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Massachusetts Clarification of Due Date Change for Extended C Corporation Tax Returns

AAFCPAs would like to make clients aware that, effective for years ending on December 31, 2016, the IRS changed the due date for filing calendar year C corporation returns from 3/15 to 4/15 (or the 15th day of the fourth month following the close of the corporation’s fiscal year).  Although states have subsequently adjusted their rules and procedures to accommodate the Federal change, the process was more difficult for Massachusetts, as the... continue reading

FBAR Filing Now Due April 15, Automatic Relief Available

AAFCPAs would like to remind all taxpayers with an annual FBAR filing requirement to be sure to report their foreign assets by the quickly approaching April 18 filing deadline.  We would also like to share that 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 18 deadline an automatic extension until Oct. 16, 2017 to... continue reading

83(b) Election May Be Beneficial for Stock Subject to Vesting

AAFCPAs would like to make clients aware of the 83(b) election, a beneficial tax treatment that may provide significant tax savings.  An 83(b) election may work favorably for you if you have been given restricted property, such as equity.  Under IRS code section 83(b), you are able to convert what would normally be ordinary income for this equity earned for services into capital gain income. Often times a taxpayer may... 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

States Not Adopting Federal Due Date Change for C Corporations

Please be aware, the IRS changed the due date for filing calendar year C corporation returns from 3/15 to 4/15 (or the 15th day of the fourth month following the close of the corporation’s fiscal year).  Although most states have adjusted their statutes or administrative rulings to accommodate the Federal change, there are three states (Massachusetts, Delaware, and Wisconsin) whose due dates now fall before the new Federal due date.... continue reading

IRS Form 1099-MISC and related IRS Form 1096 Due January 31st

As a reminder, the IRS has changed the filing due date for IRS Form 1099-MISC and related IRS Form 1096 from February 28 to January 31 if they are being filed to report non-employee compensation as reported in Box 7 of the 1099-MISC. This January 31, 2017 due date coincides with the date the 1099s are to be distributed to recipients. 1099s that do not report non-employee compensation in Box... continue reading

2017 Standard Mileage Rates

The IRS has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for... continue reading

IRS Section 2704 Proposed Regulations Could Eliminate Significant Estate Planning Technique for Family-Controlled Entities

The IRS has issued Proposed Regulations under Internal Revenue Code § 2704 that may dramatically reduce the ability to apply discounts in valuing the interests of many family-controlled entities for estate gift and generation skipping tax purposes.  Specifically, the proposed regulations may significantly restrict the application of lack of control or marketability discounts in determining the fair market value of transferred interests. AAFCPAs urges individuals with substantial net worth to... continue reading

IRS Extends ACA Employer Reporting Requirements

The IRS and the U.S. Department of the Treasury announced a limited extension of the early 2016 due dates for the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA).  Specifically, the notice extends by two months the February 1 due date for employers and insurers to provide individuals with forms reporting on offers of health coverage and coverage provided.  The February 29 and March... continue reading

AAFCPAs Warns of Recent IRS-Impersonation Identity Theft Scam

We have been alerted that a number of taxpayers are receiving emails from scammers who are disguising themselves as IRS agents.  Generally, the IRS does not send unsolicited e-mails to taxpayers.  Further, the IRS does not communicate tax account information with taxpayers via e-mail or use e-mail to solicit sensitive financial and personal information from taxpayers. The IRS does not request financial account security information, such as PIN numbers, from... continue reading