 |
|
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 reach out to Zach Donah at zdonah@masscpas.org or 617.303.2411, or Larry Liuzzo at lliuzzo@masscpas.org or 617.303.2405.
|
Taxpayer Penalty Protection Act Filed in Congress
|
California Congresswoman Judy Chu recently filed the Taxpayer Penalty Protection Act of 2021, which offers taxpayers targeted relief from the underpayment of estimated tax penalty and the late payment penalty for the 2020 tax year, and it would minimize contact with the IRS as services continue to operate at historic lows.
The AICPA and MassCPAs have long been advocates for such penalty relief, and in May, the AICPA submitted a letter to the IRS and the U.S. Department of the Treasury outlining several short- and long-term relief policy recommendations for taxpayers and practitioners. To read the letter, click here.
MassCPAs' Government Affairs team has been in contact with the U.S. House Committee on Ways and Means staff and Congressman Richie Neal’s office to coordinate a meeting to discuss the significant issues of the current IRS service levels and potential solutions.
We will keep you posted on any developments.
|
Massachusetts Collects $2.49 Billion in August
|
The Massachusetts Department of Revenue (DOR) announced August 2021 tax collections totaled $2.483 billion, which is $529 million more than August 2020 and $10 million more than the monthly benchmark.
FY22 year-to-date collections total $4.745 billion, which is $639 million more than the same period of FY21.
For more details on the August 2022 revenue collections, click here.
|
Major Update to Workforce Training Fund
|
Your upcoming CPE with us could be free, thanks to a recent change to the State Workforce Training and Express Fund! All MassCPAs conferences, customized team trainings and seminars qualify for this program, 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!
|
DOR & IRS Updates
|
|
|
Guidance for Paycheck Protection Program (PPP)
|
|
|
 |
 |
 |
