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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. |
MassCPAs Member Survey on IRS Service Levels
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As you know, MassCPAs' government affairs team has been in touch with staff on the U.S. Committee on Ways & Means to discuss the current IRS service levels and to alert them of robo calls that allow subscribers to jump into a call that is already on hold, to move ahead in the queue. To learn more, click here.
Please take brief survey before October 31 to help us better understand the severity of the issues you experience with the IRS service levels and to solicit your feedback on the robo call centers mentioned above.
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Massachusetts Legislature Passes Portion of Baker Supplemental Budget, 2021 PPP Loan Legislation Remains Unaddressed
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This week, the Massachusetts Legislature reached an agreement to pass a portion of Governor Baker’s $1.6 billion supplemental budget and close out FY21. The Massachusetts House passed an agreed upon $303 million budget yesterday and the Senate is expected to take it up during its formal session today. Not included in this piece of legislation was language that would address 2021 Paycheck Protection Program (PPP) Loans and other federal loans and state-specific grants nontaxable in Massachusetts for all recipients, or funds to offset the deficit in the Unemployment Insurance (UI) Trust Fund, which the Legislature has committed
to addressing this fall.
Yesterday, MassCPAs Board Vice-chair John Geraci, CPA, managing partner of LGA, and MassCPAs' Government Affairs team met with key staff members of the Senate Committee on Ways & Means to discuss the language that would make PPP and other federal loans and state-specific grants nontaxable in Massachusetts for all recipients as outlined in Governor Baker’s supplemental budget.
Among the points throughout our conversation was the importance of enacting the legislation as soon as possible to provide you and your clients with as much certainty and clarity before the start of the next tax season. We are grateful to the Massachusetts Legislature and the Baker Administration for their willingness to work with us on these important issues.
Please note:
We will need your help getting this language passed as soon as possible, so be on the lookout for a call to action in the coming days.
Please reach out to Zach Donah or Larry Liuzzo with any questions.
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U.S. Department of Labor to Conduct Audit Quality Assessment of 2020 Plan Year Filings
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The Department of Labor (DOL) Employee Benefit Security Administration (EBSA) Office of the Chief Accountant (OCA) is planning to conduct a study to assess the quality of audit work performed by independent qualified public accountants (IQPAs) with respect to financial statement audits of employee benefit plans covered under the Employee Retirement Income Security Act of 1974 (ERISA) for the 2020 Form 5500 filing year (plan years beginning in 2020). This includes calendar year 2020 filings filed
on extension by October 15, 2021.
The DOL expects to take a year to conduct its analysis and then to issue a report, which is likely to be released sometime in 2023. The AICPA will assist members and other stakeholders through the process and be a source of information for the DOL.
The AICPA is developing resources about the upcoming EBP study that we’ll share with you as we learn more.
To read the AICPA alert with more information, click here.
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DOR & IRS Updates
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Guidance for Paycheck Protection Program (PPP)
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