From:                                         The Massachusetts Society of CPAs <masscpas@masscpas.org>

Sent:                                           Thursday, September 8, 2022 9:36 AM

To:                                               Hannah Naranjo

Subject:                                     MassCPAs Legislative Brief

 

Your weekly advocacy news

Massachusetts Society of CPAs (MassCPAs)

News & Updates from the Government Affairs Team 

MassCPAs Legislative Brief

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.

November 8 Election Day Ballot Takes Shape

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.

Massachusetts August 2022 Revenue Collections Total $2.601 Billion

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.

Massachusetts DOR FY2022 Net State Tax Revenues Exceed Allowable State Tax Revenues by $2.9 Billion

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.

MassCPAs Offerings: Inflation Reduction Act of 2022

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

Auditor Feedback Needed: AICPA Government Audit Quality Center

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.

Federal and State Tax News


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