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You are receiving this newsletter as a member benefit. Renew by this Saturday, July 31, to continue receiving this and all your member perks!
If you already renewed your 2021-2022 membership, thank you!
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SALT Workaround Remains Unsettled
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On July 16, Governor Baker signed a $47.6 billion budget for FY22, which included a spending cut of $7.9 million and vetoes on a number of items, including the Legislature’s proposal to again delay of the charitable deduction.
The Governor returned the final state budget proposal with an amendment which would revert to his original SALT proposal. The Conference Committee budget proposal would have also allowed passthrough entities (PTE) and other eligible businesses (including trusts and estates) to pay state income tax at the entity level. However, a partial credit would be available to qualified members in an amount proportionate to each qualified member’s share of the tax due multiplied by 0.9, much like the model
used in Connecticut.
By law, the Legislature has until the end of the calendar year to either accept or reject the Governor’s amendment. We will keep you posted on any developments.
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Major Update to Workforce Training Fund
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Your upcoming CPE with us could be free, thanks to a recent change to the State Workforce Training and Express Fund! This program provides resources to MA businesses to fund training for employees.
On July 21, 2021, they announced an increase to the reimbursement from 50% to 100% for companies with fewer than 100 employees, and 50% reimbursement for companies with 100 or more employees. All MSCPA conferences and seminars qualify for this program, so work with us to save on your CPE!
To learn more, click here or contact Julia Ekelund.
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Lobbying Begins to Implement State-Based Charitable Deduction
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The Massachusetts Nonprofit Network is urging legislative leaders to accept the Governor’s veto of the final budget provision, which would extend the delayed implementation of the state-based charitable deduction for another year.
The deduction, which was approved by voters as a ballot measure in 2000 and suspended by the legislature in 2002, would cost the Commonwealth an estimated $300 million a year. To learn more, click here.
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Legislature Begins the American Rescue Plan (ARPA) Spending Hearings
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This week, the Massachusetts Senate began a series of hearings as it works on a spending plan for the nearly $5 billion in federal relief. Leaders of the House and Senate Committees on Ways and Means chaired the hearing, which gathered testimony for Administration officials, planning councils, housing advocates, business groups and others. Hearings will resume this fall with a focus on health care, public health, mental health and human services; economic development, transportation, arts, tourism,
climate and infrastructure; and education, social equity, safety net programs and families.
The Legislature will have until 2024 to allocate the funds and until 2026 to spend it. To learn more, click here.
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Small Business Administration (SBA) to Streamline Paycheck Protection Program (PPP) Forgiveness for Most Loans
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On Wednesday, the SBA announced plans to launch an online portal that will allow most PPP recipients to apply for loan forgiveness directly with the agency. This is part of the SBA’s initiative to speed up forgiveness for recipients of $150,000 or less. The portal is expected to go live on or around August 4.
To learn more, click here.
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CPA Firm Renewal Affidavit Forms Due August 1
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CPA Firm Renewal Affidavit Forms are due by this Sunday, August 1. Please note: The Division of Professional Licensure recommends that licensees use Internet Explorer, Mozilla, Firefox or Safari to renew licenses.
To access the 2021 Firm Affidavit Form, click here.
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DOR & IRS Updates
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Guidance for Paycheck Protection Program (PPP)
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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@mscpaonline.org or 617.303.2411, or Larry Liuzzo at lliuzzo@mscpaonline.org or 617.303.2405.
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