Restaurants in Massachusetts will be having to deal with new rules regarding the way that the Internal Revenue Service handles some tips for waiters. The IRS will now classify a number of waiters' tips as taxable income to the restaurant instead of considering them to be self-reported tips. Under this new policy, according to a recent article in the Wall Street Journal, tips that are automatically included by restaurants in the bill for large tables will now be considered taxable service charges.
Three lottery players have hit the Powerball jackpot and will share a $448 million prize. All three of the winners purchased tickets and picked five numbers between 1 and 59, as well as a Powerball number from 1 to 35. The jackpot, which was expected to be $425 million during the final days, grew by $23 million in the final hours.
The Massachusetts Revenue Department announced that tax revenue for the fiscal year that ended June 30 was up $600 million over last year. Total 2012 tax collections throughout the state were more than $21.1 billion, up 2.9 percent over 2011. Those numbers exceeded projections by about $107 million thanks to sales taxes, corporate and business taxes and motor vehicle sales taxes.