Dear Hannah:

Your expertise is needed.

As you know, revenue estimation is a tricky process, especially when all of the helpful information isn’t readily available. The Massachusetts DOR and state budget writers rely on local and global economic trends, legislative changes and actual and historical tax collections to predict future tax collections. These projections are the primary basis for the initial state budget as well as periodic decisions on whether adjustments, including spending cuts, are needed to get the budget back in balance. However, I can tell you from personal experience that there is a missing piece in this calculation and that is taxpayer behavior in a given year or during a particular timeframe as it relates to capital gains, bonus activity, safe harbor or corporate investment.

With that in mind, the MSCPA is preparing to launch a quarterly taxpayer behavioral analysis to fill in the missing pieces. As CPAs in Massachusetts, and in your role as trusted financial and business advisors to your clients, you have a unique and unmatched perspective on revenue growth and taxpayer behavior. You are well-equipped to provide a sense of what your clients are doing as a representative sample of Massachusetts taxpayers. This information will be critical in allowing state officials to better project revenues in the future and our ability to provide this information will put Massachusetts CPAs at the table for these conversations, and grow our reputation as the trusted advisor.

Please fill out this survey to the best of your ability. No specific member information will be used for this report.

Have a great weekend!

Sincerely,

Amy A. Pitter
President & CEO

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The Rationale for CPAs to Establish Their Brand

Phishing Scheme Requests Form W-2 and Other Confidential Employee Information

Employee Benefit Plan Conference (5/20)
Conference highlights include a Department of Labor update from Ian Dingwall, CPA, Employee Benefits Security Administration.

Ethics in Action: Giving Voice to Values (5/10)
Giving Voice to Values (GVV) is a process for teaching individuals how to develop a strategy and use scripts to successfully address a values-based challenge. Everyone has ethical standards and a process to identify ethical violations. Do you?

IRS Update

IRS First-Time Penalty Abatement
The AICPA has resources available for taxpayers interested in the IRS’s first-time penalty abatement waiver. The waiver may grant to relieve taxpayers from failure-to-file, failure-to-pay, and failure-to-deposit penalties if certain criteria are met.

DOR Updates

• 830 CMR 62C.37.1: Abatements
  
• 830 CMR 62C.26.1: Assessment
  
• 830 CMR 62C.30.1: Changes in Federal Taxable Income, Federal Tax Credits, or Federal Taxable Estate
  

Voluntary Disclosure Pilot Program
The DOR has launched a voluntary disclosure pilot program for the settlement of uncertain issues. According to the department, the program is designed to give business taxpayers the chance to voluntarily come forward and propose a settlement related to any uncertain tax issues, resulting in the waiver of all penalties associated with those issues.

Legislative Update

Massachusetts House Speaker Plans Noncompete Agreement Reforms
During a speech before the Greater Boston Chamber of Commerce, Massachusetts House Speaker Robert DeLeo announced his plans to file legislation to limit the use and impact of noncompete clauses. Although the details have yet to be worked out, the plan is expected to include provisions, including:
1. Limiting the durations of noncompete agreements to 12 months;
2. Requiring employers to notify applicants about the agreements; and
3. Banning noncompete agreement for low-wage workers.

The MSCPA wants to know what you think. Please send your thoughts and comments on this proposal to Zach Donah.

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