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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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MassCPAs Fair Share Amendment Ballot Poll Results
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Last week, we asked you to take
a quick poll on the Fair Share Amendment, which would impose a 4%
surtax on income over $1 million. Thank you for taking the time to
answer!
Below are the results:
Based on the low estate tax
threshold, how often do you advise wealthy clients to change their
domicile from Massachusetts? (200 total clicks)
- 56% - Sometimes
- 15% - Never
- 29% - Always
Should the ballot question
pass, how will that impact the advice you give to clients regarding a
change in domicile? (163 total clicks)
- 18% - No Impact
- 26% - Somewhat More Likely
to Recommend
- 47% - Much More Likely to
Recommend
- 7% - Less Likely to
Recommend
- 2% - N/A
Do you support the Fair Share
Amendment? (160 total clicks)
- 17% - Yes
- 75% - No
- 8% - Not Sure
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To view a summary of
the summary of the proposed Fair Share Amendment, click
here.
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Massachusetts Auditor Bump Certifies $2.9 Billion in
Excess Revenue, Refunds Expected Beginning this November
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Last week, State Auditor Suzanne Bump determined the net
state tax revenue exceeded the allowable state tax revenue by $2.9
billion, as stipulated by M.G.L.
Chapter 62F. According to a press release from the Baker
Administration, “eligible taxpayers will receive a credit in the form
of a refund that is approximately 13% of their Massachusetts Tax Year
2021 personal income tax liability.” Refunds are expected to be
distributed beginning in November 2022. To read the press release, click
here. To see what your estimated refund may be, click
here.
The pending $4 billion economic development bill that contains
numerous tax relief proposals, including that to increase the estate
tax threshold, is all but certain to be the main topic of discussion
on Beacon Hill for the rest of the calendar year. Several legislators
we have spoken to over recent weeks seem confident that tax relief in
some form will happen this fall. We continue our advocacy efforts on
Beacon Hill and will keep you posted on any developments.
For more information on Auditor Bump’s report, click
here.
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2022 General Elections Information and Resources
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The November 8 Election Day is about seven weeks away.
The Massachusetts Secretary of State’s Elections Division has all the
elections information you need to prepare:
For more elections information and resources click
here.
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Auditor Feedback Needed: AICPA Government Audit Quality
Center (GAQC)
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Due to the historic amount of
federal pandemic funding, the AICPA GAQC is gathering auditor
feedback on how it can best support you. If you have clients that
have received federal pandemic funding subject to single audit, please
take this short survey by tomorrow, September 23.
Your feedback will help the GAQC continue to develop resources.
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Federal and State Tax News
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