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Accelerate Deductions and Reduce Tax Liability with Tangible Property Regulations and R&D Tax Credits

It is a little-known fact to most accountants that businesses leave money on the table by 1) paying taxes before they have to, and 2) by not identifying deductions in a timely manner that may be accelerated. At AAFCPAs, we regularly identify opportunities for clients that may yield new avenues for them to qualify for deductions or tax credits where they previously did not. Accelerate Deductions with Tangible Property Regulations The... continue reading

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: Operating leases will now be recorded in the balance sheet as assets and liabilities if the lease term is greater than 12 months. Prior to this new standard, U.S. GAAP required only capital... continue reading

Payroll Tax Credit Available To Start-ups  

AAFCPAs would like to make clients aware of the significant benefits available to small businesses as a result of provisions enacted in the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”).  The Research Credit may now be applied to offset payroll taxes for start-up businesses. Who do these new provisions of the PATH Act apply to? Historically, innovative small companies were unable to claim the Research Credit if they... continue reading

Tax Return Due Dates & Filing Extensions Changed

In a 2015 highway funding bill, Congress & the IRS announced changes to due dates for partnership and corporate tax returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns.  These changes will affect your 2016 tax filings. AAFCPAs has provided the following summary of due date modifications for your convenience: Due Dates These new due dates apply to... continue reading

Josh England, Esq. to Present Nonprofit Legal Seminar on Online Fundraising

AAFCPAs Nonprofit Tax Attorney Josh England will volunteer his efforts and lead Lawyers Clearinghouse’s Legal Workshop for Nonprofits: Online Fundraising:  Is Your Nonprofit in Compliance? Online fundraising is a commonplace feature for many charities; however, many do not realize they are not in compliance with the myriad federal and state fundraising rules and regulations.  Is your nonprofit in compliance with pertinent law, such as Massachusetts data security and fundraising regulations?... continue reading

Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates

The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16).  The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements.  Details regarding the transition method and effective date are summarized below: Transition Method FASB decided that... continue reading

FASB Decisions Regarding NFP Financial Statements Project from March 2 Meeting

The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its March 2nd, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s March 2016 Meeting: The proposed ASU would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their... continue reading

FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB).  In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, Overall (Subtopic 825-10): Recognition And Measurement Of Financial Assets And Financial Liabilities. The standard affects... continue reading

President Signs Tax Extenders into Law; R&D Tax Credit Made Permanent

On December 18, President Obama signed into law the Protecting Americans From Tax Hikes Act of 2015 (“PATH”), which extends or makes permanent over 50 provisions of the Internal Revenue Code that had expired at the end of 2014, including several key pro-business initiatives. The PATH legislation expands and makes permanent the Research and Development (R&D) Tax Credit retroactively to January 1, 2015. This is a very significant development, as... continue reading

2016 Standard Mileage Rates

The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for... continue reading