Tag Archives: Quincy

March Madness: Tax Season, Tax Team

March Madness, Tax Season, Tax TeamMarch Madness is right around the corner! I know we just got through the Superbowl. Before you get glued to your flat screen watching the NCAA playoffs, you may want to confront your own March Madness – did you do your taxes yet? If you have not gathered all those receipts, set up those spreadsheets, and managed to make sense out of your taxes, you might want to get started. At least get all your stuff together and consider calling one of our tax team experts.

Alex Franch, Tax Team, March MadnessView Alex Franch's profile on LinkedIn

Alex Franch | BS EA

Mr. Franch is a Tax Specialist and Partner at Joseph Cahill & Associates / WorthTax. He has a diverse background including a Bachelor of Science from Boston College in Mathematics and extensive military service. Mr. Franch is an Enrolled Agent and has eight years of tax preparation experience. He has been serving individuals, families, and businesses for several years with tax and financial planning strategies and is a junior partner with the firm.

Mr. Franch is licensed by the Financial Industry Regulatory Authority (FINRA) with a Series 6, 63, 65, and 7, and by the Commonwealth of Massachusetts Division of Insurance.

Alex Franch is a registered representative of and offers securities and investment advisory services through Commonwealth Financial Network, A registered broker-dealer, Member FINRA/SIPC.

 

Susan McQuarrie, Tax Team, March Madness

Susanne McQuarrie | BS

Ms. McQuarrie has over 25 years experience in tax preparation and bookkeeping, including her years at Joseph Cahill & Associates / WorthTax.

Susanne graduated from Salem State College with a degree in Accounting/Business Management. She is a registered tax preparer.

John Clapp, Tax Team, March Madness

John Clapp | EA, RTRP

Mr. Clapp recently joined the tax team at Joseph Cahill & Associates / WorthTax, and has experience since 2010 of tax preparation experience. Previously, he had a 30+ year career working in and managing statistical programs for the federal government.

John graduated from Worcester State College with a degree in economics, and is a registered tax preparer and an Enrolled Agent.

Connie French| ES

Ms. French has over 15 years experience in tax preparation and bookkeeping, including her years at Joseph Cahill & Associates / WorthTax.
Connie graduated from Bunker Hill Community College with a degree in Accounting. She is a registered tax preparer. (picture not shown).

Need help dealing with the March Madness of Taxes?

So now that the Superbowl is over, get your tax stuff together before March Madness fast approaches. And if you are really good, and you don’t need a sit down with a tax expert from our team, Worthtax is running a special, $35 off for customers who drop off their taxes at one of our convenient locations in Quincy, Dedham and Weymouth. If you need to schedule an appointment, no problem, call 781-849-7200 to meet with any of our team members.

 

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Wrong Tax Forms Issued – Massachusetts Retirees

Wrong Tax Forms were issued on January 21, 2016 to over 50,000 Commonwealth of Massachusetts Retirees.

What happens if I file with the wrong tax forms?

About 50,000 Commonwealth of Masachusetts retirees received the wrong tax forms. An uncorrected 1099-R form would mean possible over payment of federal income taxes for retirees. Fortunately some State retirees called the office after they noticed the wrong tax forms, as tax bills were much higher than 2014. Normally, retirees who would receive refunds might have had to owe money.

The misprinted forms, because of a programming error, had bad codes assigned. The correct code should have been 7, for normal distribution of benefits. Instead, Code 1 was printed. Code 1 means a premature distribution of benefits. What would this cost the retiree? A 10 % penalty. In addition, State Retirees who should have been assigned Code 2, for early distribution of benefits with exceptions, received forms erroneously marked as Code 7. You can read more about it here on the Massachusetts government website.

Fortunately, this was caught fairly early. The issue can be resolved with the IRS should retirees file the wrong tax forms. However, it can take two years.

When Can I file my paper tax returns?

The State Treasurer’s office recommends that you wait for the revised 1099-R form to come in the mail if you file with a paper tax return. First, make sure the box at the top of the 1099-R marked “Corrected” is checked off.

2015_1099-R, corrected tax form, wrong tax forms

A corrected 1099-R form will be mailed out in early February. The board is sending postcards to make sure the 50,000 Commonwealth retirees are notified of this error. You should receive a revised 1099-R statement by Tuesday, February 16th, 2016. If not, please call the Massachusetts State Retirement Board (the number is at the end of this blog).

How Do I File Electronically?

State retirees who file electronically, can go ahead and file, just use the correct codes. If you are a retired employee of the Commonwealth of Massachusetts, up to the age of 59-1/2 in 2015, you can enter Distribution Code 2 on the electronic form. Use Distribution Code 7 if you turned older than 59-1/2 in 2015. If you have any questions, you can contact the State Treasurer’s office by email at srb@tre.state.ma.us or by telephone at (800) 392-6014 or (617) 367-7770. By the way, be easy on them. Make sure that you notify the Massachusetts State Retirement Board of any change of address. The change of address form can be found here.

You can access information on how to read your 1099-R form here. Make sure the new one you receive has “Corrected” checked off on the top.

Alex Franch, BS EA  at  781.849.7200. He can answer any questions you may have regarding tax preparation and the filing of your returns. We have ultra-convenient service at any three of our locations where you can conveniently drop off your tax documentation to be prepared, Dedham, Quincy and South Weymouth. Worthtax uses a triple check accuracy system.

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