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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 reach out to Zach Donah at zdonah@mscpaonline.org or 617.303.2411, or Larry Liuzzo at lliuzzo@mscpaonline.org or 617.303.2405.
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Massachusetts Senate to Unveil FY22 Budget Proposal on Tuesday
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The Massachusetts Senate is set to release its Fiscal Year 2022 budget proposal on Tuesday, May 11 with debate talks to begin the week of May 24. The Senate budget proposal is the last proposal from Beacon Hill before a conference committee convenes to finalize the details from the three budget proposals and unveil the final FY22 budget to be signed by the Governor.
As we mentioned last week, the House of Representatives approved its $47.716 billion budget for FY22.
The MSCPA Government Affairs team submitted testimony before the House began its budget debate on Monday in support and in opposition to several of the proposed amendments.
We are happy to report that each amendment on which we directly testified in support or opposition were either adopted or defeated.
To read our written testimony to Speaker Ron Mariano and Chairman Aaron Michlewitz, click here.
We will update you here on the budget process as it progresses through both chambers.
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Massachusetts April Tax Revenue Collections Total $3.865 Billion
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The Massachusetts Department of Revenue (DOR) announced that April 2021 collections totaled $3.865 billion, which is $1.885 billion more than April 2020 collections, and $385 million, or 11.1% beyond the benchmark.
The year-to-date total collections hover around $26.449 billion, or 14.8% more than this time last year.
To read the DOR's press release on preliminary revenue collections for April 2021, click here.
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Massachusetts Unemployment Insurance Trust Fund Information
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At a Small Business Day event yesterday, an official from the Executive Office of Labor and Economic Development, stated that the Baker administration is looking to propose a solution to the unexpected, yet significant, hike to the 2021 solvency rate “very, very shortly.”
Senate Minority Leader, Bruce Tarr, at the same forum, elaborated on the topic and stated that one factor complicating how to deal with the matter is the pending guidance from the federal government on how state government may use the federal funds provided in the recently passed American Rescue Plan Act, which is not expected until mid-May.
In mid-April, Amy Pitter, MSCPA president and CEO, called on the administration to act with urgency “to offset the unanticipated surge in rates impacting thousands of businesses by injecting federal stimulus dollars to address the UI Trust Fund’s insolvency.”
Pitter stated that the significant increase to the employer’s solvency rate contribution overturned any relief for small businesses from the recent freeze to UI contribution rate.
To read Amy’s letter to Governor Baker, click here.
Please note: The Department of Unemployment Assistance has extended the Q1 payment deadline to June 1.
We will keep you posted on any developments.
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Small Business Administration (SBA) Stops Accepting New Paycheck Protection Program (PPP) Applications
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The SBA announced Tuesday that is has stopped accepting new applications for PPP loans due as the general fund has run out of money. This news comes about a month before the May 31 deadline.
According to
ConsumerAffairs,
lenders are still able to process pending applications for certain applicants as part of community financial institutions (CFIs), which typically work with businesses in “underserved communities.”
We will provide additional information as we learn more.
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Webinar: Legislative Update (5/27)
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Join the MSCPA Government Affairs team for an update on the Society’s legislative and regulatory agenda, the Fiscal Year 2022 state budget process, the future of the CPA Exam and much more.
As part of our CPE PLUS program, this webinar is FREE to all MSCPA members!
Date: Thursday, May 27
Time:
12:00 – 1:00 p.m.
CPE: 1 credit
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June 30 CPA License Renewal Reminder
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The June 30 deadline for odd year licensees is approaching.
Please note:
The code to renew your license with the Board of Public Accountancy will be sent to you via mail, or you can find your code to access your renewal here.
Please ensure that the Board has your correct address on file. To access your ePLACE Portal account, click here. For a step-by-step guide on how create an ePLACE Portal account and to renew your license, click here.
Check your credits using the MSCPA’s CPE Tracker, free to all MSCPA members.
View your record here. For directions on how to export the MSCPA CPE tracking sheet to your license renewal form, click here.
CPA Firm Renewal Affidavit Forms are due by August 1. To access the 2021 Firm Affidavit Form, click here.
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Massachusetts Reopening Guidance and Information
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Governor Baker announced additional reopening guidelines and loosened restrictions for businesses and industries set to take effect on various dates. To read the Governor’s press release, click here.
Became Effective April 30
- Face coverings are only required outside in public when it is not possible to socially distance, and at other times required by sector-specific guidance.
Effective May 10
- Large venues such as indoor and outdoor stadiums, arenas and ballparks will be permitted to increase capacity from 12% to 25%, and
- Road races and other large, outdoor organized athletic events will be permitted to take place after submitting safety plans to local boards of health or the Massachusetts Department of Public Health.
Effective May 29
- Gathering limits for outside and inside venues will increase,
- Bars, beer gardens, breweries, wineries and distilleries will be subject to restaurant rules with seated service only, a 90-minute limit and no dance floors, and
- Subject to public health and vaccination data, the restaurant guidance will be updated to eliminate the requirement that food be served with alcohol and to increase the maximum table size to 10 people.
Effective August 1
- All industry restrictions will be lifted, and capacity will increase to 100% for all industries, with businesses encouraged to continue following best practices. The gathering limit will be rescinded.
Vaccine Information
- All Massachusetts residents aged 16 and older are now eligible to schedule an appointment to receive the vaccine and can pre-register for an appointment here.
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SBA Restaurant Revitalization Fund
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The application portal for the SBA's Restaurant Revitalization Fund (RRF) is open.
Eligible businesses are encouraged to apply as soon as possible as funds are limited and demand is substantial. For more information on the RRF, click here.
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Guidance for Paycheck Protection Program (PPP)
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DOR & IRS Updates
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