Dear Elizabeth,

It’s the buzz of our office, as I’m sure it is at yours: Governor Baker unveiled his first budget this week, in which he proposed some noteworthy – and surprising – tax changes. One change in particular has received significant news coverage, and that’s the proposed elimination of the film-tax credit to offset an expansion of the earned income tax credit.

The film-tax credit pays 25% of wages and expenses for films created in Massachusetts and waves the state’s sales tax on production. In explaining the move, the Governor said he does not believe the credit is a fundamental reason people choose to make a film in Massachusetts. A 2014 report issued by the DOR notes that in 2012, $78.9 million in tax credits were generated and $304.4 million in new spending was attributed to the credit, two-thirds of which was categorized as non-Massachusetts spending.

While the film-tax credit is a hotly debated issue, I can’t imagine the proposal to kill it will go without criticism, especially from CPAs. So, we want to know: do you support the Governor’s plan to end the film-tax credit? Click here to take a one-question survey. I’ll reveal the results in next week’s issue.

Of course, there was much more to Governor Baker’s budget, and we’ve summarized the main points for you in our blog. Here, you’ll quickly find all the information you need to stay on top of your game.

This news is set to affect CPA firms statewide, and I will keep you posted on any developments.  One thing is for sure: between the snowstorms, the problems plaguing the MBTA and the extent of the budget shortfalls, the Governor’s first months on the job have been eventful.

Beth Lyons, CAE
Interim President and CEO

CPE:

Annual Update for Controllers (4/28)
Strengthen your abilities as a controller and help your management team understand current economic issues through the latest trends in accounting, finance, human resources, treasury management and business systems. In this course you will discuss leading-edge topics in managerial accounting and finance in a session that is packed with useful tips and practical guidance that you can apply immediately.

The New Controllership: Keys to Boosting Corporate Performance (4/29)
Make a clear and important distinction between the older-style organization similar to GM and the newer organizations like Google or Apple. As the course moves through the subjects, constant contrast is made between how things are done in the modern versus the older-style organization. Make sure you have all the right tools to thrive in today's environment and manage a more successful organization!

Register before May 1, 2015 for an additional $20 early bird savings on these programs. May through January 2016 programming will be posted online shortly!

LEGISLATIVE UPDATE:

IRS Updates
• IRS Proposes Safe Harbor for Slot Machine Players
• IRS Steps Up Prosecutions for Identity Theft
• Tax Refunds Reach Almost $125 Billion Mark; IRS.gov Available for Tax Help
• Winter 2015 Statistics of Income Bulletin Now Available
• IRS Provides Estimated Tax Penalty Relief to Farmers and Fishermen Receiving Corrected Premium Tax Credit Forms

DOR Updates
• February Revenues Far Exceed Expectations

White House Not Ruling Out Executive Action on Taxes
The Obama administration is not ruling out using executive powers to address the tax code. The White House has pressed Congress to act on changes, which focus around closing loopholes for the wealthy and corporations.

U.S. Supreme Court Hears Arguments on ACA Tax Credit Case
The opening arguments in the on Obamacare subsidies were heard Wednesday before the Supreme Court, and the judges did not give much insight into how they will rule. A decision limiting the credits might unravel the Affordable Care Act, making other core provisions ineffective and potentially causing the market for individual insurance policies to collapse in much of the country.

NETWORKING:

Committee Meeting
• Governmental Accounting & Auditing (3/13)

Save the Date! Women's Golf Outing & Clinic (6/9)
Enjoy a day of golf and networking at Juniper Hill Golf Course. Play 18 holes with your colleagues, family and/or friends - women of all skill levels are welcomed and encouraged. Join us after the tournament for lunch, networking and awards in The Pavillion. This event is a great opportunity to meet new business contacts and bond with co-workers.

MEMBERSHIP:

Member Spotlight On...You?
In every issue of SumNews, the MSCPA turns the spotlight on members who are making an impact in their community, profession or at the Society. If you are interested in being highlighted or nominating another member for the spotlight, please contact Elizabeth Emanuelson at eemanuelson@mscpaonline.org.

Now Accepting Women to Watch Award Nominations
Nominate a rising star or leader in the profession. The MSCPA’s 7th Annual Women to Watch Awards recognizes MSCPA members who have made significant contributions to the accounting profession, their community, place of employment and/or to the development of women as leaders. Winners will be honored at the Women’s Leadership Summit on October 29. Click the button below to learn more and view a list of previous winners.

NEWS & EVENTS:

New Volunteer Opportunities
Masterworks Chorale - Treasurer/Accountant
Open Theatre Project - Bookkeeper/Financial Advisor

It's a Seller's Market for Accountants: Report Finds Demand is High
For accounting and finance professionals, it’s official:  the job market pendulum has swung in their favor.

CPAs Dish on Crazy Tax Stories Seven Habits of Organized People
From a skeleton to Fido, CPAs reveal the eight nuttiest tax write-off attempts.

Temporary Job Postings
Looking for temporary work? Employers post temporary and seasonal job opportunities on our website almost daily. Browse to find the right position, or post your temporary position for free.