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We are thankful for you and all your support in our legislative efforts. We hope you are able to enjoy tomorrow with family, friends and those you hold dear. Happy Thanksgiving from MassCPAs’ Government Affairs team!
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U.S. House of Representatives Passes Build Back Better Act
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Last week, the U.S. House of Representatives passed the $1.7 trillion Build Back Better Act (BBB) on a vote of 220 – 213, with no Republican support and one Democrat voting against it.
There are several tax provisions in the legislation including, but not limited to: - Extending the Earned Income Tax Credits (EITC) through 2022
- Increasing the SALT deduction cap from $10,000 to $80,000
- Implementing a 15% minimum tax on any profits of corporations with over $1 billion in profits
The
Journal of Accountancy has the details on the provisions and several other tax provisions of the legislation, which can be found here. You can also view the details on the non-tax provisions here.
The BBB is now before the U.S. Senate where it requires the support of all 50 Senate Democrats and the tie-breaking vote of Vice President Kamala Harris to pass. Senator Joe Manchin, West Virginia, and Senator Krysten Sinema, Arizona, have both publicly stated their concerns with the bill in its current form, which are sure to be focal points of negotiations. We will know more in the coming weeks and will keep you posted on any developments. |
Massachusetts Department of Revenue (DOR) Issues, SALT FAQs and Draft Entity Level Tax Form
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The Massachusetts Department of Revenue (DOR) recently released FAQs for the elective pass-through entity (PTE) excise that was adopted in September. To read the FAQs (last updated on November 19), click here.
The DOR also issued a draft form of the 2021 Massachusetts tax Form 63D-ELT Entity Level Tax. To view the draft form, click here.
We expect the DOR to issue further guidance and update the FAQs as more questions arise. We’ll keep you posted on any developments going forward.
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Shop Small on Small Business Saturday (11/27)
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We all know that small businesses are the core of our local economies, and when they succeed, so do our communities. Saturday is Small Business Saturday, a campaign to encourage us to shop small and help our small businesses thrive. For more information, click here.
Be sure to check your local media outlets or chambers of commerce to learn more about what’s happening in your area.
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DOR & IRS Updates
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Guidance for Federal Relief Programs
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Virtual Federal Tax Camp (12/8, 12/9 or 12/10)
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Register today with the promo code EARLY
to save $25 on your registration! This offer ends on November 30.
Join Sue Smith, CPA, on December 8, 9 or 10 for our Virtual Federal Tax Camp! Smith will provide the latest updates on the most important legislative and regulatory developments of the season, as well as major trends and changes in case law, with a view toward planning considerations.
REGISTER
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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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