Richard Weiner
MA Taxpayers May Expect Refunds of Excess Tax Revenue
Massachusetts’ State Auditor Suzanne Bump recently announced that Fiscal Year 2022 (FY22) Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts General Laws by $2.941 billion. This revenue will be returned to taxpayers in the coming months. In general, eligible taxpayers will receive a credit in the […]
The Inflation Reduction Act of 2022
On August 16, 2022, President Biden signed into law Public Law Number 117-169, the Inflation Reduction Act of 2022 (the Act). AAFCPAs has highlighted below some of the most impactful tax provisions in the Act, including, but not limited to, provisions and credits affecting clean energy, a significant monetary reinvestment into the IRS, and a […]
New Schedules K-2 & K-3 affecting all flow-through entity tax returns
AAFCPAs would like to make clients aware that the IRS has released final versions of two new Schedules K-2 & K-3 that should be included with tax returns of pass-through entities. These schedules were originally perceived as being required to be filed only by entities reporting items of international relevance. However, in its recent January […]
Watch Now: 2021 Year-End Tax Planning & Compliance for Individuals, Families, and Trusts
AAFCPAs Tax Leaders provide an overview of what you need to know heading into year-end 2021. Congress tends to enact tax law changes every year. They also tend to put off passing tax legislation until the 11th hour. As we approach the end of 2021, this continues. AAFCPAs monitors closely the status of emerging legislation, […]
Watch Now: 2021 Year-End Tax Planning & Compliance for Privately Held Companies
AAFCPAs Tax Leaders provide an overview of what you need to know heading into year-end 2021. Congress tends to enact tax law changes every year. They also tend to put off passing tax legislation until the 11th hour. As we approach the end of 2021, this continues. AAFCPAs monitors closely the status of emerging legislation, […]
Tax Planning Guides for Businesses & Individuals (2021-2022)
When considering your optimal tax planning & compliance strategy, business & individual tax payers must account for all current and impending tax code changes. This includes the 2017 Tax Cuts and Jobs Act, the 2019 Further Consolidated Appropriations Act, the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent stimulus initiatives, as […]
IRS Offers Safe Harbor for Claiming PPP Loan Deductions
AAFCPAs would like to make clients aware that the IRS has recently released a revenue procedure (Rev. Proc. 2021-20) that provides a safe harbor for certain businesses claiming Paycheck Protection Program (PPP) loan deductions. The Rev Proc is applicable for taxpayers that received a PPP loan but did not deduct certain otherwise deductible expenses paid […]
CARES Act Eases Loss Limitation Rules
AAFCPAs would like to make clients aware that, to provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. AAFCPAs has provided an outline, below, of the—mostly temporary—modifications. Liberalized Rules for NOL […]
S Corporation Diligence to Avoid Inadvertent Termination and Loss of Tax Benefits
The S corporation remains a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. However, these benefits come at a price: S corporations must comply with strict requirements that limit the number and type of shareholders, prohibit complex capital structures, and impose other restrictions. Advantages […]