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Your Weekly MassCPAs
Member News
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Dear Hannah,
When you pay your dues to
MassCPAs, you get a host of tangible benefits to you and your
firm or organization. You are also investing in our efforts to
represent you and your profession to students, the media and
the legislature. And this week, we had a huge win in terms of
influencing the important discussion around tax policy.
The effects of tax policy, in particular the Millionaire’s Tax,
won’t be known for years – which leaves lots of room for
speculation and dismissing concerns about impacts on
outmigration and reduced revenues.
Because our members have a unique perspective on taxpayer
behavior, we were the voice adding facts to that discussion.
Last month, we surveyed more than 270 CPAs on the impact of
recent tax policy changes on high-income taxpayers (defined as
MA residents with an annual taxable income of more than $1
million). Respondents represent roughly 5,500 high-income
taxpayers, over 20% of taxpayers impacted by the Millionaire’s
Tax.
The
survey report generated significant
interest from the media and legislature. The headline findings
were that 82% of our members representing high-wealth
individuals are having conversations about changing domicile;
of those, nearly 20% report that more than 50% of their
high-income tax base is considering relocating. Almost all
cited tax policy as the primary or a significant factor in that
decision; and increasing the estate tax threshold to $5
million, cutting the rate on short-term capital gains, and eliminating
or changing the Sting Tax were the policies most likely to
deter some of that outmigration.
Thanks so much to our members who helped develop this report.
That, and our testimony
before the Joint Committee on Revenue, have gotten a ton of
press, and they will no doubt be at the forefront as this
debate continues – we will keep you posted. All information
regarding our survey, report and testimony can be found here.
None of these efforts would be possible without your
membership. We will continue to invest in our members and thank
you for your support. Have a great weekend!
Amy Pitter
MassCPAs President and CEO
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Latest
HUB Discussions
Trust
Tax Returns
French Social Security
MA PFMLA
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MassCPAs Fitness Challenge
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MassCPAs Fitness Challenge:
Top Teams this Week (average steps)
Individual: Automobile
Insurers Bureau of Massachusetts – 943,700
2-10 Participants: Desktop Metal – 849,595
11-20 Participants: MassCPAs – 539,810
21-30 Participants: Powers & Sullivan, LLC – 482,424
31-50 Participants: Johnson O'Connor – 380,504
Are you a
Peloton user? Join MassCPAs staff
members and
Fitness Challenge participants during
these LIVE classes! Don't forget to use
hashtag #aCOUNTmein
so we can see you on the leaderboard!
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We're also offering one more free week of yoga with
Bridget Harton Fitness April 3-9. Learn more here.
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Get Involved with MassCPAs
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As
we close out Women’s History Month and Industry Month today,
MassCPAs continues to honor these phenomenal women CPAs who
inspire us with their unwavering dedication and remarkable
contributions to the accounting profession, every single day!
Click
here to learn more.
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Registrants can view the
Zoom link for upcoming meetings here.
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Celebrate the end of tax season with
fellow young professionals at our Annual
After Tax Season Bash. The event will begin
with a Goosechase scavenger hunt around the city and
continue at Scholars American Bistro and Cocktail Lounge in
Downtown Boston. Registration
includes appetizers and two drink tickets.
Pre-register by April 21.
Learn more about the Goosechase
scavenger hunt here.
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Join us for our signature, member-only
event at the Omni Hotel Seaport in Boston to
celebrate new beginnings and catch up with colleagues and
friends from across the state. It will be the perfect
opportunity to network, and have some fun, while enjoying
delicious cocktails, plentiful hors d'oeuvres and spectacular
views of the Seaport and Boston skyline.
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Join MassCPAs for a joint networking
reception along with:
- CFA Society Boston
- Boston Women in Finance
- Women in ETFs Boston
- Women in Investing; Network &
Supporting
- Women Investing for a Sustainable
Economy
- Women's Initiative of the
Massachusetts Financial Planning Association!
Registration includes two drink tickets
and light hors d'oeuvre.
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Join fellow CPAs, lawyers and financial
professionals on the outside patio at Rosa Mexicano in
Boston! Connect with like-minded professionals to help
spark new leads and expand your business, while you enjoy
delicious cocktails and appetizers! This is a great
opportunity to make new contacts, grow your business and
have some fun.
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Dual
Citizen with W-2 U.S. Income Who Resides Overseas - What
Form to File
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READ MORE
Have
a question
or topic you want
to discuss?
We'll
help schedule a HUB Go-Live, so
you can discuss it with other members when it fits your
schedule. Member participation will drive the topics,
so join the discussion today!
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Have you
read the March issue of SumNews?
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*See
the results in next week’s Friday@Five!
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What
time of the day do you prefer to exercise?
70%
In the morning
10%
In the afternoon
20%
In the evening
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Virtual 5k
Walk/Run Fundraiser (4/8)
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Save on
Your Travel Plans!
MassCPAs
members have access to exclusive savings from car rentals to
hotels, to ticketing discounts on condos, villas, cruises, guided
tours and group travel packages.
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Shop
GE Appliances Spring Savings
Receive FREE delivery on
orders over $299 and additional savings on select
appliances, now
through April 12.
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Get the
latest updates on the IRS, DOR,
State House and more from MassCPAs’ Government Affairs
Team.
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Vice
President, Chief Accounting Officer - Care New England Health
System
Staff Accountant - eCratchit Inc.
Senior Director - eCratchit Inc.
Staff Accountant - U.S. Securities and Exchange Commission
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Pro Bono
Accountant - Hope Project, Inc.
Finance Accounting Tax - Boston Football Club
Board Treasurer - People Making a Difference (PMD)
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unsubscribe from Newsletters - Friday@Five messages.
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your email preferences.
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©2023 masscpas.org | Massachusetts Society
of CPAs
105 Chauncy Street, 10th Floor, Boston, MA
02111
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