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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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Your Feedback is Needed! AICPA’s Statements on Standards
for Tax Services (SSTSs)
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Henry Grzes, CPA, lead manager
of tax practice and ethics of public accounting at the American
Institute of Certified Public Accountants (AICPA) presented on
the proposed SSTSs changes at our Taxation Committee meeting this
past Tuesday.
As you know, the AICPA is seeking your feedback on the Tax Standards
(SSTS).
You can learn more about the proposed revisions to the AICPA tax
standards here
and more about the SSTS here.
Please complete the comments form or email
your feedback here by December 31. Comments
will be available for viewing on the AICPA’s website at the conclusion
of the comment period.
You can view Grzes’ presentation here
and additional materials here.
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Chapter 62F Tax Refund Distribution Has Begun
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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. In the coming weeks, an
estimated three million taxpayers will receive a refund equal to 14%
of their 2021 Massachusetts income tax liability. This is higher than
the previously
shared preliminary estimate of 13%, which was
based on projections made prior to the tax extension due date of
October 17, 2022.
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. Approximately 500,000 refunds will be
distributed during the first week, and approximately one million
refunds will be distributed weekly thereafter until all currently
eligible refunds have been distributed.
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.
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GE Appliance
Store Black Friday Sale (ends November 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
is available now and ends on 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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