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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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Accountancy Modernization Legislation Enacted, Awaits Governor’s Signature
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Massachusetts Senate bill 2941, An Act to Modernize Public Accountancy was enacted by the House of Representatives on Tuesday and now goes to Governor Baker’s desk for his signature. The Governor has 10 days to sign the legislation into law.
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 would adopt 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.
To view a summary of the four main provisions, click here.
We are grateful to House Speaker Ron Mariano; Representative Aaron Michlewitz, Chairman of the House Committee on Ways and Means, the Committee staff; Representative Claire Cronin; Representative Tackey Chan, Co-Chair of the Committee on Consumer Protection and Professional Licensure, the Committee Staff; and Representative Gerard Cassidy who all worked with us and on our behalf advocating to see this bill pass.
We are also grateful to Senator Michael Rodrigues, Chairman of the Senate Committee on Ways and Means, the Committee staff; Senator Anne Gobi, the sponsor of this legislation, and her staff; Senator Paul Feeney, Co-Chair of the Committee on Consumer Protection and Professional Licensure, the Committee staff; and Senator Michael Brady and his staff, for their diligence, patience and willingness to work with us on the legislation.
Thank you to 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.
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Massachusetts Legislature Agrees on $626.5 Million Economic Development Bill
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Legislators in both branches of government agreed to a $626.5 million economic development bill that will infuse hundreds of millions of dollars into the economy and help struggling businesses keep their doors open.
A few of the provisions included in the legislation are:
- $50 million for transit-oriented housing;
- $30 million for a business loan program;
- $35 million in loan funding for small businesses; and
- $20 million for economic development in small, rural communities.
Not included in the legislation was language that addressed the inclusion of income associated with forgiven PPP loans. While we would have preferred this section be included, we have a commitment from a legislator to file a standalone bill this session that will address this issue. In the meantime, we will work with the Department of Revenue to see that further guidance may be issued.
Governor Baker has 10 days to sign this legislation into law. We will keep you informed as we learn more in the coming days.
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Legislature Passes $16.5 Billion Transportation Bill
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Among the many pieces of legislation acted upon by the legislature earlier this week was the long-awaited $16.5 billion transportation bond bill. The legislation authorizes the state to borrow money for various infrastructure projects across the Commonwealth, MBTA upgrades and expansion projects, commuter rail updates and extension of rail service to the South Coast and more.
The legislation also calls for the MBTA to implement low-income fares to qualifying individuals in efforts to broaden public transit access to those who were previously unable to afford to utilize such services. Legislators also included fee increases on rides via Uber or Lyft, charging $0.40 per shared ride, $1.20 per non-shared ride
and $2.20 per non-shared ride in luxury vehicles.
Governor Baker has 10 days to sign this legislation into law. We will keep you informed as we learn more in the coming days.
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Massachusetts to Provide $668 Million in Grants for Small Business Relief
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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.
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Massachusetts Department of Revenue (DOR) Extends Telecommuting Regulation – Announces Public Hearing (1/20/21)
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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.
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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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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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