Richard Weiner
South Dakota v. Wayfair, 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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]