287 High Street, Suite 319, Holyoke, Massachusetts 01040, United States
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updates
The year is flying by! A friendly reminder to all you that are self-employed, or otherwise don't have income tax withheld, that third quarter estimated payments are due this Monday, September 16.
A more important reminder to those of you who own small entities, such as LLC's (even if disregarded for tax purposes) and closely-held corporations, that you must file a Beneficial Ownership Report with the Financial Crimes Enforcement Network (FinCEN) before the end of this year. It is a rather simple task, but the penalties for not doing so are extraordinarily onerous. (If you registered a new entity this year you have 90 days to report. See more details below.)
On the New & Improved Massachusetts Child & Dependent Care Credit
What great news when coming into the office on a Sunday morning!
With a little persistence was able to convince the Massachusetts Department of Revenue to conform to what the law (as perhaps a rare exception) quite unambiguously states. Goes to show that you really can win against the "system," not only in small things like this, but, with enough perseverance, and belief in your cause, big things as well.
Client: "Hi David
I think the letter you sent might have changed their mind. I received a refund of $226 and then got another one recently in the amount of $310, which I believe is is the amount you indicated was for the tax credit.
Thanks for your efforts. Much appreciated."
What I had previously written to client: "Hi .., apparently the DOR prefers to be obstinate. Chapter 62(x) says, "The credit is available to taxpayers who maintain a household that includes at least one individual who is (1) under the age of 13 and who qualifies for the federal exemption for dependents provided by Internal Revenue Code (“Code”) § 151. "You maintain a household that includes your son who is under age 13 and qualifies as a dependent (and whom you would have claimed as such, excepting that you released the exemption to his non-custodial parent). I will send a reply to the letter."
BOI Required Reporting
Small business owners, are you ready for Beneficial Ownership Information required reporting, which begins with the new year?
And we are talking about the smallest of the small; while there are exemptions for larger companies, as well as banks and other financial institutions, and non-profits, the US Corporate Transparency Act requires that just about anyone else who has registered an entity, typically a corporation or now highly-fashionable LLC, with the Secretary of the Commonwealth to file a report. This includes single-member LLCs that file tax returns as disregarded entities (Schedule C of Form 1040, just as any other sole-proprietorship).
Existing entities have all of this year to complete their reporting, whereas new entities registered in 2024 will have 90 days (reduced to 30 days in 2025 and on) to do so, as well as an additional information requirement.
Although also a part of the Treasury Department, the agency administering the program, the Financial Crimes Enforcement Network (affectionately known as FinCEN) is otherwise entirely separate from the Internal Revenue Service; nonetheless, at Holyoke Tax Service we will be including assistance with this reporting with our other services. If we may assist you with this, and of course any income tax filing, please message us here, or call or text to 41-210-0102.
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About Us
Our Office
- 287 High Street, Suite 319, Holyoke, Massachusetts 01040
- Conveniently located near Holyoke City Hall and the Holyoke Transportation Center
- Please call, text, or message us for an appointment (please see our policy above)
David Yos
- Over fifteen years of tax preparation experience.
- Holyoke resident since 1999.
- Married to Jacqueline Yos, with two daughters and five grandchildren.
Our Services
- Preparation of all 1040 series tax forms
- Form 990 - Tax-Exempt Organizations
- Authorized IRS e-filer
- Small business returns
- Rental property returns
- Multi-state returns
- Your proactive adviser: W-4's, estimates, etc.
- Please ask about other services we may provide.