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Supreme Court to Hear Challenge to The Affordable Care Act

AAFCPAs would like to make our clients aware that we are closely monitoring the case of Texas v. U.S., which is challenging the constitutionality of the tax provisions of the Affordable Care Act (ACA). The lower court has found the ACA’s minimum essential coverage provision to be unconstitutional. In that finding, the court raises the question […]

Regulatory Alert: Unemployment Scams & Snail Mail Stimulus Payments

Nationwide Unemployment Scam Targets Massachusetts Claimants AAFCPAs would like to make clients aware that on May 27th, 2020, the Massachusetts Department of Unemployment Assistance (DUA) announced that criminal enterprises in possession of stolen personal information from earlier national data breaches have been attempting to file large amounts of illegitimate unemployment claims through the Massachusetts DUA […]

IRS Issues Guidance on Deductibility of Expenses Covered by PPP Loan

AAFCPAs would like to make clients aware that on Thursday, April 30th, the IRS issued Notice 2020-32 providing tax compliance clarity related to Paycheck Protection Program (PPP) funds. Under Notice 2020-32 the IRS concludes that no deduction is allowed for an expense that results in forgiveness under section 1106(b) of the Coronavirus Aid, Relief, and […]

Webinar OnDemand: Business & Individual Tax Planning Guidance Related to COVID-19 & the CARES Act

Webinar OnDemand: Business & Individual Tax Planning Guidance Related to COVID-19 & the CARES Act

OnDemand Webinar – Watch Below The Coronavirus pandemic has spawned a flurry of stimulus legislation and efforts taken by Congress, the Treasury, the IRS, and state & local governments to ease the impact on businesses and individuals. The most sweeping changes have come from Congress’s coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security […]

IRS Extends More Tax Deadlines for Individuals and Businesses

IRS Extends More Tax Deadlines for Individuals and Businesses

The Internal Revenue Service has released Notice 2020-23 expanding the list of filers eligible for deferred filing of returns and related payments. Equally important, it allows for a postponement of all time-sensitive actions listed in Revenue Procedure 2018-58. In addition to postponements previously granted to filers of Individual, Fiduciary, Corporation, and Gift tax returns, the […]

MA DOR Makes Official & Clarifies Tax Filing Delay

AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue (DOR) today released guidance officially extending the April 15, 2020 deadline to July 15, 2020 for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income. The guidance also extends the due […]

Business Tax Provisions of Federal Legislation

The CARES Act makes significant changes to the calculation of taxes for both C corporations and flow through entities. AAFCPAs has provided a summary of these provisions below. Where appropriate, information from the Families First Coronavirus Response Act (FFCRA) and other IRS announcements has been included. Net Operating Losses (NOLs) Under existing law, in effect […]

Massachusetts Extends State Income Tax Filing Deadline to July 15

AAFCPAs would like to make clients aware that Massachusetts announced today an agreement to extend the 2019 state individual income tax filing and payment deadline from April 15 to July 15, consistent with the federal government, due to the ongoing COVID-19 outbreak. This income tax relief is automatic and taxpayers do not need to file […]

IRS Issues Additional Clarity on Tax Deadlines

AAFCPAs has received many e-mails and phone calls in response to the recent announcements from the IRS related to the federal tax filing and payment deadline extensions. As a reminder, Treasury Secretary Steven Mnuchin announced last week that the IRS will move the national income tax filing and payment day ahead to July 15th. This […]

IRS Provides Tax Inflation Adjustments for Tax Year 2020

AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax year 2020 adjustments generally are used on tax returns […]