Richard Weiner
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 […]
IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers
AAFCPAs would like to make clients aware that the IRS is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Again, this is an automatic waiver, so there is no need to contact the IRS to apply for or request […]
AAFCPAs Reminds Those With Foreign Assets of Annual April 15 FBAR Deadline
AAFCPAs reminds our clients who have an annual FBAR filing requirement to be sure to report their foreign assets by the IRS’ April 15, 2019 deadline. Similar to prior years, automatic relief is available. The IRS and US Treasury recently announced that the Financial Crimes Enforcement Network (FinCEN) will now grant filers missing the April […]
IRS Expands Underpayment and Under-withholding Relief
The Internal Revenue Service announced on Friday, March 22, that they are expanding penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief […]
IRS to Waive Tax Penalties for Underwithholding and Underpayment
The Internal Revenue Service (IRS) announced on Wednesday, January 16, 2019 that it is waiving a penalty for some Americans who may have unintentionally underpaid their 2018 tax liabilities. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal […]
2018 Year-End Tax Planning for Privately-Held Companies (Part 2) Webinar OnDemand
In 2018, tax planning is more complicated than usual. Most provisions of the massive Tax Cuts and Jobs Act (TCJA) go into effect this year, and as a result you likely will need to change at least some of your tax planning strategies. In this Webinar, recorded live on October 23rd, 2018, AAFCPAs Richard Weiner, CPA, […]