Department of Revenue Massachusetts 2 credits

The Internal Revenue Code, (IRC), conformity date for MA personal income tax returns

A. Remains January 1st, 2005
B. Is January 1st, 2022 for all returns filed after 2022
C. Is January 1st, 2022 for calendar year 2022 and 2023 filed and January 1st, 2024 for 2024 filers
D. Is now a rolling conformity and automatically adjusts to the current IRC

The Internal Revenue Code, (IRC), conformity date for MA business tax returns

A. Remains January 1st, 2005
B. Is January 1st, 2022 for all returns filed after 2022
C. Is January 1st, 2022 for calendar year 2022 and 2023 filed and January 1st, 2024 for 2024 filers
D. Is now a rolling conformity and automatically adjusts to the current IRC

The Pass Thru Entity, (PTE), Credit is a way of working around TCJA, (Tax Cut & Jobs Act), shortcomings. It is scheduled to expire after 2025.

A. Forces partnerships and S-Corps to increase MA taxable income.
B. Its intent is to allow taxpayers some kind of SALT, (State and Local Tax), limitation relief
C. It gives MA taxpayers the equivalent of a QBID, (Qualified Business Income Deduction
D. Both A & B

The MA Tax Amnesty Program affects

The MA Family Credit

A. Expires after 2025, unless renewed
B. Is $310 in 2023 and $440 in 2024 per child under age 12 up to two children
C. Is $310 in 2023 and $440 in 2024 for each tax dependent with no limit on the number of dependents
D. Is nor available to Part-year, separate filers and non-residents

A protective refund claim

A tax court case ruled that MA PFML is excluded income

A. MA Taxpayers should file a state amended return
B. This court decision is not legally binding
C. PFML recipients can ignore form 1099-G when filing their 2024 tax return
D. Taxpayers who filed previous tax returns that incomed PFML payments as income need to petition the tax court

The Millionaire, (Fair Share Act), Tax

The Circuit Breaker Credit

MA taxpayers with an unpaid tax balance

A. Can pay the full balance in cryptocurrency
B. Can roll the balance due amount into an IRS IA, (Installment Agreement)
C. Can pay the full balance in less than a year without submitting all the personal financial statements
D. Can pay at Mass Tax Connect, (MTC), with a debit/credit card and incur a 2.49% convenience fee