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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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Massachusetts Employers Face Unemployment Insurance Tax Increase
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With the highest unemployment rate in the U.S. hovering above 16% and a projected $2.5 billion Unemployment Insurance (UI) trust fund shortfall by the end of the calendar year, Massachusetts employers face an unemployment insurance tax increase of “nearly 60%” in 2021.
State Senator Patricia Jehlan, Senate Chair of the Committee on Labor and Workforce Development, indicated that while the Massachusetts legislature is likely to look at proposals to freeze any tax increases to unemployment insurance, relief from the federal government is absolutely necessary.
The U.S. Senate GOP leaders unveiled their next federal relief plan, which would provide up to $300 per month in unemployment aid for qualifying individuals through December 27, but it does not include additional funds for state and local governments.
We expect debates on the next round of federal relief to continue for the foreseeable future.
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Massachusetts DOR: $1.992 Billion in August Tax Collections
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Massachusetts saw a second month of better-than-expected FY21 collections in August. According to Geoffrey Snyder, DOR Commissioner, the August revenues were largely due to withholding on unemployment insurance benefits, the regular sales tax, receipts from the delayed tax filing deadline of July 15 and other factors.
Massachusetts has over $3 billion in its rainy day fund, which may be tapped to assist in closing the FY20 budget gap. Projections for FY21 tax collections remain grim with a shortfall range of $2 billion to $8 billion, a figure that will be fine-tuned over the course of the next few months.
To assist in the economic revitalization for Massachusetts, MSCPA President and CEO Amy Pitter developed a list of tax principles as she, alongside a coalition of business community partners, encourages Massachusetts legislators to ensure that any tax changes be temporary and any new revenues, cuts and borrowing decrease as the economy begins to recover.
We look forward to continuing these conversations with our partners in the business community and leaders on Beacon Hill and are eager to assist and guide public policy decisions to revitalize our economy.
To read the business community tax policy principles, click here.
To read the DOR's press release on the August tax collections, click here.
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IRS Mailing Economic Impact Payment Letters to Nine Million Non-Filers
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The IRS recently announced intentions to mail letters to approximately nine million Americans who have not filed or typically do not file federal income tax returns who may be eligible to receive an economic impact payment.
These letters will largely target low-income individuals and encourage them to file by the October 15 deadline to receive the payments.
For more information on how to apply for the economic impact payment, click here.
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CPA License Renewal and CPE Deadline: September 30
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Please note:
The deadline for even-year license renewals and CPE requirements is September 30 and the deadline for firm affidavits is November 2.
According to the Board of Public Accountancy, "before renewing online, individual licensees must have completed the required 80 hours of continuing professional education (CPE), including at least four hours in ethics, from July 1, 2018 through September 30, 2020, or the license will expire."
To read the official notice from the Board of Public Accountancy, click here.
To renew your license, click here. To check your CPE credits, visit your CPE Tracker here.
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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 September Newsletter
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The New England Advocacy Coalition released its September newsletter on happenings specific to each state in the New England region. To read the newsletter, click here.
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Resources for CPAs
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