Print Friendly, PDF & Email


New Partnership Level IRS Audit Rules in Effect

New Partnership Level IRS Audit Rules in Effect

AAFCPAs would like remind clients that, effective for tax years beginning after December 31, 2017, the IRS has instituted new centralized partnership audit rules under the Bipartisan Budget Act (BBA) of 2015.  As mentioned in a prior blog, these rules introduced the role of a Partnership Representative and provide for the assessment and collection of tax (including penalties and interest) to be at the partnership level. Collection of the tax... continue reading

Year in review: The Top 10 Insights from 2018

Year in review: The Top 10 Insights from 2018

2018 was a big year for finance professionals, with monumental changes in tax code & accounting rules, and other significant challenges & opportunities affecting commercial businesses, nonprofits, and individuals & their families.  Below are AAFCPAs’ most widely-read news alerts & insights in the past year: AAFCPAs’ 2018-2019 Tax Planning Guide for Businesses & Individuals Financial and Estate Planning Opportunities Related to the New Tax Law Whitepaper: Guidance on the New... continue reading

IRS Issues Tax Guidance on TCJA Changes on Business Expense Deductions for Meals, Entertainment

AAFCPAs would like to make clients aware that on October 3rd, 2018, the Internal Revenue Service (IRS) issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement or recreation. Taxpayers may continue to deduct 50% of the cost of business meals if... continue reading

AAFCPAs’ Richard Weiner and Daniel Cahill to Co-Present Tax Act Briefing: Choice of Entity After the TCJA

AAFCPAs’ Richard Weiner and Daniel Cahill to Co-Present Tax Act Briefing: Choice of Entity After the TCJA

AAFCPAs’ Tax Partner Richard Weiner, CPA, MST, Tax Manager Daniel Cahill, CPA, and Joseph B. Darby III, a Partner in Sullivan & Worcester’s Boston office, will present an educational briefing on September 26th from 4:00pm-5:45pm on the topic of Choice of Entity After the 2017 Tax Act: The Popular Passion for Pass-Through Entities May Be Kaput. The Tax Act introduced major changes to the U.S. federal income taxation of business... continue reading

IRS Releases Guidance on Accounting Method Changes for Small Businesses

On August 3, 2018, the IRS released Revenue Procedure 2018-40, which provides advance guidance for eligible small business taxpayers to apply for certain automatic accounting method changes introduced through the tax reform signed into law by President Trump on December 22, 2017. Rev. Proc. 2018-40 presents an amendment to Rev. Proc. 2018-31 to modify existing automatic changes in methods of accounting in order to implement the legislative changes of the... continue reading

Webinar: AAFCPAs Revenue Recognition Guidance for Businesses

Webinar: AAFCPAs Revenue Recognition Guidance for Businesses

Join AAFCPAs on Tuesday, June 12th from 12-1pm for a live, 1-hour revenue recognition implementation webinar! AAFCPAs’ Nicole Zompa, CPA, Jeffrey Mead, CPA, CGMA and Tracy LeMaire, CPA, MBA will provide finance executives with an understanding of how the new standard could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. Download Slides >> and please share with anyone who may benefit from attending this webinar. This revenue... continue reading

SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Commercial Businesses

SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Commercial Businesses

AAFCPAs will present two educational webinars, providing an overview of new Revenue Recognition standards for Commercial Businesses and Nonprofit Organizations. Attendees will gain an understanding of how the new standard could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. SAVE THE DATE! AAFCPAs Educational Webinar: Revenue Recognition for Commercial Businesses When: Tuesday, June 12th, 2018 | 12:00pm – 1:00pm (1 CPE... continue reading

AAFCPAs Presents: How the Tax Act Will Impact Business Owners, an Educational Workshop for XPX New England

AAFCPAs Presents: How the Tax Act Will Impact Business Owners, an Educational Workshop for XPX New England

AAFCPAs’ Partner Richard Weiner, CPA, MST will present an educational workshop on February 27th for Exit Planning Exchange (XPX New England) members on how the Tax Cuts and Jobs Act (H.R. 1) will impact business owners. The biggest tax overhaul in more than two decades has officially been signed into law, and businesses are scrambling to figure out what this means for their bottom line, workforce, and more. Rich will... continue reading

AAFCPAs Provides Guidance on Business Tax Provisions in 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 TCJA represents a dramatic overhaul of the U.S. tax code, and the final legislation is lengthy and complex. AAFCPAs’ Tax Practice provides an overview of the major provisions affecting commercial businesses. Change in Tax Rates Starting in 2018, the tax rate imposed on C corporations has been reduced from 34% to... continue reading

AAFCPAs Advises Clients to Prepare for the Return of the Medical Device Tax

AAFCPAs would like to make clients aware that, effective January 1, 2018 the “moratorium” on medical device excise taxation expired, which affects many companies in the life-sciences, including those focused on bio-medical, pharmaceutical, or manufacturing & distribution. As you may recall, the Obama administration enacted the “Protecting Americans From Tax Hikes Act of 2015” (“PATH Act”) which imposed a moratorium on medical device excise tax (“MDET”) beginning on January 1,... continue reading