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We are thankful for you and all your
support in our legislative efforts. We hope you are able to enjoy
tomorrow with family, friends and those you hold dear. Happy
Thanksgiving from MassCPAs’ Government Affairs team!
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Update on Certain Department of Revenue (DOR) Guidance
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Thank you to those who have
reached out seeking various guidance from the DOR on the impact the
4% surtax on income over $1 million will have with existing statutes
and regulations, including the interplay with the pass-through entity
(PTE) excise.
We have requested such feedback with the DOR and will keep you posted
here as we learn more.
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DOR Working Draft: FY23 Budget Tax Provisions, Including
MA Personal Income Tax Code Update
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The DOR working draft Technical
Information Release (“TIR”) explains certain Massachusetts tax law
changes contained in the FY23 budget. These changes include (i) the
conformity of the personal income tax to the Internal Revenue Code
(“Code”) as amended on January 1, 2022 and in effect for the taxable
year; (ii) the decoupling of the personal income tax from Code §
199A, which provides a federal deduction for qualified business
income from a qualified trade or business operated directly or
through a pass-through entity; (iii) the creation of a personal
income tax exclusion for the forgiveness of student loans; and (iv)
the repeal of an unconstitutional tax on illegal drugs.
You
can read the TIR here.
Public comment period is open until end of business
day on Friday, December 16.
Please email comments here.
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Draft 2022 Tax Forms are Available for Review
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The DOR released draft tax year
2022 tax forms, for personal
income tax and corporate
tax, which are available on the DOR website. If
you have comments or questions, send them here.
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The Department of Revenue (DOR) recently began the
distribution of $2.941 billion in tax refunds in accordance with Chapter
62F, a Massachusetts law that requires tax
revenue collected in excess of an annual cap to be returned to
taxpayers. Refunds will be provided in proportion to Massachusetts
income tax liability incurred by taxpayers in the immediately
preceding taxable year – tax year 2021.
Refunds will be issued via direct deposit or mailed as a check.
Refunds issued by direct deposit will be labeled
“MASTTAXRFD.” Refunds mailed as a check will include several
sentences on the check explaining Chapter 62F and why the recipient
is receiving a refund.
A call center is available to answer questions about 62F refunds at
877.677.9727 and is open Monday through Friday from 9:00 a.m. - 4:00
p.m. The call center will not be able to provide exact refund
amounts; however, the estimator on the FAQs page can help individuals
calculate an estimate.
Please note: We understand many of you have
received conflicting information about Chapter
62F refunds for S
corporations and partnerships. The MassCPAs Government Affairs team
has been in touch with the DOR and are awaiting further
information.
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GE Appliance
Store Black Friday Sale (ends next Wednesday, 11/30)
The GE Appliance Store Black
Friday event is here! MassCPAs members receive additional savings on
select appliances and on orders of more than $499. This
offer ends next Wednesday, November 30. You
can check it out here.
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Save
on Your Travels this Winter!
Through MassCPAs Travel Savings Center, you have access to
exclusive travel savings from car rentals, hotels, and
ticketing discounts to condos, villas, cruises, guided tours
and group travel packages. Find exclusive savings from brands
like Avis/Budget, Wyndham, Collette and member-exclusive
hotel discount aggregators.
LEARN
MORE
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Save
When You Hit the Slopes this Winter at
Killington and Pico Mountain!
Enjoy 210+ trails at both Killington and Pico
Mountain! Use promo code COTIX2603 to receive
discounts on lift tickets, ranging anywhere from 25-50%. Check
out the discount rates here.
Questions?
Contact Jo McDonald
at 802.422.6119 or via email.
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Federal and State Tax News
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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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