Monthly Archives: October 2015

Amnesty for Massachusetts Non-Filers Might Occur in 2016

Taxpayers who failed to file their Massachusetts income tax returns, or who underreported their income, might be given a two-month window in April and May 2016 to enter into a tax amnesty program.  The program is still in the planning stages.  It has not yet received final approval, and details ...

The Bank of America Case: May Massachusetts Tax the Trust Fund Income of Non-Resident Families with Unborn and/or Unascertained Members?

Background  Before addressing the Bank of America case,[1] it is necessary to understand the Massachusetts taxation of trustees and their beneficiaries, which is described in 830 CMR 62.10.1: Income Tax on Estates and Trusts (the “Regulation”).  Massachusetts Jurisdiction to Tax Trusts When dealing with jurisdiction to tax, the Regulation distinguishes between testamentary trusts and inter vivos trusts, as follows:

Contributions of Art: Elements of a “Boring” Charitable Contribution Deduction

Introduction This article highlights some of the more critical income tax issues that taxpayers and their advisors must address when claiming the charitable contribution deduction for the gift of art to art museums. This article does not reflect all tax issues that must be considered in claiming a charitable contribution deduction on a United States income tax return. Rather, this article provides a broad and selective overview of a complex area of the United States income tax law.