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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 Results
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Massachusetts voters took to the polls on Tuesday to vote
for candidates running for federal, state and county offices,
including Governor, Lt. Governor, Attorney General, State Auditor,
Representative in Congress and other state and county elected
offices, as well as their state senators and state representatives on
Beacon Hill.
Below are the statewide candidates who won their respective races:
- Governor/Lt. Governor: Maura Healey
and Kim Driscoll
- Attorney General: Andrea Campbell
- State Auditor: Diana DiZoglio
- Secretary of State: William Galvin
(Incumbent)
- Treasurer: Deborah Goldberg
(Incumbent)
Massachusetts voters also voted on several ballot
questions, including Question 1 – also known as the “Fair Share
Amendment” or “Millionaires Tax,” which passed with 51.9% of the
vote. Due to a hotly contested public relations contest between the
‘Yes on 1’ and ‘No on 1’ campaigns, the results of that ballot
question remained “too close to call” well into yesterday afternoon. The Boston Globe’s
Dana Gerber and Jon Chestor have more on Question 1 results here.
For more Election Day results, click
here.
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Massachusetts October 2022 Revenue Collections Total
$2.359 Billion
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The Department of Revenue (DOR) announced October 2022
revenue collections totaled $2.359 billion, which is $85 million
(3.5%) less than October 2021, but $293 million (14.2%) more than
benchmark.
FY23 year-to-date collections total $11.565 billion,
which is $369 million (3.3%) more than the same period of FY22 and
$529 million (4.8%) more than year-to-date benchmark.
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Massachusetts Legislature Passes $3.7 Billion Economic
Development Bill; Permanent Tax Relief Not Included
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Last week, the Massachusetts Legislature passed a $3.7
billion economic development 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.
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.
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Chapter 62F Tax Refund Distribution Has Begun
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Below is an alert from the Massachusetts Department of
Revenue (DOR):
Last week, 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.
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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Your Feedback is Needed! AICPA’s Statements on Standards
for Tax Services (SSTSs)
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The AICPA seeks 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.
Join us next Tuesday, November 15, at 8:30 a.m. for our virtual Tax
Committee meeting where Henry Grzes, CPA, lead manager of tax
practice and ethics of public accounting at the AICPA will present on
the proposed changes. To register, click
here.
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Grow Your Career with MassCPAs!
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Did
you know that getting involved
with
MassCPAs will help you grow in your career? Join us next
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
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Member Benefit Spotlight: GE Appliance Store Black
Friday Sale (November 2–30)
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Federal and State Tax News
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