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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. |
Massachusetts House of Representatives Debating ARPA Bill; Includes Forgiven PPP Loan Tax Exemption
| Earlier this week, the Massachusetts House Committee on Ways and Means unveiled legislation that includes, in part, language that would make forgiven 2021 Paycheck Protection Program (PPP) loans and other federal loans and state-specific grants nontaxable in Massachusetts for all recipients.
The $3.65 billion spending package consists of state surplus money and a portion of the American Rescue Plan Act (ARPA) funds received earlier this year, leaving roughly $2.75 billion in those funds to be allocated in the future.
We have been in touch with Massachusetts House leaders offering our support of the legislation, particularly Sections 69 and 70, which address the forgiven PPP loans and other federal and state loans and grants and reiterated the importance of passing the bill as soon as possible.
Thank you to our MassCPAs CPA Advocates for your assistance with our advocacy efforts and for contacting your State Representatives to support the legislation!
The House meets in a formal session today to debate the legislation, which we expect will pass in the coming days and be sent to the Massachusetts Senate for deliberation. We will keep you posted on any developments.
| MassCPAs Meets with MA Congressional Delegation and Staff
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This week, MassCPAs' executive and Board leadership and volunteers met with six Massachusetts Congressional offices to discuss the pressing issues facing the accounting profession.
Among the topics we have discussed include efforts to:
- Address current customer service levels at the IRS and how certain businesses that target CPAs flood all IRS phone lines and exacerbate the inability to connect with a live IRS representative
- Provide taxpayers with targeted COVID-19 tax penalty relief from the underpayment of estimated tax penalty and late payment penalty for the 2020 tax year
- Grant the IRS authority to issue disaster relief in a timely manner in response to state-declared disasters
- Recognize accounting as a Science, Technology, Engineering and Math (STEM) profession
We are grateful to Congressman Bill Keating for his time and conversation on these issues and for his advocacy of MassCPAs and the accounting profession on Capitol Hill. We are also deeply appreciative to the offices of Senator Markey, Congressman McGovern, Congressman Lynch, Congressman Auchincloss and Congressman Moulton for the opportunity to discuss these issues with key members of their staff.
Thank you to
Rob Miller, CPA, CFE,
MassCPAs board chair and managing partner of Stone & Company, LLC;
Julie Quink, CPA, CFE, MassCPAs board member and managing principal of Burkhart, Pizzanelli, PC; and
Leanne Scott, JD, LL.M, senior manager at Baker Newman Noyes (BNN), who joined us throughout the week to represent MassCPAs and the Massachusetts accounting profession.
We look forward to continuing our meetings with the Massachusetts Congressional Delegation and their staff and will keep you posted on any developments.
| Take MassCPAs' Member Survey on IRS Service Levels by October 31
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As you know, MassCPAs' government affairs team has been in touch with staff on the U.S. Committee on Ways and 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.
| Election Day is Next Tuesday, November 2
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As the saying goes, “all politics is local.” Municipal and town government impact our lives in several ways. Check your city or town’s website and local newspapers to see what races may be happening in your neighborhood next Tuesday, November 2.
| DOR & IRS Updates
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| Guidance for Paycheck Protection Program (PPP)
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Virtual Listening Tour (11/3)
We want to hear from you! Share your thoughts with MassCPAs President and CEO Amy Pitter on what’s working, what isn’t and how can we better support you.
We value your opinions and want to learn more about how we can improve your experience, get feedback on current offerings and talk about what we are thinking for the future. Please submit questions and topics of interest in advance to Amy Pitter.
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