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CEO Corner
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Dear Hannah,
Next week we will be holding two webinars explaining a very important new member benefit for small firms. As part of tax reform, there was a provision allowing pooled employer plans (PEP), which allows us to aggregate plan assets for purposes of unified filings and lower asset management costs. In other words, this allows you to provide a great staff satisfaction and retention benefit that is easier and cheaper for you. As a member of the MSCPA, your firm will be able to participate in this exclusive
retirement plan offering through our partners at Integrated Partners.
Register here for webinars on Monday, February 1, at 8:00 a.m. or Thursday, February 4, at 3:00 p.m.
I’d also like to let you know about a special we’re currently running in our Career Center. We are offering you 25% off a job posting or posting package! Use code SHOVEL to redeem this offer, which is valid for an entire year.
Offer is valid through this Sunday, January 31, at 11:59 p.m.
If you have any questions or need assistance, please contact us at 617.556.4000 or mscpa@mscpaonline.org.
Finally, there is a real concern over decreased enrollments in colleges and universities and how that will impact the profession in the coming years. This makes our work through the Educational Foundation more important than ever. We’ve added a fun new way to help! This year, we are introducing a Virtual 5K to raise money and awareness for our Educational Foundation. You can compete in our 5K on Saturday, March 20 by donating $25, which provides scholarships and CPA Exam vouchers to worthy accounting students in Massachusetts.
By joining, not only are you are committed to benefiting your physical and mental health, but you are committing to helping lift the financial burden for future CPAs! To learn more about initiatives of the Educational Foundation, visit mscpaonline.org/edfoundation. To track your time, please use a free app such as “Runkeeper” or “Map My Run” and submit your final time when finished. If you are unable to participate on March 20, you can submit a time until April 3.
Have a great weekend and stay warm!
Amy Pitter
MSCPA President/CEO
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Update Your Profile
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Stay in touch and have a cup on us!
There is so much happening at the MSCPA, and we don’t want you to miss out if you make a career change. Please take a moment to provide your personal email address (in addition to your work email address).
Do this by Friday, February 12,
and we’ll send you a $5 Dunkin' gift card to help keep you warm and caffeinated during busy season.
Click here to update your information! Your login information is:
Username: 106037
Password: 106037, plus the first letter of your last name, capitalized (for example, 12345E)
| Get Involved
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2021 MSCPA Fitness Challenge
LAST CHANCE TO SIGN UP! Our 5th annual MSCPA Fitness Challenge
starts next Thursday! Sponsored by ConnectPay, the challenge will run Thursday, February 4 – Thursday, April 15.
Please have your team captain sign up a team by next Wednesday, February 4. Team totals will be calculated by average steps in ChallengeRunner, and teams of up to 50 participants can sign up (individuals too!). Click here to join the challenge and your appropriate team. For more information on how to sync your fitness device and more, click here. If you need assistance, please contact Hannah Naranjo at hnaranjo@mscpaonline.org.
SIGN UP
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Technology Roundtable: How AI & Machine Learning Make Tax Season Less Taxing (2/2)
LAST CHANCE TO REGISTER! Tax season is a lot of work, especially if you’re doing it manually. The tax process of the future is automated, using artificial intelligence and machine learning. In this virtual roundtable, we’ll discuss how to get started on the tax automation journey and how cloud accounting plays a central role in the process. Attendees will earn one CPE credit. REGISTER
Please note:
Registrants will receive a Zoom link prior to the roundtable.
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| Upcoming Committee Meetings
- Firm Administrator & Human Resources (2/3)
- Government Accounting & Auditing (2/12)
- Accounting & Auditing (2/17)
- Management of an Accounting Practice (2/18)
- Nonprofit Accounting & Auditing (2/18)
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The Voice of the Audited Financial Statements in the Municipal Market (2/9)
Co-hosted by the Boston Women in Public Finance and the MSCPA, this interactive panel discussion moderated by Jennifer Mendonca, a partner in the Public Finance Department of Locke Lord LLP and the president of Boston Women in Public Finance, will focus on the use of audited financial statements in the municipal market, including both investor considerations and the securities laws implications of their use. We'll also discuss the decisions and processes used in preparation of these statements and the implications of late or inaccurate statements.
Panelists will include a cross section of municipal market participants, including Mark Kim, CEO of Municipal Securities Rulemaking Board (MSRB).
Attendees will earn one CPE credit.
REGISTER
Please note: A Zoom link will be provided to all registrants prior to the event.
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New to Industry Virtual Roundtable (2/11)
If you recently left public accounting for industry, this roundtable is for you! Join us on Thursday, February 11 and earn one CPE credit while discussing:
- Ways to maintain your CPA license and track CPE;
- Transition challenges;
- Tools to expand your network; and
- How the MSCPA can help.
Email Jill Foley at jfoley@mscpaonline.org with any additional topics you would like to discuss. REGISTER
Please note: A Zoom link will be provided to all registrants prior to the event. Video participation for this session is optional, but highly encouraged.
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| Virtual CPE
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Financial and Tax Accounting for Partnerships and LLCs (2/2)
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| Discuss the similarities and differences between the financial accounting for partnerships and LLCs, review the Accounting Standards Codification and its application to partnerships and LLCs, examine the new AICPA financial reporting framework for small and medium-sized entities and more. REGISTER
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Excel - Create KPI Dashboards for Maximum Impact (2/3)
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Examine how to build robust dashboards for analyzing key metrics in Excel, analyze how to import data and set up calculated fields and columns, learn how to create key performance indicators (KPIs) for the dashboards, master how to add charts and eye-catching visuals with PowerView and more. REGISTER
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Improve Your Profit: Identify Cost Cutting Opportunities (2/4)
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| Learn how to use performance and process improvement techniques to identify and implement cost-saving operating controls and processes, review how to find inefficiencies in your business processes, determine how to analyze workflows to find cost reduction opportunities and more. REGISTER
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Career Center
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Job Postings
- Faculty (Accounting) - Bristol Community College
- Controller - Emerson Swan
- Tax Planner/Associate Financial Advisor - Apella Capital, LLC
- Senior Vice President of Finance & Administration - Arts Consulting Group (ACG)
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Per Diem Job Postings
- Seasonal Tax Preparer - Scappini & Pina, P.C.
- Senior Tax Preparer- Susan E. Gallant, CPA, MST
- Tax Preparer - Coval Anderson Coval LLC
- Seasonal Tax Accountant - Doug J. Murstein, CPA & Associates, Inc.
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| Legislative Updates
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Form 1099G - Unemployment Compensation – How to Report Fraud
Anyone who received unemployment benefits or pandemic unemployment benefits from the Commonwealth of Massachusetts during 2020 will receive a Form 1099-G, Certain Government Payments, showing the amount of unemployed compensation received. This income is taxable and must be reported on the 2020 Massachusetts Individual Income Tax return Form 1 or Form 1-NR/PY.
If a taxpayer receives a Form 1099-G reporting unemployment benefits but did NOT receive unemployment benefits, someone may have used their identity to falsely claim unemployment benefits. Ask them to notify the Department of Unemployment Assistance (DUA) by filing a fraud report online or call the DUA customer service department at 877-626-6800. Obviously, this income should not be reported on their Massachusetts Individual Income Tax return. After the DUA reviews the fraud report, they will send a corrected Form 1099-G. Keep a copy of all Forms 1099-G with the taxpayer’s 2020 tax records and be aware that DOR may ask for an explanation of why the amount shown on the Form 1099-G was not reported on the return.
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MSCPA Legislative Brief
This week's Legislative Brief offers news on Governor Baker
announcing a $45.6 billion FY22 budget, tax filing season beginning on February 12, the Society calling on Legislature to address state tax on forgiven Paycheck Protection Program (PPP) income and more. READ THE NEWSLETTER
| Member News
| ALL CPAs,
Chestnut Hill, announced that
SUZANNE GIROUX, CPA, MSA,
was promoted to senior manager. The firm also announced that:
- DAN CANFIELD
joined as a senior associate;
- DANIEL CEDRONE, EA,
was promoted to supervisor;
- ANDREW DIEFFENBACH, CPA, CVA,
director, presented a webinar titled “What the Consolidated Appropriations Act Means for Businesses” to the firm's clients and contacts;
- COLLEEN LEWIS, MSA, MSF, and
AMBER MELIDEO, MSA,
were promoted to senior associates; and
- DANIELLE RICHTARICH, CPA,
joined as a manager.
CLA,
Boston, announced that
SHANNON CROWLEY, CPA,
MICHAEL LACROSSE and
BARRY SUSSMAN, CPA, CFF, ABV,
were promoted to principals.
S&G, LLP, Worcester, announced that
MATTHEW ALLISON and ERIN ROSENLUND, CPA, were promoted to partners.
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Massachusetts-Based Firm Serving Clients in Maine
1099-NEC Forms
Attorney for a Medical Practice Sale
Massachusetts Unemployment 1099
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ESSENTIAL TAX SEASON UPDATE WEBINAR (2/1)
LAST CHANCE TO REGISTER! The new Consolidated Appropriations Act (CAA) was signed into law on December 27, 2020, which affects a significant number of taxpayers retroactively and in material ways. The Act contains many changes to the Internal Revenue Code and to the Small Business Administration’s PPP program.
Sue Smith, CPA, will provide what you need to know about this complex legislation and how it relates with the Cares Act provisions. By attending this webinar, you'll understand the new tax changes and PPP loan rules contained in the CAA, learn the latest enacted tax law changes and discuss strategies and techniques to use in light of tax changes. Attendees will earn four CPE credits.
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MENTAL HEALTH SURVEY FOR
SUMNEWS
ARTICLE
The MSCPA is currently working on an article for an upcoming issue of
SumNews
that focuses on mental health during the pandemic and are helping the author collect data. If you are interested, please fill out this anonymous brief survey to help us gather the data.
TAKE THE SURVEY
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| THE NEW EMPLOYEE RETENTION CREDIT (ERC) PROGRAM (2/5)
Join Tony Nitti, a partner in RubinBrown's Tax Services Group, a partner-in-charge of national tax and a well-known contributor of tax content to
Forbes,
next Friday for a discussion on the recent changes to the existing Employee Retention Credit (ERC) program. You'll learn the new requirements for ERC claims for 2021 and the revisions in retroactive claims for 2020. MSCPA members can get a $50 discount on their registration using promo code
MASS50.
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| VOLUNTEER OPPORTUNITIES
Advisor/Preparer - Massachusetts PTA
Treasurer - Friends of Spy Pond Park
CPA or Accountant - Safety for NonProfits, Inc. (S4NP)
Board Treasurer - Lyracle
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