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CEO Corner
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Dear Hannah,
This week we were welcomed with long-anticipated news: Income on forgiven Paycheck Protection Program (PPP) loans will not be subject to Massachusetts tax.
Though this may have taken a bit longer than we had hoped, I believe that it was your collective voices that carried this across the finish line. Because of your outreach,
54 additional legislators — for a total of 102 — co-sponsored the piece of legislation making PPP loans nontaxable at the state level. That is remarkable.
I truly believe in the power of personal stories, and this success reaffirms that belief. You know the struggles and triumphs of your clients better than anyone — especially throughout this last year. As I argued in a recent op-ed in
CommonWealth Magazine,
this tax would have unfairly and disproportionately hit our small business community as their corporate counterparts already receive relief through the state tax code. Our small businesses are the backbone of our economy, and you play a vital part in ensuring they continue in that role.
Our advocacy on Beacon Hill is an important piece of what we do at the Society. Having you involved in our initiatives adds tremendous value while working with the Legislature. If you would like to continue to be involved in our advocacy efforts, sign up as a “Key Person.”
While the bill still needs to be enacted by the Legislature and signed into law by Governor Baker, this announcement provides the certainty taxpayers and tax practitioners need to make accurate decisions while filing returns. The Department of Revenue (DOR) will continue to update its guidance and FAQs on the state’s tax treatment of PPP loans, which you can find on the DOR website.
We are grateful that the Legislature understands the importance of this issue and the deep, positive impact this will have on you and your clients and thousands of small businesses across the Commonwealth.
A number of advocacy opportunities remain ahead of us to position the accounting profession for continued success. We look forward to doing that work. I hope you take a moment to appreciate all you do for your clients and on behalf of the profession in Massachusetts. Thank you again.
Have a great weekend!
Amy Pitter
MSCPA President/CEO
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MSCPA Fitness Challenge
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Top Teams This Week
Individual:
James DeLuca - 518,968 average steps
2-10 Participants:
Gotta Run - 1,041,993 average steps
11-20 Participants:
MSCPA - 344,424 average steps
21-30 Participants:
Meyers Brothers Kalicka, P.C. - 293,934 average steps
31-50 Participants:
O'Connor & Drew - 323,499 average steps
We love seeing you in action! Share your progress and take photos of you and/or your team staying active by tagging
@MASocietyofCPAs and using the hashtag
#MSCPAFitnesschallenge
to be included on our website, in Friday@Five and
SumNews! Please send your photos to Hannah Naranjo. We know many of you are working remotely, so this is a great opportunity to get creative (ex. send a photo from a nature walk or your workout setup from home). To view photos of your competition, click here.
If you have questions, visit mscpaonline.org/fcfaqs.
| This year's challenge was recently featured in an article published by
Associations Now.
Read the article here.
| Get Involved
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Upcoming Committee Meetings
- HR & Firm Operations (3/17)
- Nonprofit Accounting & Auditing (3/18)
- Marketing (3/23)
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MSCPA Educational Foundation 5K Fundraiser (3/20)
As part of your registration, your $25 donation to the MSCPA’s Educational Foundation will help fund scholarships and CPA Exam vouchers to worthy accounting students in Massachusetts!
REGISTER NOW
Share your participation on social media by using the hashtag #MSCPAVirtual5K.
Please note: If you are unable to participate on March 20, you can submit a time until April 3.
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New to Industry Virtual Roundtable (3/23)
If you recently left public accounting for industry, this roundtable is for you! Join us on Tuesday, March 23 and earn one CPE credit while discussing:
- Managing a remote team;
- Transition challenges;
- Tools to expand your network; and
- How the MSCPA can help.
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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New Stimulus Coverage and Changes to PPP Loan Forgiveness/Employee Retention (3/16 and 3/19)
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| Discuss the new American Rescue Plan Act of 2021 (ARP) and new IRS rules relating to PPP borrowers who are also eligible for the Employee Retention Tax Credit (ERTC). You'll also analyze IRS Notice 2021-20, which covers new IRS rules applicable to tax year 2020, relating to taxpayers who have PPP loans and who also are eligible to claim the ERTC.
REGISTER | MARCH 16
REGISTER | MARCH 19
| Virtual CFO Series
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The CFO Series provides a convenient, one-stop way for senior level financial managers and executives, CFOs and those who aspire to be CFOs, to choose multiple days of CPE with a single decision. Each day consists of an expert leading discussions about four different topics. This series features high-quality presentations and an interactive, executive level colleague-to-colleague approach with case studies, group discussions and team exercises.
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Developing Credibility: Inside and Outside the Organization (3/22)
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| Earn respect for you and your team, learn why it’s all about action, discover how to communicate your message quickly and clearly, and examine 10 tips for success and 13 signs of failure. REGISTER
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Become More Effective (3/23)
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| Learn how to think more critically, understand how to network more effectively, gain insights into how to manage compensation and bonus plans more effectively and discuss some of MS Word’s advanced features. REGISTER
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Virtual Networking Events
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Celebrate the end of tax season with your colleagues and friends at our After Tax Season Game Night on Thursday, April 29! We will be hosting a virtual evening of games, networking and fun! Your hard work throughout busy season deserves to be recognized and we can't wait to celebrate your accomplishments! REGISTER
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Join us for an evening "at" the theater! We’ve lined up some of Broadway’s biggest stars for a unique night to enjoy some music and get to know the people from the big stage! Tamar Greene (George Washington from
Hamilton)
and Jenny Dinoia (Elphaba from
Wicked)
will do a Q&A with us and perform some songs. Then John Perkins, a member and the CFO of the Boch Center, will discuss what Broadway in Boston has been like during the pandemic, and what we can expect when it’s over. REGISTER
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| Career Center
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Job Postings
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Associate Director (Technical Accounting & Controls) - Repligen
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Accounting Associate - BookBub
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Senior Accountant (Investment Funds) - Goodwin Law
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Accounting Manager - Harvard University, FAS
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Per Diem Job Postings
- Season Individual Tax Preparer - Fineman CPA Group
- Tax Preparer - Coval Anderson Coval LLC
- Seasonal Tax Preparer/Reviewer - Solar & Kilcoyne, PC
- Seasonal Tax Preparer - Scappini & Pina, P.C.
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| Member News
| Last Call for Buzz and Classified Announcements
Do you have news to share?
Submissions to the MSCPA's Buzz section and Classified advertisements for the May issue of
SumNews magazine are due on Monday, March 15.
For more information about the Buzz, email Hannah Naranjo. For information and pricing for our Classified ads, email Kristin Wells. To view all submission deadlines and guidelines, click here.
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| BERRYDUNN, Waltham, announced that the firm was ranked number one in the New England region for overall revenue growth in 2020 by Accounting Today.
DUNKIN’ BRANDS INC, Canton, announced that
TYLER MURPHY, CPA,
earned his CISSP and CISA credentials.
MEYERS BROTHERS KALICKA, P.C.,
Holyoke, announced that
BRENDAN CAWLEY
joined as a senior associate in the firm’s taxation department and
GARRETT WELKER joined as an associate in the firm’s assurance department.
SHARE YOUR NEWS
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Updates from MSCPA's Government Affairs Team
Chapter 40B Affordable Housing Developers
Paycheck Protection Program (PPP)
CPA Dealing in TTS & MTM Elections
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| Favorite busy season snack:
|  |  | *See the results in next week’s Friday@Five!
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| Last week's results:
Are you in favor of extending the tax deadline to June 15?
52% All for it!
48% No way!
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| MSCPA LEGISLATIVE BRIEF
This week's Legislative Brief offers news on the House and Senate announcing that a compromise on COVID-19 relief legislation was reached and includes the legislative fix to exclude gross income on forgiven PPP loans from being taxed by the state, the American Rescue Plan Act,
the AICPA calling on Congress to extend the PPP deadline to May 31 and more.
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| VOLUNTEER OPPORTUNITIES
Tax Preparation for Low Income Senior Citizens - Rutland Council on Aging
Board Member and/or Finance Committee Member - Waldorf School At Moraine Farm
Advisor/Preparer - Massachusetts PTA
Treasurer - Friends of Spy Pond Park
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105 Chauncy Street, 10th Floor, Boston, MA 02111
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