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News & Updates from the Government Affairs Team
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The Legislative Brief newsletter is a benefit of your MassCPAs membership.
Renew today to continue receiving this and all your member perks!
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Massachusetts May 2022 Revenue Collections Total $2.478 Billion
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The Department of Revenue (DOR) announced May 2022 revenue collections totaled $2.478 billion, which is $1.524 billion (38.1%) less than May 2021, but $138 million (5.9%) above monthly benchmarks.
FY22 year-to-date collections total $36.969 billion, which is $6.519 billion (21.4%) more than the same period of FY21, and $2.666 billion (7.8%) more than the year-to-date benchmark. The DOR further stated after adjusting for pass-through entity (PTE) excise, FY22 year-to-date collections are $4.726 billion (15.5%) more than collections in the same period of FY21 and $1.965 billion (5.9%) more than the year-to-date benchmark.
To learn more, click here.
| Massachusetts Senate President: Tax Relief Package Expected in July
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This week, Senate President Karen Spilka told reporters at the State House that she expected a vote on a tax relief package by the end of July. The MassCPAs Government Affairs team and members have met with several legislators and their staff over the last few months advocating for estate tax reform and continue to act as a resource for the Legislature as they flush out various tax policy proposals.
As of late, the Massachusetts estate tax has been a frequent topic of conversation on Beacon Hill among members of the Legislature across the political spectrum, and though nothing official has been proposed yet, there appears to be some appetite to address it. Just this week, Evan Horowitz, executive director of the Center for State Policy Analysis (cSPA), released “Maximizing the Impact of Tax Cuts,” a report touching on various tax relief proposals, including an update to the estate tax. You can view the report here.
We look forward to continued discussions with the Legislature and their staff to provide resources and information on such tax relief, particularly with regard to reforming the state’s estate tax. We will keep you posted on all developments as they arise.
| June 30 Renewal Deadline for Even-Year CPA Licensees
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The deadline for even-year licensees is this month! Renew your CPA License today! To check your CPE credits, use our CPE Tracker, which is a benefit of your membership and free to all MassCPAs members.
Renewal links and information:
- Access your ePLACE Portal account and renew your license here
- To request an authorization code to access your account, click here
- For a step-by-step guide on how to create an ePLACE Portal account, renew your license, receive an authorization code and more, click here
Check your credits using MassCPAs CPE Tracker, free to all MassCPAs members. For directions on how to export the CPE tracking sheet to your license renewal form, click here.
CPA Firm Renewal Affidavit Forms are due by August 1. To access the 2022 Firm Affidavit Form, click here.
Please note: You may experience technical issues when accessing the page via Internet Explorer or a search on a mobile device. If this occurs, please use a different internet browser to renew your license.
The Board of Public Accountancy is aware that renewals prior to April 12, 2022, were renewed for only one year and expire on June 30, 2023, rather than 2024. If your renewal was impacted, your license will be reissued in the coming weeks with the correct expiration date. If your renewal was impacted but you do not receive a new license by July 30, please email the Board for an update.
| Federal and State Tax News
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Limited Tickets Available!
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Join fellow MassCPAs members at Fenway Johnnie's next Wednesday, June 15, for a fun night of networking before heading to Fenway to watch the Red Sox vs. Oakland Athletics. REGISTER
Please note: This is a member-only event. Tickets are limited, and seats will be in the Right Field Grandstand. Maximum of four member registrations per transaction.
Events like this are available to you as a perk of your MassCPAs membership! Renew your membership today!
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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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