From: MassCPAs Government Affairs Team <masscpas@masscpas.org>

Sent: Thursday, January 26, 2023 9:36 AM

To: Hannah Naranjo

Subject: MassCPAs Legislative Brief

Your weekly advocacy news

News & Updates from the Government Affairs Team

FY24 Consensus Revenue Hearing 

State budget leaders Senator Michael Rodrigues, Chair of the Senate Committee on Ways and Means, Representative Aaron Michlewitz, Chair of the House Committee on Ways and Means, and Matthew Gorzkowicz, Administration and Finance Secretary, held the FY24 Consensus Revenue Hearing this past Tuesday, hearing testimony from the Department of Revenue (DOR), State Treasurer Goldberg and economic experts as they begin to craft the new Fiscal Year (FY24) budget.

FY24 revenue estimates ranged anywhere from $39 billion to $42 billion – estimates that both included and excluded revenue generated from the 4% surtax on income over $1 million. Throughout the hearing, budget leaders and those presenting repeatedly stated the challenge of forecasting revenue and surtax collections given the state of the economy, potential recession concerns and other factors that may dictate future state collections. 

Budget leaders are due to release the FY24 Consensus Revenue figure by next Tuesday, January 31. 

Check out these resources learn more:

• Top Budget Officials Still Undecided on Tax Cuts
• Millionaire’s Tax Adds a New Variable in Uncertain State Budget Cycle
• Legislators Still Feeling Sting from 62F
• Next Year Critical to State Bond Rating, Goldberg Says

You can also listen to the recording of the revenue hearing here.

DOR Tax Filing Season Resources

Massachusetts taxpayers will have until Tuesday, April 18, to file federal and state 2022 income tax returns. 

Below are links to various DOR webpages with important tax season information. The DOR has committed to updating these webpages when necessary. If you have questions, please email Larry Liuzzo. 

• DOR Tax Due Dates and Extensions (Updated 1/25)
• 2022 MA Corporate Tax Forms (Updated 1/24)
• 2022 MA Personal Income Tax Forms (Updated 1/19)
• DOR Approved Software Developers
• MA DOR Technical Information Release: Personal Income Tax Conformity
• New: Working Draft TIR: Ch. 62 Conformity to Select Provisions of the 2022 IRC
• The DOR has committed to releasing additional guidance on other areas that have yet to be addressed. If you have requests for additional guidance, please email Larry Liuzzo.
• Tax Department Contact Center | Call 617.887.6367

Internal Revenue Service (IRS) Tax Filing Season Resources 

For IRS resources and tips for a smooth filing season, click here. 

Additional Federal and State Tax Resources 

• IRS Updates Digital Assets Question, Reminder to Report All Digital Asset Income
• National Taxpayer Advocate Delivers 2022 Annual Report to Congress
• IRS Delays Form 1099-K $600 Reporting Threshold
• TIR 22-16: Interest Rate on Overpayments and Underpayments
• 830 CMR 62C.25.1: Record Retention
• 830 CMR 64N.1.1: Marijuana Retail Taxes
• What’s New and What to Consider When Filing in 2023

Share your expertise – and promote your profession! 

MassCPAs members will be featured in the media discussing hot topics throughout tax season. If you are interested in participating, please email Elizabeth Emanuelson. 

How are we doing?

How likely are you to recommend MassCPAs membership to a friend or colleague? Please complete this brief, one question survey by tomorrow, January 27.

MassCPAs’ 2023 Wellness Program

Join the 7^th Annual MassCPAs Fitness Challenge February 7 – April 18. Sign up by 11:59 p.m. on February 6 Individuals and teams of up to 50 participants Awards given for overall winner and based on team size (calculated by average) Create or join your team here Questions? Contact Hannah Naranjo.

The Fitness Challenge is part of MassCPAs’ 2023 Wellness Program, designed to help members achieve their whole-body health goals. As a part of this program, MassCPAs is offering a series of wellness webinars (1 CPE credit each) throughout tax season.

Learn more and register below:

• How to Recognize the Signs to Avoid Burnout | February 24, 12:00 - 1:00 p.m.
• Minding Your Assets: Improving Your Holistic Health | March 24, 12:00 - 1:00 p.m.

We also invite you to join Bridget Harton Fitness for a free week of yoga. Visit our website for more details. 

Have a question, ideas or feedback you'd like to share? We're here for you! Reach out to Larry Liuzzo for assistance.

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