This week's legislative news
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COVID-19 MSCPA Legislative Brief
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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.

MSCPA President & CEO Leads Calls for Federal Relief
This week, MSCPA President and CEO Amy Pitter and 27 other state society CEOs sent a letter to Congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years.
 
As state legislators and local officials across the country struggle to balance budgets and craft those for the next fiscal year, Pitter and her colleagues stated that without the promise of federal relief, tax increases on already burdened taxpayers and cuts to critical state and local programs are all but inevitable. Citing their tax and financial expertise and the millions of individuals, small businesses and thousands of local and county governments and others whom they represent, the state society leaders affirmed that CPAs stand ready to assist in rebuilding our economies and stabilize our country. 
 

We are proud of the leadership that Pitter and the MSCPA showcased in these efforts and are hopeful that funding for state and local governments will be included in the next round of federal relief assistance. 

To read our letter, click here.  

MSCPA Develops Massachusetts Business Community Tax Principles for Economic Revitalization
As conversations shift toward economic recovery while facing a daunting $6 billion tax revenue budget gap to close out fiscal year 2020, Massachusetts legislators continue to piece together a budget for next year with limited resources and tax revenue to utilize.
 
Leading a coalition of business community partners in efforts to spark the conversation surrounding Massachusetts’ recovery process, Amy Pitter and the MSCPA team compiled a list of business tax principles that encourages legislators to ensure that any tax changes be temporary and any new revenues, cuts and borrowing decrease as the economy begins to recover. The principles are based on widely accepted tax policy principles of fairness, equity, stability and certainty, uniformity and transparency.
 
We look forward to taking a leading role in these conversations with our partners in the business community and leaders on Beacon Hill and are ready to assist and guide public policy decisions to revitalize our economy. 
 
To read the Business Community Tax Policy Principles, click here
Massachusetts DOR: How Does the CARES Act Impact MA State Tax?
The Massachusetts Department of Revenue (DOR) recently released a blog post outlining the Massachusetts tax implications of the provisions in the CARES Act and how they affect individual and business and corporate tax filers. 

To read the blog post, click here

To read the Technical Information Release on the Massachusetts Tax Implications of the CARES Act, click here
Guidance for Paycheck Protection Program (PPP)
DOR & IRS Updates
UAA Model Rule Change to Support CPA Evolution

The AICPA and NASBA leadership recently proposed changes to the UAA to ensure the CPA credential reflects the rapidly changing landscape of the accounting profession and the necessary skills CPAs need today and will need in the future. Read the exposure draft here.

The public comment period is open until August 31, 2020 and can be emailed to
uaacomments@nasba.org

Massachusetts Resources

Massachusetts Health Connector: The Health Connector extended its enrollment period through July 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.

Reopening Massachusetts: We are in Phase 3 of our Reopening Plan. For more information, click here.  

DUA Unemployment Scam: 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.

Additional information on this will be posted here as it becomes available. 

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

Resources for CPAs

For a full list of Massachusetts relief programs and professional resources, please visit the MSCPA’s Coronavirus Resource Center for CPAs.


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