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AAFCPAs Highlights Provisions in Proposed Tax Legislation and Planning Opportunities for Businesses & Individuals

The US House of Representatives’ tax writing committee has released its first draft of proposed tax legislation. Many of its provisions have been the subject of news articles and debate. Highlights include the following: Limitation of the mortgage interest deduction to $500,000 of new debt Capping the deduction for property taxes to $10,000 Eliminating the deduction for state income taxes Doubling of the standard deduction to $24,000 for joint filers... continue reading

Cautionary Tales: When year-round communication is left out of tax planning

The pace of change in business is rapid, and as you know, executive leadership must be poised to quickly respond to challenges and seize opportunities as they arise. Often, decisions made throughout the year in response to challenges and opportunities have tax implications. In some cases, the tax benefits of these decisions have windows of opportunity that can close if held and only addressed at year-end. In other cases, tax... continue reading

AAFCPAs Shares Valuable Tax Insights in 2017 Year-End Corporate and Individual Tax Planning Webinar

AAFCPAs presented this webinar on Tuesday, November 14th from 12-1pm in a live, 1-hour corporate and individual tax planning session. As you are aware, there is potential for dramatic changes in Federal and State tax law on the horizon which, more than ever, requires a multi-year approach to tax planning. AAFCPAs’ Richard Weiner, CPA, MST, Bella Amigud, CPA, and Josh England, JD, LLM provide business owners, finance executives, and their business advisors with valuable information so... continue reading

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