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Supreme Court Rules States Can Require Online Sales Tax

AAFCPAs would like to make clients aware that the US Supreme Court on Thursday, June 21, 2018, in the case of “South Dakota v. Wayfair,” overturned its 1992 “Quill” decision, which had barred states from requiring internet and mail order vendors with no physical presence in a state from collecting sales tax on transactions involving in-state customers. Part of the Court’s reasoning involved examples of a seller’s website being accessible... continue reading

Massachusetts Supreme Judicial Court Rules Millionaire Tax Unconstitutional

AAFCPAs would like to make clients aware that a proposed ballot question seeking to impose a 4% surtax on Massachusetts individuals on the portion of taxable income exceeding $1 million has been ruled unconstitutional by the Massachusetts Supreme Judicial Court (SJC). Individuals with income below this threshold were not to be affected. The proposed ballot question was linked to a specific allocation of how the funds raised by this provision... continue reading

AAFCPAs Presents: How the Tax Act Will Impact Business Owners, an Educational Workshop for XPX New England

AAFCPAs Presents: How the Tax Act Will Impact Business Owners, an Educational Workshop for XPX New England

AAFCPAs’ Partner Richard Weiner, CPA, MST will present an educational workshop on February 27th for Exit Planning Exchange (XPX New England) members on how the Tax Cuts and Jobs Act (H.R. 1) will impact business owners. The biggest tax overhaul in more than two decades has officially been signed into law, and businesses are scrambling to figure out what this means for their bottom line, workforce, and more. Rich will... continue reading

AAFCPAs Provides Guidance on Business Tax Provisions in the Tax Cuts and Jobs Act

On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The TCJA represents a dramatic overhaul of the U.S. tax code, and the final legislation is lengthy and complex. AAFCPAs’ Tax Practice provides an overview of the major provisions affecting commercial businesses. Change in Tax Rates Starting in 2018, the tax rate imposed on C corporations has been reduced from 34% to... continue reading

Congress Passes Another Two-Year Suspension of the Medical Device Excise Tax

AAFCPAs would like to make clients aware that the Medical Device Excise Tax (“MDET”) has once again been suspended for 2018 and 2019, retroactive to January 1, 2018. MDET is a 2.3% tax on medical devices, enacted effective January 1, 2013.  The tax applied to manufacturers and importers of certain medical devices, as defined by the US Food and Drug Administration under section 510(j) of the Federal Food, Drug and... continue reading

Tax Act Eliminates or Curtails Business Expense Deductions for Entertainment, Commuting Benefits, and Meals

AAFCPAs would like to make clients aware that the Tax Cuts and Jobs Act (“the Act”) has either eliminated or curtailed business expense deductions for most entertainment, meals, and commuting benefits starting in 2018. Entertainment expenses Deductions for entertainment expenses that were directly related to, or associated with the active conduct of the trade or business were eliminated by the Act starting in 2018. As directly-related and associated entertainment expenses... continue reading

Amazon to Release Vendors’ Names, Per Order of Massachusetts DOR

Amazon to Release Vendors’ Names, Per Order of Massachusetts DOR

When purchasing items from Amazon, buyers may see a designation of “Sold by Amazon,” or “Sold by XYZ Co and Fulfilled by Amazon,” without paying significant attention to the difference. For vendors, the distinction is important. Sellers who participate in the Fulfilled by Amazon (“FBA”) program retain ownership of their goods, essentially hiring Amazon to warehouse and sell their goods for them. Once in the FBA program, Amazon takes possession... continue reading

New Partnership Level IRS Audit Rules: Designate Your Partnership Representative and Modify Your Partnership Agreement

AAFCPAs would like to make clients aware that, effective for partnership tax years beginning after December 31, 2017, the IRS instituted new partnership level audit rules.  Specifically, any adjustment to items of income, gain, loss, deduction, or credit of the partnership during a partnership’s tax year, upon audit, will be assessed and collected at the partnership level rather than at the partner level. AAFCPAs advises clients to designate a Partnership... continue reading

AAFCPAs Advises Clients to Prepare for the Return of the Medical Device Tax

AAFCPAs would like to make clients aware that, effective January 1, 2018 the “moratorium” on medical device excise taxation expired, which affects many companies in the life-sciences, including those focused on bio-medical, pharmaceutical, or manufacturing & distribution. As you may recall, the Obama administration enacted the “Protecting Americans From Tax Hikes Act of 2015” (“PATH Act”) which imposed a moratorium on medical device excise tax (“MDET”) beginning on January 1,... continue reading

AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act

On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes before December 31, 2017. Prepayment of some property taxes may be advisable for taxpayers not... continue reading