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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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Governor Baker Signs ARPA Bill, Forgiven 2021 PPP Loans Nontaxable
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Earlier this week, Governor Baker signed the $4 billion American Rescue Plan Act (ARPA) into law, which officially makes forgiven 2021 Paycheck Protection Program (PPP) loans and other federal loans and state-specific grants nontaxable in Massachusetts for all recipients. We are grateful to Governor Baker and the Legislature for their continued commitment to supporting MassCPAs’ members and the thousands of small business clients you represent.
Other provisions in the ARPA bill include, but are not limited to:
- Extending the accelerated sales tax remittance requirement that allows for certain taxpayers to make an estimated payment on the 25th of each month (Section 34)
- $500 million allocated to the State’s Unemployment Trust Fund
- $500 million in premium pay for essential workers
Finally, a special thanks to those who contacted your state legislators to support this important piece of legislation. Your advocacy has made a difference. To read the bill, click here.
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Webinar: Pass-through Entity (PTE) Excise Tax (12/21)
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MassCPAs is holding a virtual seminar on the Massachusetts pass-through entity (PTE) excise tax next Tuesday, December 21, from 10:00-11:00 a.m. We’ll be joined by Dave Nagle, a partner at Sullivan & Worcester, Alexis Morrison-Howe, a principal at Deloitte LLP and Tom Chappell, a tax attorney at the Department of Revenue (DOR). To register, click here. Attendees will earn one CPE credit.
Please submit questions for the presenters to Julia Ekelund.
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Massachusetts Department of Revenue (DOR) Updates SALT FAQs
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The Massachusetts Department of Revenue (DOR) FAQs webpage for the elective pass-through entity (PTE) excise can be found here.
The draft of the 2021 Massachusetts tax Form 63D-ELT Entity Level Tax can be found here.
A recent conversation on The HUB that outlines the Massachusetts Tax Connect payment process can be found here.
We’ll keep you posted on any developments going forward.
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U.S. Senate Finance Committee Unveils Tax Provisions in Build Back Better Act
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Earlier this week, the U.S. Senate Finance Committee unveiled the tax provisions outlined in the Senate’s version of the Build Back Better Act. There are several provisions that mirror those within the legislation that passed the U.S. House late last month.
The tax provisions in the Senate’s bill that were also outlined in the House bill include, but are not limited to:
- Extending the Earned Income Tax Credits through 2022
- Extending 2021 expansion of the child tax credit through 2022
- Implementing a 15% minimum tax on any profits of corporations with over $1 billion in profits.
Unlike the House bill, the Senate’s version does not have any changes to the SALT deduction cap. The Journal of Accountancy has the details of the aforementioned provisions and several other tax provisions of the legislation, which can be found here.
It is still unclear whether the Build Back Better Act will pass as no Senate Republicans are expected to vote in favor of it and there are two Senate Democrats who have been vocal with their criticisms of the legislation and its overall cost. We will know more in the coming weeks and will keep you posted on any developments.
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Your CPE Could Be Free!
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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. |
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DOR & IRS Updates
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Guidance for Federal Relief Programs
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