Jonathan Hitter Archives - Page 2 of 2

6 Options for Easing the Impact of the Massachusetts Millionaire’s Tax

Written by: Jonathan Hitter, CPA, MST, CGMMA In the November 2022 General Election, Voters approved an amendment to the Massachusetts Constitution, nicknamed the ‘Millionaire’s Tax.’ Starting in 2023, an additional 4% income tax will be placed on any ‘portion of…

IRS Announces Retirement Plan Contribution Limits for 2023

Written by: Jonathan Hitter, CPA, MST, CGMA On October 21, 2022, the Internal Revenue Service (IRS) announced the updated contribution limits to retirement plans in Notice 2022-55. The new limits are valid beginning in tax year 2023. These limits are…

The New 1099-Ks Are Coming: Are You Ready?

Written by: Jonathan Hitter, CPA, MST, CGMA A key provision of the American Rescue Plan Act passed in 2021 includes lowering the thresholds that trigger a Form 1099-K – Payment Card and Third-Party Network Transactions. This means businesses and individuals…

It’s Time to Re-examine the Pros, Cons of Cryptoassets

Written by: Jonathan Hitter, CPA, MST, CGMA From Super Bowl commercials to teenage NFT millionaires — and even Elon Musk’s support of the dog meme-inspired currency Dogecoin — cryptoassets have been making a play for mainstream acceptance. By the end…

A hand pulling a US government check out of an envelope.

Where Is the IRS in Working Through the Backlog?

Written by: Jonathan Hitter, CPA, MST, CGMA You may be wondering about your tax return or refund status and worry the IRS’ backlog will impact you. You’re not alone. The IRS reports it had received 91.26 million 2021 tax year…

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