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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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Governor Healey, Legislative Leaders Talk Tax Relief
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Earlier this week, Governor
Maura Healey met with House Speaker Ron Mariano and Senate President
Karen Spilka for their first official meeting of the new Legislative
Session. When asked about potential tax relief, all three suggested
that more details will be known after the consensus revenue hearing
that is scheduled for January 24, 2023.
Both Governor Healey and Senate President Spilka have
expressed their commitment to acting on tax relief during this
session, while House Speaker Mariano has said that the revenue
projections established by the consensus revenue hearing will help
determine his priorities.
MassCPAs is in contact with Governor Healey’s team, the
Legislature, and business community partners to advocate for such tax
policies and will continue our efforts in the months ahead.
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Massachusetts December 2022 Revenue Collections Total
$3.839 Billion
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The Department of Revenue (DOR)
announced December 2022 revenue collections totaled $3.839 billion,
which is $398 million (9.4%) less than December 2021, but $333
million (9.5%) more than benchmark. FY23 year-to-date collections
total $17.789 billion, which is $56 million (0.3%) less than the same
period of FY22 and $1.087 million (6.5%) more than year-to-date
benchmark.
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Massachusetts DOR: Conformity of Personal Income Tax to
the Internal Revenue Code (IRC) as of January 1, 2022
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The DOR released a Technical
Information Release (TIR) explaining 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.
Click
here to read TIR
23-1.
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.
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Take Our Survey: What’s Your Best Advice for Taxpayers
this Tax Season?
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What’s your best advice for
taxpayers this busy season? Share it with MassCPAs and we’ll feature
(and tag) you in our new Tax Tip Tuesday spotlight on social media
throughout tax season. Submissions may also be shared with the media
for potential member interviews on hot tax topics.
Click
here to submit
your advice.
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Draft 2022 Tax Forms 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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MassCPAs Trivia – Two Dates and Locations!
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- Teams of 2-6
people
- Firms/companies
can enter more than one team
- Registration
includes drink tickets and heavy appetizers
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MassCPAs’ 2023 Wellness Program
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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:
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Federal and State Tax News
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