_1648901.jpg) |
|
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.
|
Accountancy Modernization Legislation Signed into Law
|
Massachusetts Senate bill 2941, An act to Modernize Public Accountancy was signed into law by Governor Baker earlier this week.
Focused in four parts, this legislation provides necessary technical updates that further strengthens the CPA license and positions accounting firms to adapt more easily to a changing industry.
The legislation adopts key updates included in the most recent version of the Uniform Accountancy Act (UAA): a revised definition of attest, language to allow firm mobility, a revised and updated code of professional conduct and a provision to allow for non-CPA leadership of public accounting firms.
A summary of the four main provisions can be found here.
We want to thank you, our members, who through the years have offered your support, guidance and outreach to your elected officials in support of this bill. This could not have happened without you.
|
Massachusetts Tax Implications Regarding PPP Income & Expense Conformity
|
We have heard from a few members regarding the Massachusetts tax implications related to the inclusion of income associated with forgiven PPP loans, as well as the concerns around deductible expenses. While there was language in a bill last session that addressed the inclusion of income, the language ultimately was not adopted in the final bill.
We have a commitment from a legislator to file a standalone bill to address this issue and we are working to identify fast-moving legislation that might serve as a vehicle for getting this done quickly.
We will keep you posted on any progress we make.
|
MassTaxConnect to Shut Down Tomorrow (1/15) and Reopen with Upgrade Next Tuesday (1/19)
|
The Department of Revenue (DOR) announced
MassTaxConnect will shut down at 5:00 p.m. tomorrow, January 15 to undergo an upgrade and will reopen at 6:00 a.m. next Tuesday, January 19.
In a recent email to MTC users, the DOR announced relief for those submitting estimated payments:
Plan for estimated tax payments due tomorrow, January 15.
Estimated payments should be submitted before 5:00 p.m. on January 15. Processing of payments scheduled in advance for withdrawal on the 15th
may be delayed but will still be considered to have been made on time.
If you intended to make a payment before January 19, the DOR will provide some relief. For example, if your estimated tax payment, due January 15, is submitted by January 22, the DOR will treat your payment as having been made by January 15. If you are making a bill payment or payment for a return due January 20, any payment made by January 22 will be credited to your account as of January 15.
For more information on the MTC upgrade, click here.
To sign up for the DOR mailing list, click here.
|
Massachusetts to Provide $668 Million in Grants for Small Business Relief
|
Governor Baker announced a $668 million small businesses relief fund through which eligible businesses may receive grant money of up to $75,000 for operating expenses.
The grants will be administered by the Massachusetts Growth Capital Corporation and applications opened on December 31.
For more information on how to apply, click here.
|
Massachusetts Department of Revenue (DOR) Extends Telecommuting Regulation – Announces Public Hearing (1/20/21)
|
LAST CHANCE TO REGISTER! The Department of Revenue has scheduled a public hearing to discuss 830 CMR 62.5A.3: Massachusetts Source Income of Non-Residents Telecommuting due to COVID-19.
Date:
Wednesday, January 20
Time: 10:00 – 11:30 a.m.
To join the meeting online, click here. To join the meeting by phone, call 1.408.418.9388 and enter access code 179 242 3764.
For more information, click here.
|
Massachusetts Unemployment Insurance Fraud Resources
|
Unemployment Insurance Fraud is on the rise again.
If you believe you may have had a false unemployment claim filed using your identity, contact the DUA here or at 877.626.6800. Please stay vigilant.
For more information and resources, click here.
|
New England Advocacy Coalition January Newsletter
|
The New England Advocacy Coalition released its January 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
|
|
|
 |
