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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

Medicinal and Recreational Cannabis Business Roundtable: What You Need to Know

Medicinal and Recreational Cannabis Business Roundtable: What You Need to Know

David McManus, CPA, CGMA, AAFCPAs’ Co-Managing Partner, and Mike Ross, Co-Chair of Prince Lobel’s Cannabis team will lead an interactive roundtable discussion, scheduled for September 28th, on the interpretation and implementation of Massachusetts’ new marijuana statute. Participants include experts in tax, nonprofits, licensing, raising equity, municipal permits and zoning.  Massachusetts regulators and law makers have also been invited. When September 28, 2017 5:30pm – 7:30pm Where Prince Lobel Tye LLP... continue reading

Significant Changes Resulting from Cannabis Bill H.3818

Massachusetts Governor Charlie Baker recently signed an overhaul of the state’s voter-passed recreational marijuana law: Massachusetts Bill H.3818 (AN ACT TO ENSURE SAFE ACCESS TO MARIJUANA).  AAFCPAs highlights a number of significant changes that will affect the Massachusetts cannabis industry—some of which take effect immediately. The immediate changes include: The repealing of the requirement that all medical marijuana licensees organize as not-for-profit corporations, and providing the ability for current and... continue reading

Massachusetts Delays Plan to Tax Online Sales

The Massachusetts Department of Revenue today announced it has revoked its directive to collect sales taxes from out-of-state online retailers starting July 1. Earlier this spring, the Massachusetts Department of Revenue issued a directive aimed at requiring certain out of state vendors to collect sales tax on online sales to Massachusetts customers. The Department’s position is that placing cookies and apps on a user’s computer or device constitutes Nexus (in-state... continue reading

Massachusetts DOR Announces Late-File Penalty Relief for Corporate Taxpayers

AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue announced relief for corporate taxpayers affected by the change in federal tax return due dates. The IRS changed the due date for filing calendar year C corporation returns from March 15 to April 15, effective for 2016 tax filings. The Massachusetts legislature did not pass a law conforming to the Federal change. As a result the due... 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

MA Form 3ABC due by 3/1 to avoid local property taxes

The Massachusetts “Return of Property Held for Charitable Purposes” (Form 3ABC) provides for an exemption from local taxation on personal and real property for eligible charitable organizations. As a reminder, in order to be exempt, you must file an annual Form 3ABC, due at the Assessor’s Office no later than March 1, in each city or town in which your organization owns real or personal property.  A copy of your most recently... continue reading

MA DOR Announces Tax Amnesty 2016

AAFCPAs would like to make you aware that the Massachusetts Department of Revenue (DOR) has recently announced a 2016 Tax Amnesty Program, open to all individuals and businesses who have not filed all Massachusetts tax returns, or have underreported taxes on previously filed returns. The tax amnesty program is a limited-time opportunity, and allows taxpayers to save on certain penalties, including criminal prosecution. AAFCPAs reminds readers that amnesty programs do... continue reading

Community Investment Tax Credits: Donors Investing Over $1K in CDCs Realize Significant Tax Benefits

The Community Investment Tax Credit (CITC) was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs).  The CITC program allows taxpayers to realize considerable tax savings when they make a qualified investment (cash contribution) in a CDC’s community development plan.1 Donor Benefits The CITC is an outstanding tax incentive for both individuals and corporations who are inclined to donate $1,000 or more, with an... continue reading

Massachusetts DOR Suspends Computer Service Sales Tax Collection for 30 Days

The Massachusetts Department of Revenue has suspended collection and reporting of the sales tax on computer services for thirty days, pending final enactment and signature of the repeal recently announced by Governor Patrick and the Legislature. Reporting and payment of these particular taxes that cover the period July 31, 2013 to September 30, 2013 should be reflected on the September return due on October 20, 2013. This reporting and payment... continue reading