 |
|
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.
|
Governor Baker Signs $16.5 Billion Interim Budget to Fund State Government through October
|
This week, Governor Baker signed amended legislation funding state government programs through the end of October. The amended version of the bill strikes language from the original bill drafted by the Legislature that requires funding to remain at or above fiscal year 2020 funding levels that would cause the funds to automatically sunset after October 31.
The interim budget takes effect a week after state legislators extended their
formal legislative session to the end of this calendar year. We will know more on the status of the Commonwealth’s finances in a few weeks once the Department of Revenue (DOR) releases data on fiscal year 2020 tax collections. Updates will be shared with you in upcoming issues of this newsletter, so stay tuned!
|
Governor Baker Warns of Scaled Back Reopening as COVID-19 Cases Rise
|
This week, Governor Baker announced that if the number of positive COVID-19 cases continue to rise, tighter restrictions are likely to take effect and slow the reopening of the Massachusetts economy.
As the number of COVID-19 positive cases 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. Those who fail to comply with the COVID-19 travel order are subject
to a $500 fine per day.
|
Bipartisan Talks Continue on Another Round of Federal Relief
|
With less than three months until the November elections, the White House and congressional leaders are reportedly feeling the pressure to pass another round of federal relief but have yet to find a compromise. The White House and Democrat party leaders have been in daily conversations of a potential bill with the possibility of the details emerging by the end of this week.
The White House and Republican party leaders seek to lower the additional $600 in unemployment benefits to $200, liability protections for businesses as employees go back to working in an office setting and more. Democrat party leaders seek $1 trillion in state and local funding, $600 in additional unemploymentt insurance (UI) benefits and more.
Lengthy debates and partisan politics are sure to continue no matter the details of the proposed legislation. As we’ve advocated for in the past, we hope the next round of federal relief provides funding for state and local governments to avoid the inevitable drastic cuts to critically important state and locally funded programs and services.
|
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.
|
Guidance for Paycheck Protection Program (PPP)
|
|
|
DOR & IRS Updates
|
|
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.
|
|
|
 |
