BOSTON (AP) — Massachusetts Gov. Maura Healey signed a tax relief package Wednesday that is designed to deliver $561 million in reductions to taxpayers and companies during the current fiscal year through a slew of credits and other measures aimed at lowering tax burdens. The package — which will top $1 billion in tax relief by the 2027 fiscal year when fully phased in — includes more than a dozen specific tax measures, including eliminating the tax for estates.. (More)

There have been recent law changes to the estate tax for decedents dying on or after January 1, 2023. See St. 2023, c. 50. The new law amended the estate tax by providing a credit of up to $99,600, thereby eliminating the tax for estates valued at $2 million or less and reducing the tax for estates valued at more than $2 million. Below, you will find answers to frequently asked questions regarding these recent changes. DOR will continue to update this FAQ and issue further guidance as needed. (More)

The IRS announced the 2024 benefit and contribution limits for qualified retirement plans, including contributions limits for Sec. 401(k) plans and individual retirement arrangements (IRAs), Wednesday, increasing the limits on both by $500. Notice 2023-75 includes updates to dollar limits for a range of qualified retirement plans and accounts, including traditional and Roth IRAs. The amount that individuals can contribute to Sec. 401(k) plans will increase to $23,000 in 2024, up from.. (more)

In our experience, most small business owners want to grow their companies. There are many reasons to grow your business, including economies of scale. But some entrepreneurs—who could ordinarily grow their businesses—choose to limit the growth of their enterprises. Why? We've heard the mantra: You have to grow or die. Yet we have found example after example of business owners who debunk this myth. (more)