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The MSCPA Legislative Brief offers you information and resources available through federal and state governments regarding business loan programs, Department of Labor (DOL) and Department of Health (DOH) updates, and news as it relates to the impacts of COVID-19 on our profession, the economy and our Society. For more information, visit the MSCPA's Coronavirus Resource Center.
We're working to keep you informed in a world that changes by the minute. If you have anything you'd like to share, or if we can help you in any way, please reach out to Zach Donah at zdonah@mscpaonline.org or 617.303.2411, or Larry Liuzzo at lliuzzo@mscpaonline.org or 617.303.2405.
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Massachusetts Legislators Take Up Vote-by-Mail Legislation
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Last week, House lawmakers passed legislation that expands access to voting in the 2020 primary and general elections by a 155-1 vote. The legislation codifies that every registered Massachusetts voter would receive an application to request a ballot for the 2020 elections from the Office of the Secretary of State by July 15.
On Tuesday, the Senate Committee on Ways and Means endorsed similar legislation, which will likely be voted on by the full Senate next Tuesday, June 16. Advocate groups and legislators agree the legislation provides Massachusetts voters with easier access to vote in the November elections and will also alleviate Election Day poll traffic as we will likely still be dealing with COVID-19 risks.
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Massachusetts Economists: Q2 Will be Worst in Recorded History
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The MassBenchmarks Editorial Board, comprised of leading economists and financial experts in Massachusetts, recently suggested that the Q2 of 2020 is likely to be the worst financial quarter in recorded Massachusetts history. Between March 15 and May 30, the Department of Unemployment Assistance received over 1.4 million new claims, representing one-third of the Massachusetts workforce and led to a 15% unemployment rate in April.
Economic recovery will be largely based on public health data, employee comfortability to return to work, financial assistance from the federal government and whether a second wave of the virus hits in the future. MassBenchmarks advises against making cuts to services that would have long-term ramifications, put more people out of work and on unemployment. Solutions provided to bridge the gap include tapping into existing reserves and raising taxes temporarily.
Separately, but on a related note, the Boston Globe
Editorial Board this week called for the state to borrow through bonding to avoid budget cuts and increased taxes.
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Next Week: Virtual Town Hall with AICPA President and CEO (6/16)
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The COVID-19 pandemic is presenting challenges and opportunities for the accounting profession.
Barry Melancon, CPA, CGMA, president and CEO of the American Institute of CPAs (AICPA),
will discuss how the profession is addressing disruption and reimagining its services to remain trusted advisers in a complex, rapidly changing world. Topics will include the innovation of core services, new and emerging technologies and the evolution of CPA licensure.
MSCPA members will receive 1 CPE credit. To register, click here.
Date:
Tuesday, June 16
Time:
4:00 - 5:00 p.m.
Price:
Free for MSCPA members | $50 for non-members
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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UAA Model Rule Change to Support CPA Evolution
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Massachusetts Resources
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Additional information on this will be posted here as it becomes available.
Massachusetts Health Connector:
The Health Connector extended its enrollment period through June 23 due to the COVID-19 outbreak. If you've lost your health insurance due to a job loss and want to see if you qualify for health coverage, click here.
Department of Public Health: Click here to read updates from the DPH regarding COVID-19.
Division of Local Services (DLS):
For those who work with cities and towns across the Commonwealth, the DLS has a dedicated webpage that provides finance guidance to city and town officials related to the state of emergency. For more information, click here.
For urgently needed guidance, please email the DLS.
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Resources for CPAs
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