MA Governor Announces Tax Extensions for Small BusinessesMarch 24, 2020
MA will have extra time to pay sales, meals and room occupancy taxes thanks to a new ruling in response to the coronavirus outbreak. Here’s what you need to know.
Massachusetts Governor, Charlie Baker has announced that MA will offer quicker unemployment benefits for laid off workers and extensions on tax collections for certain small businesses impacted by the coronavirus pandemic. Here are the details.
What has been extended?
The legislation waived the one week waiting period for unemployment insurance to workers impacted by the closures of restaurants and bars following the state of emergency declaration.
The package also postpones deadlines to collect regular sales tax, meals tax and room occupancy tax that would normally due in March, April and May for small businesses. Businesses would have until June 20 to pay those taxes.
What businesses are eligible?
Companies that earned under $150,000 in regular sales and meals taxes in the year ending February 29 are eligible for tax relief. In addition, companies that paid less than $150,000 in room occupancy taxes are eligible for relief as well.