November 2022 Newsletter

MA Department of Revenue Chapter 62F Tax Refunds Start in November

The MDOR will begin distributing $2.941 billion in tax refunds to qualified 2021 MA taxpayers in accordance with Chapter 62F. Refunds are estimated to be 14% of your MA income tax liability and will be issued as direct deposits or mailed checks to those who have filed their 2021 MA tax return. Check the Helpful Links section in the PDF for information including a refund estimator. Have your MA tax return handy!

IRS Increases Gift and Estate Tax Exemption Amounts

The US Internal Revenue Service has announced that the annual gift tax exclusion is increasing next year due to inflation. The exclusion will be $17,000 per recipient for 2023. Additionally, the annual amount that one may give to a spouse who is not a US citizen will increase to $175,000 in 2023 and the lifetime Estate and Gift tax exemption will be $12.92 million per individual for 2023 gifts and deaths.