This week's legislative news
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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.

Massachusetts Legislature Releases $16.5 Billion Interim Budget to Fund State Government through October 
The Massachusetts legislature announced a $16.5 billion interim budget that will fund state government services through October 31. This proposal comes as legislators continue discussions on how to both close the FY20 budget and craft a budget for FY21. Beacon Hill leaders are waiting to see what level of federal relief, if any, comes from Washington, D.C. to assist with the budget gap.
 
Legislators are also discussing an extension to its formal legislative session as there are multiple high-profile bills currently being debated. As the formal session concludes tomorrow, we should know more details on the potential extension soon, and we will share that information with you when it’s available. 
 
MSCPA President and CEO Amy Pitter will take a leading role in these discussions through her involvement with the Senate Revenue Working Group, which has shifted gears to assist in finding quality solutions for 
the significant economic and financial problems Massachusetts faces. Pitter is convening a group of business leaders in the next week to discuss the difficult path forward and ensure that individual taxpayers and local businesses don’t bear the brunt of tax burdens.
The MSCPA compiled a list of business community tax policy principles to guide these discussions. To read the principles, click here.
 
There are several major initiatives waiting for action before the legislature breaks in August. For a summary of the “nine Issues to watch over the next nine days,” please click here
Senate GOP Unveils the $1 Trillion HEALS Act
This week, the Senate GOP unveiled its HEALS Act, a $1 trillion piece of legislation that would send payments of up to $1,200 to qualifying individuals, providing funds for school openings, bolstering unemployment assistance and more. The legislation does not provide funding for state and local governments, a main policy point for democrat lawmakers in the House and Senate.

In May, the U.S. House of Representatives passed the $3.2 trillion HEROES Act that would also provide payments of up to $1,200 to individuals, as well as funding for community hospitals, COVID-19 testing, state and local 
governments and much more. Now that the Senate and the House have produced each of its own federal relief legislation, leaders in each branch of Congress will begin discussions to find a compromise on a final bill. 
 
We hope that both branches of Congress and the White House find a compromise that would provide much-need relief to state and local governments before drastic measures are taken. 
Read the key differences of both federal relief bills here.
 
The MSCPA led the charge of 28 state societies of CPAs advocating for federal funding for state and local governments. To read our letter to congressional leadership, click here.
Governor Baker Implements Travel Order Effective 8/1
As the number of COVID-19 positive cases begins to increase, Governor Baker issued a travel order to all visitors, including residents returning to Massachusetts, to complete a Massachusetts travel form and requiring them to quarantine for 14 days or produce a negative COVID-19 test. Travelers returning from lower-risk states as designated by the Massachusetts Department of Public Health are exempt from completing the form or quarantining. Failure to comply with the COVID-19 travel order are subject to a $500 fine per day.

For more information, click here.
DOR & IRS Updates
 
Guidance for Paycheck Protection Program (PPP)
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

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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