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CEO Corner
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Dear Hannah,
The MSCPA is monitoring the Coronavirus (COVID-19) outbreak, and we're paying close attention to how it impacts our staff, members and the businesses in which they work and serve. Your health and safety continue to be of utmost importance to us, and we remain committed helping you navigate this time of uncertainty, while continuing to provide you with opportunities to learn and earn CPE.
Due to Governor Baker issuing a state of emergency in Massachusetts, all in-person MSCPA events and programs will be cancelled until April 15, 2020.
All broadcast, webinars and virtual meetings will continue as scheduled. Fortunately, many of our events allow registrants to participate virtually, and we encourage you to consider those options during this time. To modify an existing registration, please contact us at 617.556.4000 or email mscpa@mscpaonline.org.
COVID-19 brings an unprecedented set of challenges for CPAs and business owners in Massachusetts. To help you navigate this period of uncertainty, we are hosting a free webinar on Tuesday, March 17 on the critical issues and legal matters Massachusetts business owners must consider right now. MSCPA members will earn 1.5 credits for this 90-minute webinar, and you can register here.
We are also conducting this survey to help members learn what firms are doing to manage staff during the COVID-19 outbreak. If you are a firm leader or in charge of firm/HR decisions, please click here to take this survey. For more information, resources and sample client letters, please visit our Coronavirus Resource Center. This page will be updated as more information surrounding COVID-19 becomes available, so check back often.
Please don't hesitate to reach out to us if we can help you during this time. On behalf of the MSCPA, I wish you and your families good health!
Amy Pitter
MSCPA President/CEO
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Get Involved
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Speaking Opportunity: Coronavirus Topics
We're currently looking to hear from CPAs who can speak on any of the following Coronavirus topics:
- What to do with your 401k and investment accounts if you're nearing retirement in this volatile market?;
- Impacts in MA of a national payroll tax;
- Will this impact the IRS/will their workers still go into the office?;
- Advice for small business owners on how to ride out this turbulent time; and
- How coronavirus may increase risk of an audit
We are interested in hearing what CPAs are saying to clients about it in terms of business planning. If you would like to speak on any of the topics above or if there is another topic you'd like to touch upon that is not listed, please contact Hannah Naranjo.
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Networking Event
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Please note: The MSCPA is paying close attention to the coronavirus (COVID-19) outbreak, and we will update you if there are any changes to our programs. Please visit our Coronavirus Resource Center for the latest developments on what you need to know. This page will be updated as more information becomes available.
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Party on the Pike with hundreds of CPAs and accounting professionals from across the state at our networking event of the year! Join us on May 11 at WGBH in Brighton as we kick off a new membership year by welcoming our new Board of Directors, celebrating scholarship and award winners and recognizing new CPAs. Connect and network with peers in the profession as you enjoy cocktails and food on us! REGISTER
If you'd like to purchase 10 or more tickets, please reach out to Katlyn Ribeiro for a discounted rate.
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Women's Initiative Joint Spring Networking Reception (5/21)
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Join the MSCPA, CFA Society Boston, Boston Women in Finance, Women in ETFs Boston, Women in Investing; Network & Supporting and Women Investing for a Sustainable Economy, Women's Initiative of the Massachusetts Financial Planning Association and the Women's Initiative of the New England Financial Planning Association for our spring joint-networking event! We look forward to a delightful evening of cocktails, and networking. REGISTER
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| SumNews
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The March 2020 issue of
SumNews
is here!
Click through our digital edition now to read seven ways to ease tax season stress, how firms can keep staff engaged during busy season, three ways you can learn and earn CPE and so much more! We also spotlight MSCPA members Mike Castro, CPA, partner at Castro Thresher & Oliveira PC and Cecilly Deorocki, a tax associate at tonneson + co. READ NOW
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| MSCPA Fitness Challenge
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There's one month left of the Fitness Challenge and we've already had one team reach the IRS's office in Washington D.C.!
See how close your team is to reaching the finish line on the map on the ChallengeRunner website by selecting the three dots on the Leaderboard and selecting "Map," or in the ChallengeRunner app by clicking on the Leaderboard and selecting "Map."
Top Teams This Week
Individual Category:
CPYAY - 878,642 average steps
2-10 Participants Category:
KLR Fit Fam - 526,629 average steps
11-20 Participants Category:
Deloitte - 384,939 average steps
21-30 Participants Category:
Powers & Sullivan, LLC - 307,579 average steps
31-50 Participants Category:
O'Connor & Drew, P.C. - 320,499 average steps
We love seeing you in action! Please keep sharing photos of you and your team by tagging @MASocietyofCPAs and using the hashtag
#MSCPAFitnesschallenge! If you haven't already, please send your team photo to Hannah Naranjo to be included on our website, on social media, in Friday@Five and in
SumNews! To view photos of your competition, click here. If you have questions, click here. Thanks to Integrated Partners for sponsoring!
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This year's challenge was recently featured in a newsletter published by ASAE: The Center for Association Leadership's Association
Now. Read the article here.
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CPE Webinars
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S Corporations: How to Calculate the Shareholder's Basis (3/16)
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Discuss the calculation of basis when the entity is formed, including the impact of contributed property,
learn the importance of shareholder loans to the entity, examine how basis is impacted by distributions of corporation property and more. REGISTER
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Power BI - Go Beyond PivotTables with Power Pivot (3/17)
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Review the four features of Power Pivot (data model, calculations, hierarchies and KPIs) and how you can use each of these features, learn how to add data to your data model either directly into Power Pivot or from Power Query, discuss the benefits of the data model relationships versus using the VLOOKUP function to access data in different tables and more. REGISTER
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Real Estate Tax Update (3/20)
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Examine the recent changes imposed by the Tax Cuts and Jobs Act that real estate owners and investors need to know, including Section 199A, the new Section 163(j) interest expense limits and the opportunity to elect out, get an introduction to opportunity zones and more. REGISTER
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Legislative News
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Governor Baker Declares a State of Emergency: COVID-19 Update
On Tuesday, Governor Baker declared a state of emergency for Massachusetts in light of the COVID-19 outbreak, otherwise known as the Coronavirus. While daily state government operations will continue without interruption, the Governor cancelled all state work-related travel along with large-scale conferences, seminars and meetings, and has encouraged the business community to follow suit.
The State House remains open to the public in efforts to protect employees and visitors alike, but all public events are cancelled "for the foreseeable future," according to a memo circulated to House membership by the Office of House Speaker Robert DeLeo.
The Massachusetts Department of Public Health is providing daily updates on Massachusetts-specific COVID-19 cases. LEARN MORE
U.S. Committee on Ways and Means Seeks IRS Update Amid Coronavirus Scare
In a letter submitted to IRS Commissioner Charles Rettig, the U.S. Committee on Ways and Means, chaired by Massachusetts
Congressman Richard Neal, requested an update on the impacts of the Coronavirus on the tax-filing season. Citing concerns of the IRS' ability to assist taxpayers, process returns and tax practitioners' ability to meet the filing deadline, the Committee has urged the Commissioner to evaluate whether it is necessary to extend the tax-filing deadline beyond April 15.
Similarly, the U.S. Treasury Department is also considering extending the April 15 filing deadline to provide relief to taxpayers and practitioners and to "address the economic fallout" from the Coronavirus.
In a recent press release, the AICPA encouraged the Treasury Department and the IRS to extend the certain deadlines on or after March 15 and before October 15 to give individuals additional time to file and make payments. Should an extension be granted, the Massachusetts Department of Revenue will likely follow suit.
Massachusetts Lawmakers Pass $15 Million Coronavirus Fund
On Thursday, Massachusetts lawmakers passed legislation that establishes a $15 million fund to reinforce "treatment, prevention
and containment efforts" at the state and local level in response to the recent and growing number of Massachusetts COVID-19 cases. The legislation leaves Governor Baker with the authority to distribute the funds.
MSCPA Advocates for Tax Relief for Nonprofit Organizations
We joined with the AICPA and the American Society of Association Executives (ASAE) in a letter to Larry Kudlow, director of the National Economic Council, to call for the inclusion of tax-exempt associations suffering from event cancellations and reduced meeting attendance in any federal aid package or supplemental appropriations measures and in any temporary aid package for associations experiencing economic fallout due to COVID-19. READ THE ASAE LETTER | READ THE AICPA LETTER
2020 Census – Households Now Receiving Census Packets
Starting March 12, households across the U.S began receiving the official U.S. Census. There are three ways by which to respond: phone, mail and online. Instructions on how to respond will be included with the Census. The Census results will determine the amount of federal funds your community can be awarded over the next decade – federal funds are essential to the maintenance and growth of every community. Federal highway planning, community grants, funds for public schools are just a
few of the ways Census results impact communities. LEARN MORE
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| To learn more about our advocacy efforts, please reach out to Larry Liuzzo.
| Member News
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AAFCPAs, Westborough/Boston/Wellesley, announced that
RORY BURKE, CPA, STEVE LANZA, MSA, CPA, PAULINE LEGOR, MBA, CPA and
LIZ WRIGHT, MSA, CPA were promoted to managers. The firm also announced that:
- DAVID CONSIGLI, JR., CPA, ABV,
director of business valuations, led an educational webinar entitled, "Introduction to Business Valuation" for members of the Academy of Professional Family Mediators (APFM) in February;
- JOSCELYNE DIORIO joined as talent management coordinator;
- HUI-TING GRADY, CPA, MBA,
assurance manager, earned the Advanced Single Audit Certificate from the AICPA;
- SUSAN GUSTAFSON
joined as executive assistant;
- KYLE LAMOUREUX joined as senior accountant;
- SARAH MASSIWER
was promoted to accounting manager of managed accounting solutions;
- The Nominations Committee of the AICPA proposed
CARLA MCCALL, CPA, CGMA, co-managing partner, for election as a member of the Board of Directors for a three-year volunteer term ending in 2023;
- JANICE O'REILLY, CPA, CGMA,
partner in the consulting division of the firm and leader of the Managed Accounting Solutions (MAS) practice, has been appointed to treasurer of MassVentures;
- JOYCE RIPIANZI, CPA,
partner, will be honored with the 2020 Professional Advisor Award by the Essex County Community Foundation (EECF) at the organization's 7th
annual Celebration of Giving on May 12; and
- JENNIFER SALDANA joined as senior accountant and payroll specialist.
BAKER NEWMAN NOYES,
Boston, announced that STACEY SHERWOOD
joined as a senior manager in the business and technology advisory practice.
DGC (DICICCO, GULMAN & COMPANY LLP),
Woburn, announced that
JON KLEROWSKI, CPA, ABV, CFE joined as a principal in the firm's business advisory practice. The firm also announced that ELISABETH DA SILVA, CPA, CFF
and
JACKIE REINHARD, CPA
authored the article, "Coronavirus – Mitigating Risk for Your Business."
SHARE YOUR NEWS
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Speaking Opportunity: Coronavirus Topics
Empowerment Zone Employment Credit Question
Basis Step-Up for Inherited Life Insurance Policy
Bookkeeper Recommendation
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PCPS TOOL - ESSENTIAL HABITS FOR WORKING REMOTELY
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AICPA PRACTICE ANALYSIS REPORT: FEEDBACK NEEDED BY 4/30
The AICPA values the views of all CPA Exam stakeholders and is seeking responses to changes that are proposed for implementation in the next version of the CPA Exam. Please submit your responses by April 30.
LEARN MORE
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WEBCAST: ARE YOU READY FOR YOUR FIRM'S PEER REVIEW? (5/13)
The AICPA will be offering a webcast on May 13 that will help firms prepare for their upcoming peer review.
LEARN MORE
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LOOKING TO BUY OR SELL A PRACTICE?
Learn critical information about the merger and acquisition (M&A) process that will help you determine your next step! Posting classified ads are a great, cost-effective way to get the word out and engage with an audience of CPA professionals! Ads are included in the next available issue of
SumNews
and posted on our website for potential buyers or sellers to view online. For more information, click here or contact Kristin Wells.
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Member of Concord Consortium's Finance Committee - Concord Consortium
Volunteer Board Member - Brockton Area Multi-Services, Incorporated (BAMSI)
Treasurer or Bookkeeper - Boston Chapter of Massachusetts AEYC
Venture Fund Volunteer - United Way of Massachusetts Bay and Merrimack Valley
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Bookkeeper - Edelstein & Company LLP
SEC Analyst - American Outdoor Brands Corporation
Senior Director- eCratchit, Inc.
Controller - Massa Products Corporation
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Audit/Tax - Sandler & Company PC
Senior Tax Manager - Nune Khachatrian, CPA, P.C.
Tax Accountant - Abbott and Company LLC
Tax Preparer - Coval Anderson Coval LLC
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105 Chauncy Street, 10th Floor, Boston, MA 02111
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