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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 email Zach Donah or Larry Liuzzo.
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MassCPAs Testifies in Support of Governor’s Tax Break Proposals
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MassCPAs submitted written testimony to the Joint Committee on Revenue in support of Governor Baker’s plan to offer tax relief to a broad spectrum of Massachusetts taxpayers.
House bill 4361 proposes several other tax policy changes including, but not limited to:
- Raising the estate tax threshold from $1 million to $2 million
- Cutting the tax rate on short-term capital gains from 12% to 5%
- Doubling the tax credits for dependents and childcare
- Doubling the allowable maximum for the Senior Circuit Breaker Credit
House bill 4362, in part, calls for several administrative and efficiency upgrades to the Department of Revenue’s state tax systems, including:
- Updating the tax administration statute that cross-references a 1983 version of the federal tax code to the current version of the code
- Updating the statutory guidance to mirror existing regulation regarding the combined reporting rules
- Updating the guidance and procedures relative to filing amended returns
Last week, we met with Senate Ways and Means Committee staff to express our support of these proposals, as well as the Governor’s plan to update the income tax conformity date from 2005 to 2022, and look forward to meeting with the House Ways and Means Committee staff soon to do the same. In case you missed it, review our whitepaper supporting the Governor’s proposal to update the income conformity date here.
To read more about this week's hearing, click here.
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Department of Revenue (DOR) Tax Season Information
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Massachusetts taxpayers will have until Tuesday, April 19, to file their federal and state 2021 income tax returns, file for personal income extensions and submit Q1 estimated payments.
Below are links to various DOR webpages outlining important tax season information. The DOR has committed to updating these webpages when necessary. If you have questions for the DOR or if there is inaccurate or confusing information listed on their website, please email Larry Liuzzo.
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State and Local Tax (SALT) Information
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DOR update: Eligible pass-through entities (PTE) must register for the 63D-ELT tax type before making a payment, and not make 63D-ELT payments on other pre-existing tax types. The PTE must file its annual return and make the election before filing the 2021 Form 63D-ELT.
SALT Links:
To sign up to receive important updates directly from the DOR, click here.
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Meet Mireille Eastman, Massachusetts Taxpayer Advocate
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Last week, we featured a Q&A with Mireille Eastman, the new taxpayer advocate, to discuss her new role and how her office and MassCPAs can work together on your behalf. Check out our conversation with her here.
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New England Advocacy Coalition February Newsletter
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The New England Advocacy Coalition released its February newsletter on happenings specific to each state in the New England region. To read the newsletter, click here.
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IRS Tax Filing Information
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Small Business Administration Information
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