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Massachusetts Fiscal Year 2021 Budget Expected Soon
In a call with Massachusetts business leaders earlier this week, Senator Michael Rodrigues, chairman of the Senate Committee on Ways and Means, suggested that the FY21 budget will be announced in a matter of weeks. Massachusetts faces a $5 - $6 billion revenue shortfall, which has made it more difficult to both close out the FY20 budget and craft one for FY21.
To further complicate matters, administration officials and elected leaders are waiting to see if additional federal relief is allocated to state and local governments to assist in closing that budget gap. However, recent reports suggest that no such relief is likely to happen before the November 3 elections. MSCPA President and CEO Amy Pitter plays an integral part in the discussions surrounding the economic turmoil and recovery strategies. Pitter and a group of Massachusetts business community partners will continue to work with state and elected officials to ensure a recovery that will help close the significant financial gaps while not over-burdening individual taxpayers and struggling businesses across the Commonwealth.
We look forward to continuing in these conversations in the weeks and months ahead.
Tax Payments Deferred to May 2021 for Certain Massachusetts Small Businesses
Earlier this week, Governor Baker announced an extension to the deferral period of sales, meals and room occupancy taxes for qualifying small businesses. Businesses that are eligible to defer such payments will not have to pay until May 2021.
According to Governor Baker, qualifying businesses will not face penalties nor will interest accrue during the deferral period.
The Massachusetts Department of Revenue released the following guidance relative to the extension:
Free Webinar: PPP Loan Forgiveness: Where Are We Now? (9/29)
Join us on Tuesday, September 29 as we walk through Paycheck Protection Program (PPP) guidance for business owners. We'll discuss changes to the PPP loan program as they arise, submitting paperwork for forgiveness and how best to help your own firm, as well as your small business clients, navigate this loan.
Date: Tuesday, September 29
Time: 12:00 - 1:00 p.m.
CPE: 1 credit
FREE for MSCPA members | $25 for non-members
CPA License Renewal and CPE Deadline: September 30
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.
Guidance for Paycheck Protection Program (PPP)
DOR & IRS Updates
Resources for CPAs
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