|
|
|
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.
|
Election Day: Tuesday, November 8
|
Election Day is next Tuesday, November 8! The
Massachusetts Secretary
of State’s Elections Division has all the election information you
need to know:
For more elections information and resources click
here.
|
MassCPAs Opposes Ballot Question 1
|
After gathering feedback from our members and with the
support of our Board of Directors, MassCPAs issued a public statement
in opposition to Ballot Question 1, the proposed constitutional
amendment that would establish an additional 4% state income tax on
income over $1 million.
You
can read the full statement here.
|
Massachusetts Legislative Leaders Reach Deal on $3.7
Billion Economic Development Bill; Permanent Tax Relief Not Included
|
Yesterday, Legislative leaders announced an agreement on
a $3.7
billion economic development bill that “will help
ease the financial strain brought on by challenging economic
conditions in Massachusetts,” according to a joint statement from the
leaders. The legislation does not include any permanent tax relief
provisions, including the estate tax overhaul, that were included in
the original bill.
According to the statement, “House and Senate leaders are committed
to revisiting the issue of broader, more permanent tax relief next
session.” The MassCPAs government affairs team will continue to
advocate for an overhaul to the estate tax code, among other relief
provisions. If you would like to get involved in our advocacy
efforts, sign
up to become a CPA Advocate.
The Boston Globe’s
Matt Stout and Samantha Gross have more here.
|
Chapter 62F Tax Refund Distribution Began This Week
|
Below is an alert from the Massachusetts Department of
Revenue (DOR):
On Tuesday, the DOR 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.
Taxpayers who have already filed their 2021 tax return and had a tax
liability will automatically receive their refund by December 15,
2022 – no action is needed. Individuals who have not yet filed their
2021 tax return but file by September 15, 2023, will be eligible to
receive a refund. Such individuals, if eligible, will receive their
refund automatically approximately one month after filing.
Please note that an individual’s credit may be reduced due to refund
intercepts, including for unpaid taxes, unpaid child support and
certain other debts.
Additional information about Chapter 62F taxpayer refunds, including
FAQs and a refund estimator can be found here.
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.
|
The Internal Revenue Service (IRS) Unveils Pilot Program
to Improve Customer Service on Practitioner Priority Service (PPS)
Line
|
The IRS unveiled a pilot program dedicated to improving
customer service and reducing wait times on the PPS phone line. In
response to significantly increased hold-times, exacerbated by
third-party call center-type vendors, the program will prompt PPS
line callers to verbally repeat phrases before being transferred to a
live IRS agent.
You
can read more about the IRS pilot program here.
|
Your Feedback is Needed! AICPA’s Statements on Standards
for Tax Services (SSTSs)
|
The AICPA seeks your feedback
on the Tax Standards (SSTS).
The combined Exposure Draft (ED) and Invitation to Comment (ITC)
presents the findings and conclusions of the SSTS Revision Task Force
as approved by the Tax Executive Committee (TEC). The document is
divided into two sections: Part 1: ED and Part 2: ITC. The ED
presents changes the AICPA proposes to make to the SSTSs. Following
consideration of comments received, the changes outlined in the ED,
if adopted, are expected to be included in a revised SSTSs document
to be approved no later than May 31, 2023, and effective
January
1, 2024.
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.
|
Grow Your Career with MassCPAs!
|
|
|
Did
you know that getting involved
with
MassCPAs will help you grow in your career? Join us on Tuesday,
November 15, for a FREE
webinar on
our programs and how you can get involved. You'll learn about
our CPE offerings, committees, conferences, roundtables,
networking opportunities, benefits, resources and more!
REGISTER
|
|
|
|
GE Appliance Store Black Friday Sale (November 2–30)
|
|
|
Federal and State Tax News
|
|
|
|
|
|
|
