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News & Updates from the
Government Affairs Team
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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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November 8 Election Day Ballot Takes Shape
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With the results from Tuesday’s
elections finalized, the stage is set for the general elections.
There were several contested primary races, including those for
Governor, Lt. Governor, Attorney General, State Auditor
among others. Below are the candidates for the statewide offices
who will be on the November 8 ballot.
Governor
Maura Healey (D)
Geoff Diehl (R)
Lieutenant Governor
Kim Driscoll (D)
Leah Allen (R)
Attorney General
Andrea Campbell (D)
Jay McMahon (R)
State Auditor
Diana DiZoglio (D)
Anthony Amore (R)
Secretary of State
William Galvin (D)
Rayla Campbell (R)
Treasurer
Deb Goldberg (D) Running
Uncontested
There were many other races held on
Tuesday, including for Congress, the State Legislature, Sheriff,
District Attorney and others. For information on who won and
other election-related news, click
here.
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Massachusetts August 2022 Revenue Collections Total
$2.601 Billion
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The Department of Revenue (DOR)
announced August 2022 revenue collections totaled $2.601 billion,
which is $103 million (4.3%) more than August 2021.
FY23 year-to-date collections total $5.007 billion, which is $249
million (5.2%) more than the same period of FY22. The DOR further
stated after adjusting for pass-through entity (PTE) excise, FY23
year-to-date collections are $255 million (5.4%) more than
collections in the same period of FY21.
To learn more, click here.
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Massachusetts DOR FY2022 Net State Tax Revenues
Exceed Allowable State Tax Revenues by $2.9 Billion
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In a letter to State Auditor Suzanne
Bump last week, the Massachusetts DOR submitted a report indicating that the FY22 net state tax revenues
exceeded allowable state tax revenues by over $2.9 billion.
The DOR certified the FY22 net state revenues at a total of
$41,812,654,358, exceeding the FY22 allowable state tax revenue of
$38,871,154,627 by $2,941,499,730. As stipulated by M.G.L. Chapter 62F,
Auditor Bump has until September 20 to determine whether the net
state revenues exceed the allowable state tax revenues.
Should Auditor Bump certify the net state revenues provided by the
DOR, Massachusetts taxpayers will be set to receive the excess
revenues back from the state. Because of the excess revenues, state
legislators chose not to pass the $4 billion economic development
bill that included several tax relief proposals, including the
changes to the estate tax, and decided to wait to see how much money
would go back to taxpayers as determined by this law. Legislative
leaders have committed to working on tax relief this fall, but likely
not until after Auditor Bump certifies the tax revenues.
We have continued our advocacy efforts with the House and Senate
since the end of formal sessions to push for action on the tax relief
proposals. We will keep you posted on any developments.
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MassCPAs Offerings: Inflation Reduction Act of 2022
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MassCPAs is offering webinars on the
Inflation Reduction Act of 2022. Register
for the date that works best for you!
Can't join us on one of those dates?
We're also offering a seminar with our go-to tax guru Sue Smith, CPA,
on this topic on Monday, September 12. To register, click
here.
Amy Pitter, MassCPAs president and CEO, was recently featured
in the Bloomberg Tax
opinion pages with her take on the $80 billion in new funding for the
IRS that was included in the recent legislation. Amy writes why she
believes more money should be dedicated to improving service levels
rather than investing in additional enforcement activities. Read the full piece here.
The Journal of
Accountancy's Alistair Nevius, J.D. has more
details on the tax provisions within the Inflation Reduction Act of
2022 here.
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Auditor Feedback Needed: AICPA Government Audit Quality
Center
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Due to the historic amount of
federal pandemic funding, the AICPA Government Audit Quality Center
(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 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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CPAs
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