News

The Baker administration released guidance on Friday about the tax extensions that were issued in response to the coronavirus pandemic. Click here for a quick breakdown of that information.

As trusted financial professionals, you are among the people that your clients should look to for guidance. None of us has a crystal ball or can promise an outcome, but comforting words, support, and suggestions are helpful. 

Here are some things you can do:

1. For clients that have lost their jobs or their business is shut down, offer to defer their payment to you. Not every tax preparer can afford this, but many can. Many of us get most of our income for the year right now, so spreading it out isn't that big of a deal. 
2. Send emails to your clients with helpful information like:
   1. RMD's are waived for 2020.
   2. Tax returns and payments are now due on July 15th instead of April 15th, but you probably want your refund! You can file now and still delay payment until July. 
   3. June 15th estimated taxes are still due on June 15th.
   4. When the IRS releases information about providing bank accounts for stimulus checks, share with your clients.
3. Help your small business clients that need loans by providing documentation and support. Delay billing them for a while. 
4. Support your local businesses. 
5. Shut down any conversations from high income people looking for ways to "manipulate" the system and get the stimulus money. 
6. Contact friends and clients that you know live alone or are likely to be struggling financially or mentally. Just a hello and some kind words go a long way. Also, make sure they aren't in need of food or medicine. 

Those who shine during hard times are remembered. We are professionals and one great way to show why we are better than DIY tax software is to be a provider of information and support. 

Be Safe, Be Healthy, and Be Kind!

Beth Logan

MaSEA President

The Governor's advisory that non-essential companies shut down is an advisory. The Legal and Financial professions are generally considered essential. As a tax preparer, you can expedite a refund to the unemployed or working with reduced pay. EAs are allowed to give tax advice and assist taxpayers about the timing of filing. Does delaying a 2019 filing increase or reduce the stimulus pay-out. EAs are allowed to represent taxpayers who get DOR Refund Verification Review letters, need research of payment amounts, get letters of proposed changes or assessments. Perhaps IRS collections, lien and levy enforcements have been suspended until July 15th, but EA's are still generally considered essential.

You personal well being is most essential. In all cases, consider your health and personal safety first.

Just recently, Last week NH announced a tax extension. NY State published Notice N20-2 that supersedes Notice 20-1 that was published just a few days before. NYS maintains a website FAQ page. Some tax jurisdictions have closed walk-in centers and due to staffing reductions even shutdown call centers. When preparing state, county or city income return, a practitioner's best resource is likely that tax jurisdiction's website. The rules are changing as we play the game.

Governor Charlie Baker, Lt. Governor Karyn Polito, Senate President Karen Spilka and House Speaker Robert DeLeo today announced an agreement to extend the 2019 state individual income tax filing and payment deadline from April 15 to July 15 due to the ongoing COVID-19 outbreak. This income tax relief is automatic and taxpayers do not need to file any additional forms to qualify. Click here to learn more.

The April dinner and CE has been cancelled due to the growing concerns surrounding COVID-19. MASEA board members will hold a meeting with the time and day TBD. All board members will receive instructions on how to call in or attend via video once this has been finalized. 

The MA legislature has an appetite to change the state Estate Tax. EA’s should contact their Beacon Hill delegation to encourage such. On the MaSEA homepage is a sample letter to email or mail to your state Representative and Senator. Here is another chance to put MA EA’s on the forefront of state tax reform. Download sample letter

Watch this page as tax topics and presenters are finalized. We will convene at the Waltham Hilton Garden Inn, 450 Totten Pond Rd, Waltham, just off Rt 128.

The member meeting fee of $50 includes 2 CPE, dinner and a grEAt time with fabulous people.

For Dinner Meetings, (Sep, Oct, Nov, Jan, Feb, Apr & May), the typical meeting schedule is

                -3 p.m.: Board Meeting are open to all members
                -5 p.m.: The social networking hour
                -6 p.m.: Dinner
                -7 p.m.: The tax topic presentation

September 19th- 2019

October 17th-2019

November 20-2019

December 18th-2019 Breakfast meeting

-7:00 a.m. Breakfast
-7:30 a.m. CPE presentation
-9:30 a.m. board meeting

January 16th-2020

February 20th-2020

March 19th- 2020 Share shop

April 23rd- 2020

May 21st- 2020

June- 11th annual meeting