The economic impact of the COVID-19 crisis on Massachusetts is being seen in a $3 billion tax revenue shortfall for fiscal year 2020, as reported by the Department of Revenue. Yet that news came in conjunction with a report that July tax revenues were higher than expected, at $4.5 billion. Part of the July collections will go toward closing the 2020 budget gap, while the remainder will go into the FY2021 budget.
The larger than expected July numbers were boosted by moving the normal April 15 tax filing deadline to July 15. A clearer picture of state revenues will come once August and September collections are tallied.
What about your business? How did you fare during the second quarter of 2020? What are you doing to rebound and adapt to the new economy? Building a company that is resilient and agile is the key to surviving – even thriving – under current conditions. We have resources and information available to help you manage successfully through these turbulent times and can also help you plot a course for the future that includes the flexibility necessary to meet new challenges as they arise. Contact us at (781) 407-0300 for additional information or assistance.