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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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Tax Foundation: Massachusetts Lost 36,000+ Taxpayers
2019-2020
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Using data from the U.S. Census
and the Internal Revenue Service (IRS), Katherine Loughead of the Tax
Foundation reported that Massachusetts lost 36,982 taxpayers in
2019-2020 – the fourth most in outbound migration in the
country.
In her report, Loughead writes, the “latest IRS and Census data show
that people and businesses favor states with low and structurally
sound tax systems, which can impact the state’s economic growth and
governmental coffers.”
Twenty-two states and Washington, D.C. saw a net loss in income tax
filers from interstate migration during this period with
Massachusetts trailing only Illinois, California and New York.
The report further states that among taxpayers with at least $200,000
in adjusted gross income (AGI), Massachusetts ranked 4th in states
that experienced the highest outbound migration of high-income
residents, equating to over $2.5 billion in income lost to other
states.
Massachusetts voters will take to the polls in a few weeks to vote
for numerous positions in state, federal, county and local
governments, as well as several ballot questions including the “Fair
Share Amendment,” which would impose a 4% surtax on income over $1
million. In a MassCPAs
poll conducted in a recent issue of the Legislative Brief, 73% of
respondents are “somewhat or much more likely to recommend” clients
leave the state should the ballot question pass.
To read the Tax Foundation report, click
here.
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MassCPAs President and CEO Amy Pitter Urges the
Legislature to Pass Estate Tax Reform
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Amy Pitter, MassCPAs president
and CEO, was recently featured in
CommonWealth Magazine, renewing her calls to the
Legislature to pass legislation that would update the Massachusetts
estate tax code.
As part of the $4 billion economic development stalled in committee,
Pitter says that modernizing the estate tax “costs little and
protects the middle class, while preventing a flight of wealthy
taxpayers from the Commonwealth.”
To read her
opinion piece, click
here.
We remain actively engaged with legislators and staff advocating for
a modernized estate tax, and will keep you posted on any
developments.
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Department of Unemployment Assistance (DUA): 10/15
Deadline to Apply for Forgiveness for Non-Fault Overpaid UI Benefits
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We are aware of notices going
out from the Massachusetts DUA to taxpayers indicating potential
overpayments in Pandemic Unemployment Assistance (PUA) benefits. The
deadline to apply for debt forgiveness is this Saturday, October 15.
To learn how to apply for forgiveness, appeal a decision and
more, click
here.
We are in contact with the DUA and will keep you posted on any
additional information we may hear.
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Massachusetts Department of Revenue (DOR):
MassTaxConnect Offline Friday, October 21 – Monday, October 24
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Next Friday, October 21, at 11:00 p.m. EDT,
MassTaxConnect (MTC), including all payment methods, will be
unavailable and offline for maintenance. MTC will be back online
starting Monday, October 24, at 6:00 a.m. Please plan appropriately
for this production downtime. The DOR apologizes for any
inconvenience this may cause.
To sign up for the DOR mailing list, click
here.
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Massachusetts September 2022 Revenue Collections Total
$4.187 Billion
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The DOR announced September 2022 revenue collections
totaled $4.187 billion, which is $194 million (4.9%) more than
September 2021.
FY23 year-to-date collections total $9.194 billion, which
is $443 million (5.1%) more than the same period of FY22 and $224
million (2.5%) more than year-to-date benchmark. The DOR further
stated after adjusting for pass-through entity (PTE) excise, FY23
year-to-date collections are $231 million (2.6%) more than
collections in the same period of FY22.
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One-Time Refunds Expected This November
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Due to $2.9 billion in excess revenue collected by the
state, eligible Massachusetts
taxpayers can expect to receive a one-time refund beginning November
2022. For more information on the refunds and to see what your
estimated refund may be, click
here.
For more information on Auditor Bump’s report, click
here.
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2022 General Elections Information and Resources
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The November 8 Election Day is less than a month
away. The Massachusetts Secretary
of State’s Elections Division has all the elections information you
need to prepare:
For more elections information and resources click
here.
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Federal and State Tax News
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