Business Tax
2023
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10.11
Watch Now: Business Tax Webinar 11/2
As 2023 draws to a close, we invite our valued business clients and friends to proactively assess their full financial picture to strategically plan their year-end tax optimization. It’s crucial to note that the majority of tax-saving strategies require implementation on or before December 31. AAFCPAs is poised to assist you in minimizing your tax […]
2023
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10.03
Colorado and Minnesota Impose Retail Delivery Fee
AAFCPAs’ State & Local Tax (SALT) practice would like to make clients aware that the state of Colorado and Minnesota have enacted a retail delivery fee. Colorado Updates Rule The state of Colorado originally imposed a fee of $0.27 on all retail sales delivered by motor vehicle to Colorado customers effective July 2, 2022. This […]
2023
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09.20
AAFCPAs’ 2023-2024 Year-End Tax Planning Webinars
SAVE THE DATE! AAFCPAs is excited to announce its annual year-end tax planning webinar series, which provides insight into strategies for 2023 year end that clients may take advantage of now to realize a more favorable tax outcome. Individual & Family Tax & Wealth Preservation Tuesday, October 31st 12:00 PM – 1:00 PM Business Tax […]
2023
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08.03
MA Sales Tax Holiday Aug. 12-13, 2023
This year’s Massachusetts sales tax holiday will be held on Saturday, August 12th and Sunday, August 13th, according to the Massachusetts Department of Revenue (DOR). The event provides a two-day reprieve from sales tax on most retail purchases valued at up to $2,500 when made for personal use by individuals. Purchases by businesses or by […]
2023
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07.31
Meals & Entertainment Deduction Reverts to Pre-TCJA Law
As of January 1, 2023, the meals and entertainment deduction has reverted to previous guidelines under the Tax Cuts and Jobs Act (TCJA). Put differently, the 100 percent deduction for food or beverages provided by a restaurant has officially expired. The IRS advises that a 50 percent limit on meal expenses applies if that expense […]
2023
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07.13
Employee Retention Credit: Amend the Proper Return
The Employee Retention Credit (ERC) is a refundable pandemic-related tax credit for eligible employers who were fully or partially suspended due to a governmental order or who had a qualifying decline in gross receipts between March 2020 and September 2021 for comparable quarters. The credit may be claimed by filing an amended 941 for the […]
2023
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05.04
Tax Strategies for Massachusetts’ “Millionaires Tax”
This blog, originally published on May 4th, 2023, has been reissued to improve clarity. Last November, Massachusetts voters approved a 4% increase to income taxes applied to household earnings over $1 million. That means a state tax rate of 9% will be levied in addition to the 37% federal tax rate that applies in 2023 […]
2023
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04.25
IRS Issues Renewed Warning on Employee Retention Credit Claims
AAFCPAs reminds clients to remain vigilant of promoters providing misleading guidance as it relates to the Employee Retention Credit (ERC). The Internal Revenue Service recently issued a renewed warning urging people to carefully review ERC guidelines before claiming the credit. We continue to see third parties aggressively promoting ERC schemes on both the radio and […]
2023
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03.22
Bill Introduced to Repeal R&D Expense Capitalization
AAFCPAs provides the following update to clients with expenditures incurred in connection with your trade or business which represent research and development costs in the experimental or laboratory sense. On Thursday, March 16th, Senators Maggie Hassan (D) of New Hampshire and Todd Young (R) of Indiana reintroduced a bill to repeal the required capitalization of […]
2023
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02.24
Delaware Franchise Tax Reminder
AAFCPAs would like to make clients aware that all companies incorporated in the state of Delaware are required to file an annual report and pay an annual franchise tax to Delaware each year by March 1st. We have outlined for your convenience two methods of calculating the franchise tax you owe: the authorized shares method, […]