As the 2009 Income Tax Filing Season starts the Department would like to update you on some of the many changes at the Department of Revenue impacting this year’s Filing Season.
The Department of Revenue has expanded its free Web File for Income (“WFI”) Program. This free web-based program for filing Individual Income Tax Returns is available for use by all full-year residents who do not have to report installment sales income. Since January 19, 2010 WFI has been available online 24/7. Practitioners can use this free web-based program on behalf of their clients.
In addition:
The Senior Circuit Breaker credit has been increased to a maximum refundable credit of $960.00. (See TIR 09-16)
The Health Care mandate now requires that taxpayers have health insurance benefits that meet Minimum Creditable Coverage (MCC) requirements. For more information, see the special section on Minimum Creditable Coverage in the Schedule HC instructions. And for more information on penalties for 2009 see TIR 09-01.
Military Spouses Residency Relief Act, P.L. 111-97 was signed by the President on November 11, 2009. This Act limits the ability of states to tax a service member’s spouse. Additional information on how taxpayers affected by this Act need to file their taxes will be forthcoming.
The Department has issued TIR 09-15 outlining the Massachusetts tax treatment of losses from criminally fraudulent Ponzi-type schemes differs from that of the Internal Revenue Service.
The Filing Season Video is up on the DOR home page. This video discusses changes for the filing season impacting individual income and corporate excise taxpayers.
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