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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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Baker Administration Launches “HireNow” Grant Program
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Yesterday, 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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Governor Touts Tax Relief; House Budget Expected in April
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At a government affairs forum in front of hundreds of local business and community leaders this week, Governor Baker touted the roughly $700 million worth of tax breaks offered in his FY23 budget and companion bills and urged the Massachusetts Legislature to act on these proposals before the end of this year.
The tax relief provisions include, but are not limited to:
The Governor’s proposal would also increase Massachusetts’ stabilization account from $4.6 billion to $6.6 billion by the end of the next fiscal year.
We recently met with staff members on both the Senate and House Committees on Ways and Means to express our support for the various tax relief proposals, as well as the Governor’s plan to update the income tax conformity date from 2005 to 2022. We look forward to continuing our work with the Legislators and their staff members on your behalf to see such proposals passed into law.
The House is expected to release its FY23 budget in early April. We will keep you posted on any developments as they arise.
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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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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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Small Business Administration 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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