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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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American Rescue Plan Act (ARPA) Passed, Awaits Governor’s Signature
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Last Friday, the Massachusetts Legislature enacted the $4 billion American Rescue Plan Act (ARPA) legislation that, among many important investments and initiatives, makes forgiven 2021 Paycheck Protection Program (PPP) loans and other federal loans and state-specific grants nontaxable in Massachusetts for all recipients. To read the bill, click here.
We are grateful to the Legislature for their commitment to supporting MassCPAs’ members and the thousands of small business clients you represent. Governor Baker has until Monday, December 13 to sign, offer amendments and/or veto parts of the legislation.
We will keep you posted on any developments.
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Massachusetts November Revenue Collections at $2.416 Billion
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The Massachusetts Department of Revenue (DOR) announced November 2021 revenue collections totaled $2.416 billion, which is $289 million (13.6%) more than November 2020 and $192 million (8.7%) above monthly benchmarks.
FY22 year-to-date collections total $13.612 billion, which is $2.145 billion (18.7%) more than the same period of FY21, and $914 million (7.2%) more than year-to-date benchmark.
For more details on the November 2021 revenue collections, click here.
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Massachusetts Department of Revenue (DOR) Updates SALT FAQs
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The Massachusetts Department of Revenue (DOR) continues to update the FAQs for the elective pass-through entity (PTE) excise that was adopted in September. To read the FAQs (last updated on December 1), click here.
The DOR also issued a draft of the 2021 Massachusetts tax Form 63D-ELT Entity Level Tax. To view the draft form, click here.
A recent conversation on The HUB that outlines the Massachusetts Tax Connect payment process can be found here.
We expect the DOR to issue further guidance and continue to update the FAQs as more questions arise. We’ll keep you posted on any developments going forward.
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DOR Public Hearing: Advance Payment of Sales and Use Tax and Room Occupancy Excise (12/16)
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The Massachusetts DOR is holding a virtual public hearing on Thursday, December 16, at 10:00 a.m. on the proposed regulations for the Advance Payment of Sales and Use Tax and Room Occupancy Excise.
830 CMR 62C.16B.1 explains the advance payment requirement for certain business tax types under G.L. c. 62C, § 16B. The new advance payment requirement is effective for tax periods ending on or after April 1, 2021, for the following tax types: Sales and Use Tax, Sales Tax on Meals, Sales Tax on Services, Marijuana Retail Tax and Room Occupancy.
To learn more about the hearing, click here.
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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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