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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’s Budget Proposal Addresses Income Tax Conformity, Estate Tax Threshold
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Last week, Governor Charlie Baker released his final state budget, which included several tax policy proposals in his $48.5 billion plan, including two major MassCPAs priorities – updating the income tax conformity date from 2005 to 2022 and raising the estate tax threshold from $1 million to $2 million.
While we will continue to advocate for a higher estate tax threshold such as the one included in the bill we supported, we’re grateful that the Governor and his administration are prioritizing these issues. We recognize these policies have a long way to go before becoming law and are committed to working with the House and the Senate to convey the support of MassCPAs members.
The Massachusetts House of Representatives is expected to release their budget sometime in April with the Senate following suit later in the spring. We’ll keep you posted on those developments as we learn more.
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Department of Revenue (DOR) Tax Season Information
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Massachusetts taxpayers will have until Tuesday, April 19, to file their federal and state 2021 income tax returns, file for personal income extensions and submit Q1 estimated payments.
Below are links to various DOR webpages outlining important tax season information. The DOR has committed to updating these webpages when necessary. If you have questions for the DOR or if there is inaccurate or confusing information listed on their website, please email Larry Liuzzo.
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DOR State and Local Tax (SALT) Information
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DOR Update: Eligible pass-through entities (PTE) must register for the 63D-ELT tax type before making a payment. Do not make 63D-ELT payments on other pre-existing tax types. The PTE must file its annual return and make the election before filing the 2021 Form 63D-ELT.
SALT Links:
To sign up to receive important updates directly from the DOR, click here.
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DOR & IRS Updates
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Guidance for Federal Relief Programs
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