AICPA tax policy and advocacy recommendations deliver results in 2020
By Nekose Wills
This year, the AICPA’s tax advocacy efforts were focused on helping the profession and taxpayers in various areas of tax administration and tax policy. As the coronavirus pandemic gripped the world, the AICPA focused on issues that benefited tax practitioners and taxpayers, while advancing the profession as a whole.
Tax administrative filing, payment, penalty, and e-signature relief during COVID-19 pandemic:
In addition to successfully advocating for moving the April 15 and other tax filing and payment deadlines to July 15, the AICPA also effectively urged the IRS to provide e-signature relief on key forms through the end of 2020 and served as a resource to state CPA societies as they worked with their state tax authorities. As the AICPA requested, the IRS recently extended e-signature relief on collections-related issues and on various 2020 forms until June 30, 2021.
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On December 11, 2020, Massachusetts Governor Charlie Baker signed the Commonwealth’s FY21 budget into law. While the $45.9 billion budget does not raise taxes, it includes a number of significant tax provisions summarized below.
Accelerated Sales Tax Remittance
Effective April 1, 2021, businesses whose room occupancy, meals, or sales tax liabilities exceeded $150,000 in the prior calendar year and that file monthly returns must remit any such taxes collected through the first three weeks of the month by the 25
th day of that month or risk a 5% underpayment penalty. Tax collected during the remainder of the month will continue to be due with the return, which will now be due by the 30