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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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IRS Now Accepting e-Filing for Amended Individual Returns
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The IRS announced this week that taxpayers may now electronically submit Form 1040-X, Amended U.S. Individual Income Tax Return. According to the IRS press release, “the new electronic option allows the IRS to receive amended returns faster while minimizing errors normally associated with manually completing the form.”
With these processes in place, taxpayers and practitioners alike should find an easier, more user-friendly process and will allow IRS employees to “answer taxpayer questions since the data is entered electronically and submitted to the agency almost simultaneously.”
Please note the system currently only will accept tax year 2019 forms 1040 and 1040-SR with additional improvements planned to rollout at a future date.
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Massachusetts DOR: Keep Good Records
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In its “Hot Topics at DOR,” the Department of Revenue (DOR) is encouraging sole proprietorship, partnerships and corporate entities to keep good, organized records that will “help you prepare accurate sales or meals tax returns throughout the year…and an accurate year end return reporting your business income.”
As the DOR has received a few inquiries on some audits conducted, they started a campaign to educate business owners on the importance of good recordkeeping and choosing a point of sale (POS) system that meets the criteria outlined in Massachusetts DOR Directive 16-1.
To read the DOR’s record retention regulation, click here.
To read the Massachusetts DOR Directive 16-1, click here.
To subscribe to receive news and updates from the Massachusetts DOR, click here.
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$122 Million Collected in Marijuana Sales in Last Two Fiscal Years
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The Massachusetts DOR collected $122 million in recreational cannabis sales over the last two fiscal years. The revenue collected from recreational cannabis is directed to a number of state and local funds such as the MBTA, Massachusetts School Building Authority, economic equity initiatives, public safety, behavioral health and more. Municipalities are also allowed to levy a tax of up to 3% on sales made within municipal boundaries and can be allocated to various projects or programs at the discretion of the municipal leadership.
Are you interested in learning more about the cannabis industry as it relates to the accounting profession? Join our virtual Cannabis Networking Group meeting next Wednesday, August 26 at 1:30 p.m.
Please contact Jill Foley at jfoley@mscpaonline.org or Larry Liuzzo at lliuzzo@mscpaonline.org with any questions.
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Massachusetts Primary Elections: Tuesday, September 1
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The Massachusetts primary elections are less than two 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.
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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New England Advocacy Coalition August Newsletter
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The New England Advocacy Coalition released its August newsletter on happenings specific to each state in the New England region. Read the newsletter here.
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UAA Model Rule Change to Support CPA Evolution
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Massachusetts Department of Unemployment Assistance
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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.
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Resources for CPAs
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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 close on 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.
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