_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.
|
Fiscal Year 2020 Closes $3 Billion Short of 2019 Projections
|
The over $4 billion in tax collections for the month of July was a welcomed surprise, but the close of the fiscal year fell around $3 billion short of the revenue projections set in 2019. About half of the July collections will help close the $3 billion budget gap and the other half will go towards crafting the FY21 budget.
As many sectors of the economy continue to struggle and with the virus promising to stay around for quite some time, Governor Baker and administration officials don’t believe the July returns signify the beginning of a trend. We will learn more about the economic status of Massachusetts once we can see the August and September collections, which are less likely to be as positive as July. Updates will be shared in future editions of this newsletter.
|
Massachusetts to Continue Taxing Telecommuters
|
The Massachusetts Department of Revenue released a technical information release (TIR) in July stating they will continue to tax telecommuters, including non-residents, to the end of this year. The declaration sparked an outcry from our New Hampshire neighbors, which led to NH governor Chris Sununu directing the NH attorney general to review the Massachusetts Department of Revenue’s TIR to ensure that NH residents are not being “improperly taxed.”
In an interview with WBUR Radio Boston last week, MSCPA President and CEO Amy Pitter agreed with Massachusetts’ approach as any changes to this process would require employers to “jump through a lot of very complicated hoops and [rework] their payroll systems for something that’s only going to be in place for a number of months.”
To listen to Pitter’s interview with WBUR, click here.
|
Massachusetts Primary Elections, Tuesday, September 1
|
The Massachusetts primary elections are less than three weeks away! There are Republican and Democrat primaries for nomination to the U.S. Senate as well as a number of congressional, state and county primary elections depending on your voting district.
Click here to learn who is on the ballot, where your polling place is and more.
|
Guidance for Paycheck Protection Program (PPP)
|
|
DOR & IRS Updates
|
|
New England Advocacy Coalition August Newsletter
|
The New England Advocacy Coalition released its August newsletter on happenings specific to each state in the New England region. Read the newsletter here.
|
UAA Model Rule Change to Support CPA Evolution
|
|
|
Massachusetts Department of Unemployment Assistance
|
|
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. Additional information on this will be posted here as it becomes available.
|
Resources for CPAs
|
|
|
Help move the profession forward! The MSCPA has partnered with the Institute of Management Accountants (IMA) and other state CPA societies to launch a short survey to better understand the role of diversity, equity and inclusion (DE&I). The results will help us identify actions needed to improve DE&I in the profession across the U.S. and create effective strategies for firms and companies of all sizes.
Please take the survey by clicking here. The survey should take approximately 12 minutes to complete and will remain open until Monday, August 24. Responses to the survey will remain strictly confidential and will be analyzed only after being combined with the responses of all other participants.
|
|
|
 |
