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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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President Biden Unveils $5.8 Trillion Budget; IRS Funding Boost Included
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Earlier this week President Biden unveiled a $5.8 trillion FY23 budget that, in part, increases IRS funding by roughly $2.2 billion, or 18% above what was allocated in 2021. Of the $2.2 billion, about $800 million would be dedicated to improving IRS customer service levels.
Among the various tax policy changes, the president proposed a “billionaire minimum” 20% income tax on “realized and unrealized gains” for all households worth more than $100 million and an increase to the corporate tax rate from 21% to 28%.
The president’s budget proposal is sure to be heavily debated by the U.S. Congress over the next few months. We will keep you posted on any developments as they arise.
The Journal of Accountancy's Paul Bonner has more on the “billionaire minimum tax” here.
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Massachusetts “Future of Work Commission” Report Released
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A 17-member commission comprised of state legislators, business and community leaders and led by State Senator Eric Lesser and State Representative Josh Cutler, released its 53-page report on the outlook of the Massachusetts workforce and how the Commonwealth should best prepare for such inevitable changes.
Among the commission’s key findings are recommendations for investing in and expanding the current workforce training infrastructure while increasing the programs’ flexibility and incentivizing “employer participation throughout all stages of workforce development.“ The report highlights (page 17) technological transformation as a major disruption to several industries, including finance and insurance, and estimates that 30,000 to 40,000 workers will require reskilling or upskilling training each year, which is double the current rate of job training in Massachusetts.
While there are no definitive or concrete legislative changes attached to the recommendations in the report, MassCPAs looks forward to working with the Massachusetts Legislature to advocate for such funding for workforce development and training programs.
To read the commission’s report, click here.
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Baker Administration Launches “HireNow” Grant Program
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Last week, the Baker Administration launched its “HireNow” grant program to help eligible employers hire and train new workers.
Program Details:
- Employer Eligibility: Any Massachusetts employer who is in good standing with the Department of Unemployment Assistance and Department of Revenue (DOR) obligations and is not de-barred by the state is eligible (excluding federal, state and municipal governments). Applications must be submitted by the employer, not an education or training partner
- Application Process: Employers must pre-register online at Mass.Gov/HireNow by providing employer information. Following the employee’s hire and 60-day retention period, employers will submit a final application for funding. The Commonwealth will also approve the planned use of the funds (training costs, signing bonus, etc.) when approving the application
- Eligible Hires: Hires must be made after March 23, 2022, be retained for a minimum of 60 days and be placed in jobs that are at least 30 hours per week. New hires need to be Massachusetts residents employed in Massachusetts. There are also limits on compensation:
- Minimum eligible compensation: $14.25/hour (minimum wage)
- Maximum eligible compensation: $42.50/hour (~$85K annualized)
- Funding: Up to $4,000 for each eligible employee hired, with a limit of $400,000 per employer. Funds will be provided on a first-come, first-served basis
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Department of Revenue (DOR) Tax Season Information
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Below are links to various DOR webpages outlining important tax season information. The DOR has committed to updating these pages 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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Recent DOR Technical Information Releases
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To view all DOR Technical Information Releases, click here.
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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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IRS Tax Filing Information
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REMINDER: Important security update for your MassCPAs.org password
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The new MassCPAs.org is now live and as part of our enhanced security, you will need to update your password the first time you log into the new site – this is a one-time change to help protect your information. Visit MassCPAs.org/login, click “Forgot Password” and a link will be emailed to you to reset your password.
Below are instructions for accessing The HUB after you have updated your password:
- From MassCPAs.org: Log into MassCPAs.org, click “The HUB” at the top of the page, and you will be directed to The HUB. Once there, click "Continue to Login" in the left-hand rail and then click the "Website Login" button and you will be automatically logged in.
- From hub.masscpas.org: Click the “Continue to Login” button in the left-hand rail and then click the “Website Login” button. Log into MassCPAs.org and you will be automatically redirected to The HUB.
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