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Reilly Nonprofit Advisor

The Season of Giving – Substantiation requirements for charities

Jan 06, 2016

Many charities receive a substantial part of their support during the holiday season. In order to assist donors in steering clear of difficulties with the IRS, you want to make sure the supporting documentation your charity provides will meet the requirements for a valid charitable deduction.

Reilly Tax Advisor

Ho-ho-ho: Merry Tax Extenders

Dec 17, 2015

‘Tis the season of giving, and a normally parsimonious U.S. Congress has been possessed of a suddenly generous mood – after much wrangling and at the last minute.

Reilly Tax Advisor

7 last-minute tax-saving tips

Dec 15, 2015

The year is quickly drawing to a close, but there’s still time to take steps to reduce your 2015 tax liability — you just must act by December 31.

Reilly Tax Advisor

Take retirement plan RMDs by December 31 to avoid large tax penalty

Dec 09, 2015

After you reach age 70½, you must take annual required minimum distributions (RMDs) from your IRAs (except Roth IRAs) and, generally, from your defined contribution plans (such as 401(k) plans). If you don’t comply — which usually requires taking the RMD by December 31 — you can owe a penalty equal to 50% of the amount you should have withdrawn but didn’t.

Reilly Tax Advisor

Massachusetts DOR will transition to new online business tax payment system Nov. 30

Nov 17, 2015

Business taxpayers and tax practitioners in Massachusetts will start using the commonwealth's new MassTaxConnect online tax payment system when it goes live on Monday, Nov. 30.

Reilly Tax Advisor

Massachusetts earned sick leave law takes effect July 1 for some businesses

May 21, 2015

The earned sick leave law that Massachusetts voters approved as a ballot initiative last fall takes effect on July 1, 2015, for all Bay State businesses. However, Attorney General Maura Healey has extended the effective date to the end of the year for businesses that already have paid sick policies that need adjustments in order to comply with the new law.

This law has many provisions that have caused concern among business owners worried about the burden of implementation; hence, Attorney General Healey’s decision to delay implementation for certain businesses.

Reilly Tax Advisor

Popular tax breaks extended to 2014 tax year in last-minute Congressional action

Dec 17, 2014

Individual taxpayers and businesses will be able to take numerous popular tax deductions and credits on their 2014 tax returns, thanks to a last-minute vote in the U.S. Senate.

Reilly Tax Advisor

New Massachusetts tax incentive encourages support of community development corporations

Nov 04, 2014

The Community Investment Tax Credit (CITC) provides a 50% state tax credit for donations of $1,000 to $2 million to qualified community development corporations. Some 51 CDCs in the commonwealth are certified to receive these donations.

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