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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.
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IRS commissioner on scams, social media, and his cat
The head of the Internal Revenue Service just wrapped up his first year with the agency and he is on the road. He recently made a stop at our NBC10 Boston studios. “I’m sitting here, getting the word out, as the IRS commissioner urging residents of Massachusetts and beyond to be wary, to be skeptical that scams are on...
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IRS unveils plan to end another major tax loophole for the wealthy and raise $50 billion in the process
The Internal Revenue Service plans to end another major tax loophole that could raise more than $50 billion in revenue over the next decade.
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Mass. House, Senate agree on dates for sales tax holiday
The Massachusetts House and Senate on Thursday adopted a resolution setting the weekend of Aug. 10-11 as this year’s sales tax holiday. The annual tax holiday enables shoppers to avoid the sales tax on many purchases, although critics say it doesn’t generate much new economic activity and merely shifts consumer buying patterns. Over the years, public officials have settled...
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These tax strategies can be a ‘silver lining' after a prolonged job layoff, advisor says
You could leverage tax planning strategies after unemployment if your income is lower in 2024, experts say. Here’s what to know.
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Boston has a property tax problem. Will the mayor's plan fix it?
The City of Boston has a property tax problem. Commercial buildings once filled with workers have seen an exodus in the wake of the COVID-19 pandemic, experiencing a drop in value and putting a strain on tax revenues. “We want to make sure the residents can stay in Boston,” said District 5 City Councilor, Enrique Pepen. “If we do nothing…
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IRS announces Direct File as permanent free tax-filing option starting next year
The IRS announced that Direct File, a free tax-filing option for simplified tax returns, will be a permanent option starting next year.
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It's Tax Day. And your refund may be larger than usual this year
On this Tax Day, refunds are looking a bit bigger for taxpayers.
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IRS: You have ‘options' if you can't pay your taxes by the April 15 deadline
If you can’t pay your taxes by April 15, you have “options,” according to the IRS. Here’s what to know about payment plans.
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Answering your last-minute tax prep questions
The tax deadline is upon us. For most Americans, that day is April 15, but Massachusetts and Maine residents will have until April 17 to file their taxes this year. If you still have some last-minute questions, the IRS can help answer some of those this weekend in-person. On Saturday, April 13, the IRS Taxpayer Assistance Center in Boston will…