Post by Logan on Dec 28, 2016 19:52:01 GMT -6
BOSTON - With just a week to go unto the legislative session resets, accountants are pushing the House Ways and Means Committee to advance a state tax code change that they say will reduce uncertainty for taxpayers and tax collectors, and avoid millions in extra costs to businesses.
Changing the tax filing deadline for certain corporations to mirror a recent change in the federal tax code would help give state budget managers a better idea of what the state will collect in revenue, and not passing the bill would mean a higher cost of compliance for Massachusetts companies, the Massachusetts Society of Certified Public Accountants said.
Under the new federal structure, filings for partnerships and S corporations are due March 15 and individual and C corporation returns are due on April 15. But Massachusetts is one of four states that does not conform to the new federal due dates, instead requiring C corporations to file with S corporations on March 15.
"Now your partnership returns are due in March and those feed into the actual or individual returns, which are due a month later," Amy Pitter, president and CEO of the MSCPA, said. "So the feds made it better and 46 states so far have conformed so their taxpayers will get the benefit of that more sensible flow of returns."
Read more: www.telegram.com/news/20161227/state-has-yet-to-adopt-federal-tax-code-guidelines
Changing the tax filing deadline for certain corporations to mirror a recent change in the federal tax code would help give state budget managers a better idea of what the state will collect in revenue, and not passing the bill would mean a higher cost of compliance for Massachusetts companies, the Massachusetts Society of Certified Public Accountants said.
Under the new federal structure, filings for partnerships and S corporations are due March 15 and individual and C corporation returns are due on April 15. But Massachusetts is one of four states that does not conform to the new federal due dates, instead requiring C corporations to file with S corporations on March 15.
"Now your partnership returns are due in March and those feed into the actual or individual returns, which are due a month later," Amy Pitter, president and CEO of the MSCPA, said. "So the feds made it better and 46 states so far have conformed so their taxpayers will get the benefit of that more sensible flow of returns."
Read more: www.telegram.com/news/20161227/state-has-yet-to-adopt-federal-tax-code-guidelines