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News & Updates from the
Government Affairs Team
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We're
working to keep you informed in a world that changes by the minute.
If you have anything you'd like to share, or if we can help you in
any way, please email Zach Donah
or Larry Liuzzo.
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Next Tuesday, 9/6: Primary Election Day
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Make a Plan! Three Things to
Know and Do for September 6
- Be informed: The MassCPAs Government Affairs team
interviewed candidates running for Massachusetts Governor and
State Auditor. You can read the interviews here:
Governor
Candidates Interview and State
Auditor Candidates Interview. Please note, there are
many other contested races. To view who you can vote for and
what your primary day ballot will look like, click
here.
- Find
your polling place
- Vote! Early voting ends tomorrow, September
2 or vote on Election Day,
September 6
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Massachusetts Department of Revenue (DOR): FY22 Net
State Tax Revenues Exceed Allowable State Tax Revenues by $2.9
Billion
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In a letter to State Auditor Suzanne
Bump yesterday, the Massachusetts
DOR submitted a report indicating that the FY22 net state tax
revenues exceeded allowable state tax revenues by over $2.9
billion.
The DOR certified the FY22 net state revenues at a total of
$41,812,654,358, exceeding the FY22 allowable state tax revenue of
$38,871,154,627 by $2,941,499,730. As stipulated by M.G.L.
Chapter 62F, Auditor Bump has until September 20 to
determine whether the net state revenues exceed the allowable state
tax revenues.
Should Auditor Bump certify the net state revenues provided by the
DOR, Massachusetts taxpayers will be set to receive the excess revenues
back from the state. Because of the excess revenues, state
legislators chose not to pass the $4 billion economic development
bill that included several tax relief proposals, including the
changes to the estate tax, and decided to wait to see how much money
would go back to taxpayers as determined by this law. Legislative
leaders have committed to working on tax relief this fall, but likely
not until after Auditor Bump certifies the tax revenues.
We have continued our advocacy efforts with the House and Senate
since the end of formal sessions to push for action on the tax relief
proposals. We will keep you posted on any developments.
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Inflation Reduction Act 2022
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Amy Pitter, MassCPAs president and CEO,
was recently featured in the Bloomberg
Tax opinion pages with her take on the $80 billion in new
funding for the IRS. Amy writes why she believes more money should be
dedicated to improving service levels rather than investing in
additional enforcement activities. Read the full piece here.
The Journal of
Accountancy's Alistair Nevius, J.D. has more
details on the tax provisions within the Inflation Reduction Act 2022
here.
MassCPAs is offering webinars on the
Inflation Reduction Act 2022. Register for the date that works best for you!
Can't join us on one of those dates?
We're also offering a seminar with our go-to tax guru Sue Smith, CPA,
on this topic on Monday, September 12. To register, click here.
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Even though formal legislative sessions ended in July,
the Legislature may very well take up a few major outstanding bills
this fall, including the several tax relief proposals that have
stalled in a conference committee. There’s no better time to sign up as
a MassCPAs CPA Advocate and help us with our advocacy efforts. Sign up today!
If you want to learn more about the CPA Advocate program email
Larry Liuzzo.
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Calling All CPAs – Share Your “Why”
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As part of MassCPAs' efforts to attract the next
generation of CPAs to the profession, we are seeking members to share
their "why"—why you became a CPA and why you remain one. We
are looking to highlight the career and personal benefits that only
come with having this designation. Please
take this one-question survey to tell us your
“why.” We will share responses with high school and college students,
and feature them on our social media, throughout the fall. TAKE
THE SURVEY
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Federal and State Tax News
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