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News & Updates from the Government Affairs Team |
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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 to Update Estate Tax Code
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Yesterday, MassCPAs submitted testimony in support of House bill 2881, An Act relative to the Massachusetts estate tax code, which would, among other provisions of the bill, increase the exemption level from $1 million to $2.75 million and ensure that only the value of the estate above the exemption is taxed, not the entire estate.
In a press release supporting the legislation, Amy Pitter, MassCPAs President and CEO, stated:
“MassCPAs members are trusted tax and financial advisors to each of their clients who are obligated to advise them to do what is best for their financial wellbeing, which includes where they reside. Massachusetts is an expensive state to live and work in, and our current low estate tax threshold, exacerbated by the possibility of a new 4% surtax on taxable income of over $1 million, along with the new remote workforce, puts us at risk for losing these taxpayers to states without estate, income, or sales taxes. House bill 2881 will, in part, encourage these taxpayers to stay domiciled in Massachusetts, and help keep our economy and communities strong. I urge the Massachusetts legislature to act on this with haste, and I thank Representative Dooley for his leadership and bipartisan support of this bill.”
We are grateful to the Representative Shawn Dooley for sponsoring this bill and to the many co-sponsors for their support. Special thanks to MassCPAs members who submitted testimony in support of this legislation. We will keep you posted on any developments going forward.
To read our testimony, click here.
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Tax Season Starts Monday, January 24
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The IRS announced that the 2022 tax season will start on Monday, January 24, when it will start to accept and process 2021 tax year returns. The filing deadline to submit 2021 returns or an extension to file is Monday, April 18, 2022.
Please note: The MA DOR announced that Massachusetts taxpayers will have until April 19, 2022 to file both federal and state 2021 income tax returns.
For more information on this year’s tax season and what to expect in advance of the April deadline, click here.
| New Health Connector "Simple Sign-Up" Checkbox on DOR Schedule HC
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Simple Sign-Up is a new way for Massachusetts taxpayers to get help with health insurance coverage – right from their 2021 state tax returns. By checking the box, taxpayers are letting DOR and the Health Connector know they are interested in getting help enrolling in health insurance. The Health Connector will then reach out to the taxpayer about how to enroll in health insurance coverage.
As a reminder, Schedule HC is a Massachusetts state tax form where individuals report any health insurance they had during the year. Married taxpayers must BOTH check the box to have their information sent to the Health Connector.
Most uninsured individuals qualify for low- or no-cost coverage through the Health Connector or MassHealth, the state’s Medicaid agency, but may not know it. To learn more about Health Connector coverage, click here. You can also use the Get an Estimate tool to find out what plans are available in your area and see what types of savings you may be eligible for after you apply. Free, in-person help is available to help people apply and enroll in a plan.
To learn more, click here.
| DOR State and Local Tax (SALT) FAQs
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The DOR FAQs webpage for the elective pass-through entity (PTE) excise can be found here (last updated January 12). The draft of the 2021 Massachusetts tax form 63D-ELT (entity level tax) can be found here.
The DOR released a working draft TIR that can be found here. Please note: The public comment period is open until the close of business on January 21, 2022. Please email comments here.
A recent conversation on The HUB that outlines the Massachusetts Tax Connect payment process can be found here. You can access the recorded Massachusetts PTE webcast here (access passcode: ^v*1aoay) and view the presentation here.
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Your CPE Could Be Free!
| Did you know that you could be fully reimbursed for your registration to MassCPAs CPE programs, due to a recent change to the state's Workforce Training Express Fund? All MassCPAs courses, conferences, customized team trainings and seminars qualify, so work with us to save on your CPE. You must be registered and apply for reimbursement three weeks in advance of the course to qualify – act now!
To learn more, click here or contact Julia Ekelund. | |
DOR & IRS Updates
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Guidance for Federal Relief Programs
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