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CEO Corner
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Dear Hannah,
I enjoy Fridays best when I can share good news with you – and today is one of those days! This morning, the DOR released the long-anticipated guidance extending the 4/15 deadline to 7/15 for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income. The guidance also extends the due date Q1 and Q2 estimated payments to 7/15. While the guidance does not extend the 4/15 deadline for C-corps, the DOR is waiving late-file
and late-payment penalties (although interests will still accrue). Read the official guidance here.
We're grateful to the Baker Administration, including the leadership at the Department of Revenue and to legislative leadership for moving forward on this critical relief. This of course, would not have been possible without the support of our members, so thank you all for your outreach and advocacy.
These last few weeks have been long, stressful and frustrating at times, and waiting for this guidance did nothing to ease those feelings. We appreciate your patience as we worked with the legislature and the DOR to get those answers for you.
We know that many of you and your clients are jumping at the opportunity to apply for the Paycheck Protection Program (PPP) offered by the Small Business Administration. We understand that the application process today has been frustrating for some of you and hope that these issues will smooth out in the coming days. The AICPA has more information on their website and we are gathering local resources and should have more for you next week.
Finally, since I've been working from home for a few weeks now, I've found how important it is to also create time to unwind from the stresses of the workday. My dog, Lucy, loves to go for walks and she's a good motivator to get me up and outside. I hope you find time each day to get away from your desk and get outside for a walk, run, to garden or just to breathe in the fresh air. It's important to do that for your health and that of those around you! As always, we're here for you.
Stay well and healthy!
Warm regards,
Amy Pitter
MSCPA President/CEO
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Legislative News
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Massachusetts COVID-19 Updates
The Massachusetts Department of Public Health provides official information regarding the outbreak of the coronavirus updated daily. Information you will find includes the number of confirmed cases in the Commonwealth, guidelines to follow to keep yourself safe and how to best prepare for future developments. As of early Friday, 56,608 people have been tested with 8,966 confirmed cases in Massachusetts.
The State House News Service Coronavirus Tracker is free and available to everyone, providing daily updates on what's happening in Massachusetts as it relates to COVID-19 developments and state government.
Massachusetts Legislature Officially Extends Tax Filing Deadline and Provides Other Relief
Late Thursday night, the Massachusetts House and Senate passed legislation that officially extends the April 15 filing deadline to July 15, providing relief to municipalities that allows
local authorities to extend local property tax deadlines, eases various local permitting guidelines and allows for restaurants to sell beer and wine with any takeout or delivery orders. The Governor is expected to sign the bill today. We anticipate separate legislation to be passed next week that provides additional unemployment insurance relief to individuals laid off and employers during the pandemic.
COVID-19 and the American Workplace – U.S. Department of Labor Update
The U.S. Department of Labor released additional information on the Families First Coronavirus Response Act, which provides job-protected leave and expanded paid sick leave. To learn more, click here.
Massachusetts Department of Unemployment Assistance (DUA) Virtual Town Halls
The Massachusetts Department of Unemployment Assistance (DUA) is providing virtual town halls for those seeking help to apply for unemployment assistance. These town halls are offered online and over the phone and people must register to attend. For more information click here.
Small Business Relief and Assistance
Some municipalities may be providing other relief, if not for small business, for residents having issues paying their rent or mortgage. Call your city/town hall and ask if any programs exist. Click here to view a list of available programs.
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CPE Webinars
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Creating Virtual Training: Processes, Tools and Strategies (4/6)
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Get a breakdown of the various types of virtual training, the processes in creating online training, the tools and technologies available and strategies to make your training successful. REGISTER
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Coronavirus: What Employers Need to Know (4/7)
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Learn everything you need to know regarding coronavirus issues in the workplace, including leave issues and other legal implications, discuss the latest governmental regulations being released related to workplace procedures and more. REGISTER
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Ethics: When CPAs Make the Headlines (4/8)
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Examine actual fraud and unethical cases involving CPAs, how false sign-off of work can cost you your license, common immaterial amounts that are material ethics violations and more. REGISTER
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MSCPA Fitness Challenge
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Top Teams This Week
Individual Category:
CPYAY - 1,250,820 average steps
2-10 Participants Category:
KLR Fit Fam - 812,987 average steps
11-20 Participants Category:
Deloitte - 469,794 average steps
21-30 Participants Category:
Powers & Sullivan, LLC - 436,155 average steps
31-50 Participants Category:
O'Connor & Drew, P.C. - 461,292 average steps
See how close your team is to reaching the finish line by selecting the three dots on the Leaderboard and selecting "Map," or in the ChallengeRunner app by clicking on the Leaderboard and selecting "Map." To view photos, click here. If you have questions, click here or email Hannah Naranjo. Thanks to Integrated Partners for sponsoring!
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Paycheck Protection Loans Payroll Based Calculation
Extension!
PPP Loan and Our Work as Accountants and Fees
Residential Rental Properties for the SBA EIDL Grant
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Member of Concord Consortium's Finance Committee - Concord Consortium
Board Member - Brockton Area Multi-Services, Incorporated (BAMSI)
Venture Fund Volunteer - United Way of Massachusetts Bay and Merrimack Valley
Board Treasurer - Medford Historical Society & Museum
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Tax Manager for Private Client Services - Kevin P. Martin & Associates
Bookkeeper - Edelstein & Company LLP
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CPAs (Permanent Part-Time) - Robert S. Fineman PC
Experienced Tax Preparer/Reviewer - Vaillette & Sipowicz LLC
Audit/Tax - Sandler & Company PC
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