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  • 28 Jul 2020 8:17 AM | MaSEA Staff (Administrator)

    The Honorable Michael Rodrigues, MA Senate Ways & Means Chair, sponsored legislation in Senate Bill 2842 to exempt forgiven PPP loans from MA tax. Without such a special provision enacted by the legislature before July 31st, forgiven PPP loans will be regarded as cancellation of debt and taxed to MA unincorporated businesses, (Partnerships, LLC’s, and sole proprietors).

    No such provision exists in any House legislation.  MaSEA members are asked to reach out to The Joint Committee on Economic Development and Emerging Technologies Chair Ann-Margaret Ferrante, Ann-Margaret.Ferrante@mahouse.gov and her committee members. A complete roster of House committee members can be found at MALegislature.gov website. Consider contacting your local Beacon Hill delegation.

    Sample email below.

    Support H2842 - Section 20.docx


  • 14 Jul 2020 10:25 AM | MaSEA Staff (Administrator)

    The Internal Revenue Service is reminding taxpayers that using the IRS Tax Withholding Estimator to do a Paycheck Checkup can help them have the right amount of tax withheld and avoid surprises when filing next year. Click here to learn more.

  • 14 Jul 2020 10:25 AM | MaSEA Staff (Administrator)

    A Boston Patch post revealed five things that tax preparers should know as the July 15 deadline approaches. Click here to read what they are and why they are important

  • 9 Jul 2020 9:44 AM | MaSEA Staff (Administrator)

    The latest EA Journal is available. It explores teleworking employees, COVID-19, and the resulting SALT effects; tax complexities brought upon by the pandemic and more. Click here to explore the latest issue of EA Journal.

  • 9 Jul 2020 9:43 AM | MaSEA Staff (Administrator)

    The IRS reminds taxpayers who took advantage of the People First Initiative tax relief and did not make previously owed tax payments between March 25 to July 15, that they need to restart their payments.

    As the IRS continues to reopen its operations across the country, taxpayers who were in payment agreements and skipped any payments from March 25 and July 15 should start paying again to avoid penalties and possible default on their agreements.

    Click here to read more.

  • 7 Jul 2020 10:53 AM | MaSEA Staff (Administrator)

    NAEA has been emphasizing that COVID-19 crisis has highlighted the problems at IRS where Congress and the agency need to focus future investments and attention. Now, the Taxpayer Advocate has joined our call to action. In her 2021 Objectives Report to Congress, National Taxpayer Advocate, Erin M. Collins, highlights what the IRS must do to avoid in the future challenges it faced during this crisis. Click here to read more.

  • 7 Jul 2020 10:51 AM | MaSEA Staff (Administrator)

    The House followed the upper chamber’s suit and passed a bill extending the Payroll Protection Program until August 8, according to the NAEA. According to the report, this fueled in part by a desire to reprogram the "unused" funds, including provisions for non-profits currently ineligible. Click here to learn more about the extension. 

  • 2 Jul 2020 1:30 PM | MaSEA Staff (Administrator)

    The Department of the Treasury and IRS today announced the tax filing and payment deadline of July 15 will not be postponed. Individual taxpayers unable to meet the July 15 due date can request an automatic extension of time to file until Oct. 15. Click here to read more.

  • 2 Jul 2020 1:28 PM | MaSEA Staff (Administrator)

    Unclaimed income tax refunds worth more than $1.5 billion await an estimated 1.4 million individual taxpayers who did not file a 2016 federal income tax return, according to the Internal Revenue Service.

    "The IRS wants to help taxpayers who are owed refunds but haven't filed their 2016 tax returns yet," said IRS Commissioner Chuck Rettig. "Time is quickly running out for these taxpayers. There's only a three-year window to claim these refunds, and the window closes on July 15. To claim the refund, a return for tax year 2016 must be filed by July 15, 2020." 

    Click here to read more.

  • 30 Jun 2020 12:59 PM | MaSEA Staff (Administrator)

    Take a look at the Working Draft TIR to learn about the implications of some of the provisions of the CARES Act. For example, there is no income tax due on the stimulus payments of up to $1,200 for individual taxpayers and $500 for a qualifying child. Unemployment compensation, on the other hand, is subject to both federal and Massachusetts income tax. You’ll find information on the treatment of retirement plan withdrawals, loans from Qualified Employer Retirement Plans, student loans and more.

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