News & Updates from the MSCPA’s Government Affairs Team
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News & Updates from the MSCPA’s Government Affairs Team 
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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.

Economic Experts Offer Wide Range of Budget Shortfall Projections
Senator Michael Rodrigues and Representative Aaron Michlewitz, co-chairs of the Joint Committee on Ways and Means and Michael Heffernan, secretary of the Executive Office for Administration and Finance, hosted an economic roundtable yesterday to discuss the current fiscal state of Massachusetts, how to best move forward in FY21 and plan for FY22.

The Massachusetts Department of Revenue started the discussion with its projections of a $2.7 - $5.3 billion revenue shortfall for FY21 and suggested that the high end of that projection has a higher probability of happening.

Alternatively, a few economists and public policy think tanks presenting later in the hearing suggested that the revenue shortfall could likely fall under $2 billion. While the presentations offered valuable insight to the financial state of Massachusetts, we still do not have a clear answer as to how deep of a financial hole we are in.

With a range from $1.6 billion to $5.3 billion, the Commonwealth’s budget chiefs have the difficult task of crafting the FY21 budget. There have been conflicting reports on when we can expect a budget for FY21, although It is likely that it will not be released until after the November 3 elections at the earliest.

We will update you once we know more. 
2020 General Election Information and Voter Resources
The November 3 general elections are less than a month away. Are you registered to vote? Do you plan to vote early, by mail or in person on Tuesday, November 3? Where is your polling place? Do you know what Question 1 and Question 2 ask or how you are voting?

Important Election Dates and Links
  • To register to vote or to check your registration, click here (Please note: The voter registration deadline is Saturday, October 24);
  • To apply to vote by mail, click here (Please note: The deadline to apply for a mail-in ballot is Tuesday, October 20);
  • To vote early (October 17 – 30), please contact your local town clerk’s office for early voting locations; and
  • To vote in-person on Tuesday, November 3, polls are open 7:00 a.m. – 8:00 p.m.
Question 1: Motor Vehicle Mechanical Data
  • A YES vote would provide motor vehicle owners and independent repair facilities with expanded access to wirelessly transmitted mechanical data related to their vehicles’ maintenance and repair; and
  • A NO vote would make no change in the law governing access to vehicles’ wirelessly transmitted mechanical data.
Question 2: Ranked-Choice Voting
  • A YES vote would create a system of ranked-choice voting in which voters would have the option to rank candidates in order of preference and votes would be counted in rounds, eliminating candidates with the lowest votes until one candidate has received a majority; and
  • A NO vote would make no change in the laws governing voting and how votes are counted.
For summarizes and the full text of both ballot questions, click here.

For all 2020 general election information and voter resources, click here
Reminder: October 15 Extension Deadline Approaching
The IRS is reminding taxpayers who filed for an extension for their 2019 tax returns that the October 15 filing deadline is fast approaching. They encourage taxpayers and tax practitioners to utilize electronic filing options for efficiency and to adhere to social distancing guidelines.

The IRS is also encouraging taxpayers who participated in micro-captive insurance transactions to consult with an independent tax advisor before the October 15 deadline.

For more information, click here
IRS Extends Deadline to Apply for Economic Impact Payment for Non-Filers to November 21
In September, the IRS announced intentions to mail letters to approximately 9 million Americans who have not filed or typically do not file federal income tax returns and who may be eligible to receive an Economic Impact Payment.

The deadline to apply for economic payments has been extended to November 21. 

For more information on how to apply for the Economic Impact Payment, click here
New England Advocacy Coalition October Newsletter
The New England Advocacy Coalition released its October newsletter on happenings specific to each state in the New England region. To read the newsletter, click here.
Guidance for Paycheck Protection Program (PPP)

DOR & IRS Updates
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