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CEO Corner
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Dear Hannah,
There were two separate pieces of information in yesterday’s Legislative Brief that need your attention. They both go to the issue of ensuring that we maintain our legacy of being a self-regulating profession by maintaining our proud legacy of quality:
- There is a ton of federal aid flowing into Massachusetts and other states. The AICPA estimates that such an influx of federal aid will lead to 10,000 new single audits. Renee Davis, CPA, a partner at Powers & Sullivan, LLC, and co-chair of MassCPAs' Governmental Accounting & Auditing Committee, had some advice for how to handle these audits, which was featured in our July issue of
SumNews.
My advice – be careful. Single audits are hard to do and hard to do well. I know that it will be tempting to go for it, but if there was ever a time to rely on each other for different types of expertise, this is it. I think it is inevitable this will be an area of increased scrutiny. We will keep you posted as things develop. Read this article for tips on working with single audit clients and be sure to check out this course on October 28 (register before October 7 to qualify for reimbursement!).
- A corollary to this is the continued focus on Employee Benefit Plans. A Department of Labor (DOL) study in 2011 showed a concerning level of deficiencies in audits, so they are looking at them again. DOL will conduct a study to assess the quality of audit work performed by independent qualified public accountants with respect to financial statement audits of employee benefit plans for the 2020 filing year. They expect the analysis to take a year, and the report will likely be released in 2023.The AICPA will assist members and other stakeholders through the process and be a source of information for the DOL. We are hoping to see significantly
improved results from last time, which will definitely take the pressure off. We will keep you updated on their progress.
Lastly, the Senate voted yesterday to override the Governor’s SALT veto – meaning the pass-through entity (PTE) regime (90% benefit) will become law. We’ve been in touch with the Department of Revenue (DOR), and they’ve indicated they are working on the forms, so we expect those and a TIR will be issued soon. You can find the bill and the votes here.
Have a great weekend!
Amy Pitter
MassCPAs President and CEO
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CPE PLUS Webinar — October 7
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LAST CHANCE TO REGISTER! Sponsored by Northern Bank, we'll discuss the safe harbors available under IRC 1031, including a deep dive into reverse exchanges, improvement exchange, vacation properties and combinations. REGISTER
This webinar is free as part of
CPE PLUS,
a member benefit.
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| Get Involved
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Join a MassCPAs Committee
Stay on top of issues affecting your organization, get updates on changes happening in the profession and expand your network by joining a MassCPAs committee! To learn more, click here or contact Jill Foley.
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Virtual Women's Mentoring Circles - Woburn (10/20)
- Braintree (10/26)
- Boston (11/3)
- Statewide (11/18)
If you're interested in attending, please contact Jill Foley. |
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October Virtual Committee Meetings
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Virtual Conferences
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Join us November 4-5 for our Real Estate Virtual Conference! In this two half-day virtual conference, we'll discuss post-pandemic tax strategies and opportunities, the use of robotic process automation and application integration to gain a competitive advantage, a Boston planning update and much more!
REGISTER
This could be free if you register by October 14! Learn more here.
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| Career Center
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Save 20% on your job posting or any posting package! Use code
REFRESH
to redeem this offer, which is valid for an entire year, so stock up now! The sale will end at 11:59 p.m. on October 15, 2021. If you have any questions or need assistance, contact Kara Kieran.
LEARN MORE
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Job Postings
- Assistant Controller - Brooks School
- Senior Director - eCratchit Nonprofit Inc.
- Senior Accountant - Goodwin Procter LLP
- Attestation/Accounting Professional - Coles & Bodoin, LLP
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Per Diem Job Postings
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Tax Staff - Courtney CPA, P.C.
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CPA/Tax Professional -
Cunningham Macey & Heshion, P.C.
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Tax Preparer/Accountant – Darosa Tax Service
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Tax Return Reviewer – Karen M. Saporito, CPA
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| Member News
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TONNESON + CO, Wakefield, announced that:
- ORLA KELLY, MOLLY TANSEY and
RYAN ZHONG joined as audit associates
- ANDREW MASTROCOLA joined as a tax associate
- RICHARD MASTROCOLA, CPA, and
JAMIE TONG-CHOW, CPA, were guests on the Dear Accountant podcast. Mastrocola was also a guest on the Brand Heart podcast.
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MA DOR Withdraws Proposal to Require Sales Tax Breakdown
Charitable Deductions in 2020
Engagement Letter
Registering in NJ for Payroll Witholdings with Foreign Parent
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|  |  | *See the results in next week’s Friday@Five!
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| Last week's results:
10% Yes, register me for the next meeting
90% Not at the moment
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| NEW Program! Acts of Confidence
In partnership with the Maryland, Iowa, California, New Jersey, Colorado and Oregon Societies of CPAs, MassCPAs is now offering the Acts of Confidence, a 10-week program designed to help participants develop an awareness of their relationship with confidence. Beginning on October 19 at 5:00 p.m., this program will have weekly modules and small acts of confidence that provide a sustainable and progressive path towards achieving this goal.
To sign up and learn more about this program, click here.
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| Volunteer Opportunities
Bookkeeper/Tax Prep - Tertulia
Accountant - ANIKAYA/Akhra, Inc.
Treasurer – Working Moms Playgroup
Volunteer Board Member – BAMSI
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105 Chauncy Street, 10th Floor, Boston, MA 02111
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