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Tax Provisions and Extenders in the Consolidated Appropriations Act of 2021

AAFCPAs would like to make clients aware, on December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (The Act), a $2.3 trillion spending bill.  Among the stimulus package and other COVID-19 relief provisions, the Act contained several tax provisions and extenders. AAFCPAs has highlighted below some of the most impactful tax provisions and extenders […]

Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients

Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients

The House and Senate passed a new stimulus legislation that will include direct payments to Americans, jobless benefits, and funds for businesses and vaccine distribution, which the President signed on December 27th. AAFCPAs’ COVID-19 Task Force will continue to digest the contents of the forthcoming, 5,593-page legislation and will advise clients as appropriate on its […]

2020 Tax Planning Webinar: Guidance for Individuals

2020 Tax Planning Webinar: Guidance for Individuals

In 2020, tax planning is more complicated than usual. It may be daunting to understand brackets and rates, where and when to retire, capital gains, and what to do with retirement plans. In this 1 hour webinar, AAFCPAs Tax & Wealth Advisors cover what taxpayers need to know for 2020 year-end, as well as year-round […]

Tax Planning Webinar: Guidance for Businesses Approaching 2020 Year End

Tax Planning Webinar: Guidance for Businesses Approaching 2020 Year End

In 2020, tax planning is more complicated than usual. It may be daunting to understand what to withhold, or not withhold; where to file or not file; where to retire or not retire; or where to expand or not expand. In this 1 hour webinar, AAFCPAs Tax Advisors will cover what Business Owners, CFOs, and […]

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 […]