_1648901.jpg) |
|
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@mscpaonline.org or 617.303.2411, or Larry Liuzzo at lliuzzo@mscpaonline.org or 617.303.2405.
|
U.S. House of Representatives Adopts $3.5 Trillion Budget Resolution, Advances Separate $1 Trillion Infrastructure Bill
|
Budget leaders in the House and Senate have begun drafting language for the legislation with details likely to be released over the course of the next few weeks.
The infrastructure bill is popular with Democrats and Republicans in both the House and Senate. However, the budget does not have the same support, as every House Republican voted against the budget resolution, and it is likely to receive a similar fate from those in the Senate. There is political jockeying from various wings of the Democratic Party and the Republican Party. It is likely that the $3.5 trillion price tag will be slashed through revisions as it works its way through the process.
With the infrastructure bill tied to the passage of the budget, it remains to be seen how long it will be until either, or both, are signed into law.
We will update you with more information as we receive it.
|
Gov. Baker Bill Addresses 2021 PPP Loans, Unemployment Insurance Trust Fund Deficit
|
Last week, Governor Baker filed legislation that would make Paycheck Protection Program (PPP) and other federal loans nontaxable in Massachusetts for all recipients, dedicate $1 billion to the Unemployment Insurance (UI) Trust Fund, implement the charitable deduction this January and more.
We have been in contact with several legislators about the PPP loans and look forward to continuing that work to see such legislation enacted before the start of next tax season. We will keep you updated as we learn more information.
To read Governor Baker’s letter to the Legislature outlining the key provisions of his legislation, click here.
|
Small Business Administration (SBA) to Streamline Paycheck Protection Program (PPP) Forgiveness for Most Loans
|
The SBA launched an online portal that allows 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.
To access the Direct Forgiveness Portal, 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! 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 firms/companies with fewer than 100 employees, and 50% reimbursement for firms/companies with 100 or more employees. All MSCPA conferences, seminars and in-house trainings 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 – don’t delay!
|
DOR & IRS Updates
|
|
|
Guidance for Paycheck Protection Program (PPP)
|
|
|
|
 |
 |
