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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. |
Massachusetts September Revenue Collections at $3.992 Billion
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The Massachusetts Department of Revenue (DOR) announced September 2021 revenue collections totaled $3.992 billion, which is $848 million (27%) more than September 2020 and $501 million (14.3%) above monthly benchmarks.
FY22 year-to-date collections total $8.751 billion, which is $1.501 billion (20.7%) more than the same period of FY21, and $525 million (6.4%) more than year-to-date benchmark.
For more details on the September 2021 revenue collections, click here.
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Massachusetts Legislature Enacts Pass-Through Entity (PTE) Legislation
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The Massachusetts Legislature overrode Governor Baker’s August veto and enacted legislation that allows PTE and other eligible businesses to pay state income tax at the entity level and would collect an estimated $90 million in revenue. The credit is available to qualified members in an amount proportionate to each qualified member’s share of the tax due multiplied by 0.9, much like the model used in Connecticut. To view the bill and votes, click here.
We’ve been in touch with the DOR who has indicated they are working on the forms, and expect those and a TIR will be issued soon.
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IRS Service Levels Hit New Low – MassCPAs Responds
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The MassCPAs government affairs team has been in touch with staff on the U.S. Committee on Ways & Means to talk about the current IRS service levels and to alert them of robo calls that allow subscribers to jump into a call that is already on hold, to move ahead in the queue. We are staying on top of this issue and will let you know of any updates.
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“This is just one of the many reasons why, I can’t stop bragging about MassCPAs! They are always protecting the interests of the small and global practitioners alike.”
– Fola Bamgbowu, CPA
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If you have been solicited by, or have subscribed to, businesses advertising reduced hold times for IRS services, please share your thoughts and concerns by emailing Zach Donah or Larry Liuzzo.
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Massachusetts Legislature: American Rescue Plan Act (ARPA) Bill Expected by Thanksgiving
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The Joint Committee on Ways and Means finished a series of ARPA-related hearings this week and will finalize the details on how to allocate the roughly $4.8 billion in federal funds over the next few weeks.
The Committee began the ARPA hearings in July and gathered testimony from administration officials, planning councils, housing advocates, business groups and others. The hearings focused on healthcare, public health, mental health and human services; economic development, transportation, arts, tourism, climate and infrastructure; and education, social equity, safety net programs and families. A recent report indicated that more than 90% of Massachusetts’ ARPA money has yet to be allocated. The Legislature has until 2024 to allocate the funds and until 2026 to spend it. To learn more, click here.
House and Senate leaders also have their eyes set on the proposed $1.5 trillion federal infrastructure bill before Congress as any legislation enacted on the federal level will have financial impacts on Massachusetts. A vote on that infrastructure bill is expected by October 31, according to House Speaker Nancy Pelosi.
Senate President Karen Spilka and House Speaker Ron Mariano expect legislation allocating the ARPA funds to be wrapped up by the Thanksgiving holiday. We will keep you posted on any developments.
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DOR & IRS Updates
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Guidance for Paycheck Protection Program (PPP)
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