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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.
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Bill Filed to Address Massachusetts Tax Implications Regarding Forgiven PPP Income
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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.
We shared your concerns with leaders in the Legislature and we are happy to report that earlier this week, Senator Eric Lesser filed SD.172,
An Act providing financial relief to small businesses during the COVID-19 pandemic
that addresses this issue. We continue to work to identify fast-moving legislation that might serve as a vehicle for getting this done quickly.
We are grateful to Senator Lesser and to the bill co-sponsors, Senator Patrick O’Connor and Senator Jason Lewis, for filing this important piece of legislation.
We will keep you posted on all progress made.
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IRS: Tax Filing Season to Start Friday, February 12
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The IRS announced last week it will begin accepting and processing 2020 tax returns on
Friday, February 12.
According to the IRS press release, “The February 12 start date for individual tax return filers allows the IRS time to do additional programming and testing of IRS systems following the December 27 tax law changes that provided a second round of Economic Impact Payments and other benefits.”
For tax filing tips and key tax filing season dates, click here.
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Fiscal Year 2022 Budget: Projected 3.5% Growth from Fiscal Year 2021
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The Fiscal Year 2022 budget is forecasted to round out at $30.12 billion, which reflects a revenue growth of $1.03 billion as compared to Fiscal Year 2021.
State budget leaders met last week at a “consensus revenue hearing” to determine the FY22 budget and revised the FY21 revenue estimate to reflect an additional $700 million in revenue growth. The FY21 revenue gap is now expected to be as much as $1.7 billion, an estimate that is far less than the projected $4 billion to $6 billion gap estimated in spring/summer 2020.
The Governor is expected to file the FY22 budget on January 27 where it then goes to the House and Senate for debate.
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Massachusetts Unemployment Insurance Fraud Resources
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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.
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New England Advocacy Coalition January Newsletter
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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.
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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