Form 9m 3/01 - Taxpayer Advisory Bulletin - State Of Massachusetts (Page 4 of 12) in pdf

Taxpayer Advisory Bulletin March 2001, Vol. 17, No. 1

Regulations, TIRs, Directives and Letter Rulings

Legislative

Update

DOR has issued the following public written statements between November 2000 and Feb-

ruary 2001. For copies or more information, please call (617) 626-3250. The documents be-

low also are available through DOR’s Fax on Demand system by calling (617) 887-1900

from the handset and the keypad of your fax machine and entering the code number fol-

lowing the title of the appropriate document. Public written statements also are available

on the DOR website at

Proposed Regulations

An Act to Roll Back the State Income

Cite

Category

Title

Hearing Date

Tax Rate to 5 Percent by the Year 2003

64H.3.1

Sales and Use Tax

Direct Payment Program/2678

2/2/01

(St. 2000, c. 343) — This act reduces the

Proposed Amendments

tax rate on Part B taxable income in three

stages. Part B income is comprised of

Cite

Category

Title

Hearing Date

such items as wages, salaries, interest

62.4.1

Income Tax

Capital Gains and Losses/2679

2/2/01

from Massachusetts banks, taxable pen-

64H.6.2

Sales and Use Tax

Printing/2680

2/2/01

sions, business income, rental income,

Technical Information Releases (TIR)

alimony, winnings, etc. The rate is re-

TIR

Category

Title

Issuance Date

duced from the rate of 5.85 percent for

the tax year beginning January 1, 2000,

00-12

Miscellaneous

Community Preservation Act

11/17/00

Surcharges on Recorded and

to 5.60 percent for the tax year beginning

Registered Instruments/1920

January 1, 2001; from 5.60 percent to

00-13

Tax Administration

Limitation Period for Taxpayers that

11/29/00

5.30 percent for the tax year beginning

Fail to File Tax Returns then Voluntarily

January 1, 2002; and from 5.30 percent to

Disclose the Failure to File to the

5.00 percent for tax years beginning on

Commissioner at a Later Date/1921

or after January 1, 2003. St. 2000, c. 343,

01-1

Tax Administration

Interest Rate on Overpayments and

1/16/01

§ 1, amending M.G.L. c. 62, § 4(b).

Underpayments/1915

01-2

Income Tax

Effect of Recent Tax Law Changes on

1/16/01

Tax Notes

continued from page 3

the Taxation of Real Estate Investment

Trusts (REITs) Organized as Corporate

enter the number of qualifying children, if

Trusts/1922

any, in line 34a, and their Social Security

01-3

Income Tax

Payment of Estimated Taxes by

1/22/01

number(s) in the spaces provided. Then,

Participants in a Letter Ruling 99-17

enter the federal earned income amount

Type Reorganization/1923

from U.S. 1040, line 60a; 1040A, line 38a;

DOR Directives (DOR-D)

1040EZ, line 8a; or Telefile Tax Record,

DOR-D

Category

Title

Issuance Date

item L. Multiply this amount by .10 (10%)

and enter the result in line 34.

00-8

CANCELLED

00-9

Corporate Excise/

Corporate Trust Parents and Qualified

12/15/00

Form 1-NR/PY filers must enter the num-

Income Tax

S Corporation Subsidiaries/3576

ber of qualifying children, if any, in line 39,

and their Social Security number(s) in the

Letter Rulings (LR)

spaces provided. Then enter in line 39a

Category

Title

Issuance Date

the federal earned income credit amount

00-15

Sales and Use Tax

The Meaning of “Reasonable

11/17/00

from the U.S. 1040, line 60a; 1040A, line

Transportation Charges/2329

38a; 1040EZ, line 8a; or U.S. Telefile Tax

00-16

Corporate Excise

Foreign Electric Company is a

12/19/00

Record, item L. Multiply this amount by

“Utility Corporation”/2330

.10 (10%) and enter the result in the line

00-17

Income Tax

Two-Tier RICs; Deduction for

12/19/00

provided. Nonresidents, multiply this

U.S. Obligation Interest/2331

amount by line 14g; part-year residents,

01-1

Corporate Excise/

Reorganization with a QSUB and

1/16/01

multiply this amount by line 2. Enter the

Income Tax

a General Partnership Parent/2332

result in line 39.

01-2

Sales and Use Tax

Sales and Use Tax Treatment of

1/22/01

If the federal earned income credit

Magnetic Resonance Imaging

Equipment and Services/2333

amount, the number of children and their

Social Security number(s) are not entered,

the Massachusetts earned income credit

Tax Preparation Software Corrections

e-mail, their website, bulletin board or

amount may be adjusted or disallowed.

and Updates

some other method. Practitioners using

Many firms producing tax preparation

tax preparation software that offers this

service should periodically check this

software offer a service to advise practi-

tioners of corrections and updates to

service to be sure that they are using the

their product. This may be done through

most up-to-date version of the software.

Form 9m 3/01 - Taxpayer Advisory Bulletin - State Of Massachusetts Page 4

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