachusetts' tax-free weekend
The annual sales tax holiday is one of the best weekends of the year for people in the Bay State to pick up certain items they need.
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Massachusetts' tax-free weekend is coming up. Get ready here.
This Saturday and Sunday, Aug. 10-11, are Massachusetts’ sales tax holiday, in which many things you can buy — but not everything — are tax-free.
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Boston property tax bill stalls in the State House
An end to the formal session on Beacon Hill left Boston Mayor Michelle Wu’s property tax plan in question. “I can’t overemphasize how important this is for the city,” Wu told NBC10 Boston. Empty office buildings are causing commercial property values to plummet and creating a revenue vacuum that without action, would fall on Boston homeowners. “It’s to the...
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Boston property tax bill stalls in the State House
Empty office buildings are causing commercial property values to plummet and creating a revenue vacuum that without action, would fall on Boston homeowners.
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Coca-Cola to pay $6 billion in IRS back taxes case while appealing judge's decision
Coca-Cola Co. says it will pay $6 billion in back taxes and interest to the Internal Revenue Service while it appeals a federal tax court decision in a case dating back 17 years.
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IRS collects milestone $1 billion in back taxes from high-wealth cheats
The milestone is meant to showcase how the agency is making use of the money it received as part of the Biden administration’s Inflation Reduction Act. It comes as Republicans threatened cuts to the IRS.
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IRS has taken nearly 2 years to help tax identity theft victims get their refunds
Tax identity theft victims are waiting nearly two years for resolution and refunds from the IRS. But the agency is working on improvements.