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IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits

The IRS recently released proposed regulations addressing the state and local itemized tax deduction, available to individual taxpayers on their Federal tax returns.  The regulations also apply to trusts and decendents’ estates. Under the Tax Cuts and Jobs Act, the state and local tax deduction (consisting primarily of income, real estate and other property, and certain sales taxes) is capped at $10,000 annually, beginning in 2018.  Several states have implemented... continue reading

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 in-state customers. Part of the Court’s reasoning involved examples of a seller’s website being accessible... continue reading

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 question was linked to a specific allocation of how the funds raised by this provision... 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

Amazon to Release Vendors’ Names, Per Order of Massachusetts DOR

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 warehouse and sell their goods for them. Once in the FBA program, Amazon takes possession... continue reading

AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to 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 final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes before December 31, 2017. Prepayment of some property taxes may be advisable for taxpayers not... continue reading

AAFCPAs Advises Clients on Year End Tax Savings Strategies in Response to Tax Bill Conference Report

On Friday, December 15, Congress released the contents of the Conference Report to the Tax Cuts and Jobs Act. The bill requires a final vote this week in both the House and Senate, at which point it will be sent to the White House for the President’s signature. The stated goal is to have the bill signed prior to Christmas. One area that has generated much discussion is the $10,000... continue reading

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