This week's top accounting news and updates!
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Dear Hannah,

As many of you know, the legislature just wrapped up its formal session. The houses were further apart than usual which made for a very interesting last few days and hours. Zach and I must have received more than a dozen updates between 11:00 p.m. and midnight on the final day! That said, they reached agreements on some key pieces of legislation, but not on others. The MSCPA has been advocating on your behalf, both as accounting professionals and employers on the following topics:

•    Non-CPA Leadership
•    Pay Equity
•    Economic Development
•    Non-Compete Agreements
•    Family and Medical Paid Leave

Click here to read my blog for details about the legislature’s decisions. The legislature will reconvene in January, and we will keep you posted on developments as they happen.

Have a great weekend! Go Team USA!

Amy A. Pitter
President & CEO

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CPA Exam: Video
Want to learn more about the next version of the CPA exam that goes into effect next April? View this two-minute video now.

NEWS & RESOURCES

MSCPA in the News

Facing Shortage, Accountants Hope to Sell Students on the Job (The Boston Globe)

UMass Amherst Offers Summer 'CAMP' Program for Minority High School Students (Accounting Today)

Woburn Firm Funds Accounting CAMP for Minority Students (Woburn Wicked Local)

At Local Accounting Firms, Some Partners Shut Out of Top Leadership (Boston Business Journal)

IRS Updates

IRS Announces Additional Low Income Taxpayer Clinic Grant Recipients
IRS Works to Help Taxpayers Affected by ITIN Changes; Renewals Begin in October

Small Firms Are Facing Big Issues

Want to Keep Your Next Gen Leaders? Make These Changes ASAP

Why the Future of Management Accounting Looks Bright

LEGISLATIVE UPDATE

IRS Rolling Out Mandatory ITIN Renewals
In compliance with the so-called PATH Act, passed by Congress in December, the IRS will begin requiring renewals for all Individual Taxpayer Identification Numbers (ITINs) that have not been used on a federal tax return at least once in the last three years. The renewal process will begin in October.

AICPA Loses Challenge to IRS Voluntary Certification Program
The AICPA lost its bid to scrap the IRS's voluntary certification program for unlicensed tax return preparers when a D.C. federal court ruled Wednesday that the accounting trade body lacks a proper cause of action to challenge the program. The AICPA sued the agency over the so-called Annual Filing Season Program in July 2014.

Revenue Collections Rebound in the First Month of FY 17
The DOR announced this week that July revenue collections totaled $1.7 billion, $7 million over the monthly benchmark. The boost in revenues is attributed to stronger than anticipated income tax collections which made up for weak corporate and sales and use tax collections.

DOR Wants Feedback
The DOR wants to hear from you about your experience with the new tax system, MassTaxConnect, and ask a few questions about the next launch later this year. Please take this quick survey to weigh in and give them your views.

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