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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.
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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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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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Guidance for Federal Relief Programs
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