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Please note: The Society will be closed Friday, December 24, through Friday, December 31. The next issue of the Legislative Brief will be Thursday, January 6. On behalf of MassCPAs government affairs team, we wish you happy holidays and a healthy and prosperous New Year!
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Forgiven Paycheck Protection Program (PPP) Loans and Massachusetts Growth Capital Corporation (MGCC) Grants Excluded from MA Taxable Income
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Last week, Governor Baker signed the $4 billion American Rescue Plan Act (ARPA) into law, which excludes forgiven PPP loans and other federal and state-specific loans and grants, including those administered by the MGCC, from taxable income. You can find the language relating to the aforementioned loans and grants in sections 77 and 78 here.
A special thanks to those who contacted your state legislators to support this important piece of legislation. Your advocacy has made a difference.
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Massachusetts Department of Revenue (DOR) Predicts $36 to $37 Billion Revenue Collections for Fiscal Year 2023
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At the fiscal year 2023 consensus revenue hearing earlier this week, Massachusetts budget leaders heard from DOR Commissioner Geoffrey Snyder and several economists and budget experts who provided their predictions on state tax collections for the next fiscal year. Commissioner Snyder predicted the state could collect anywhere between $36.484 billion and $37.684 billion in fiscal year 2023, which would be 2.1-2.9% higher than the DOR’s revised fiscal year 2022 forecast.
The Joint Committee on Ways and Means and the Executive Office for Administration and Finance have until January 15, 2022 to agree to a tax revenue forecast for fiscal year 2023, which will then be used as a foundation to build the budget for the next fiscal year.
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MassCPAs Massachusetts Pass-Through Entity (PTE) Excise Tax Webinar Recording
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MassCPAs held a virtual seminar on the Massachusetts PTE excise tax earlier this week featuring Dave Nagle from Sullivan & Worcester, Alexis Morrison-Howe from Deloitte LLP and Tom Chappell from the Department of Revenue (DOR). You can listen to the recorded webcast here (access passcode: ^v*1aoay) and view the presentation here.
Please note: CPE is only issued for attendees who attended and participated during the live webinar and will not be issued for viewing the recording.
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DOR State and Local Tax (SALT) FAQs
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The DOR FAQs webpage for the elective PTE excise can be found here (Last updated December 15). 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.
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MassCPAs State Tax Virtual Conference (1/13 & 1/14)
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Our annual State Tax Virtual Conference is a great opportunity for you and your organization to learn about hot topics, meet experts in the field and boost your network!
Join us January 13-14, 2022, for a two half-day conference that is sure to set you and your organization up for a successful year! We'll cover:
- PTE tax elections along with how different states are handling the PTE tax
- Consequences for remote employers and employees considering income tax withholding, unemployment and nexus for other tax types
- The fundamentals and nuances troubling the Massachusetts DOR audit policies and best strategies to help avoid the consequences of getting it wrong
- Employee Retention Credit (ERC) and other incentives that are available for federal and state filings
Conference attendees can earn up to 8 CPE. Register today with the promo code EARLY to save $25 on your registration. This offer ends Thursday, December 31. Click here to register today.
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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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