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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

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

Accelerate Deductions and Reduce Tax Liability with Tangible Property Regulations and R&D Tax Credits

It is a little-known fact to most accountants that businesses leave money on the table by 1) paying taxes before they have to, and 2) by not identifying deductions in a timely manner that may be accelerated. At AAFCPAs, we regularly identify opportunities for clients that may yield new avenues for them to qualify for deductions or tax credits where they previously did not. Accelerate Deductions with Tangible Property Regulations The... continue reading

Payroll Tax Credit Available To Start-ups  

AAFCPAs would like to make clients aware of the significant benefits available to small businesses as a result of provisions enacted in the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”).  The Research Credit may now be applied to offset payroll taxes for start-up businesses. Who do these new provisions of the PATH Act apply to? Historically, innovative small companies were unable to claim the Research Credit if they... 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

Unique Tax Breaks for Breweries

Is your business familiar with the unique tax breaks available in the brewery industry?  AAFCPAs has provided for your convenience the below tax insights that could have a major impact on reducing your tax burden: Section 179 Depreciation Breweries are capital intensive businesses, and equipment investments can be significant. Section 179 allows breweries to deduct the property placed in service in the year of acquisition as opposed to depreciating it... 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

IRS Form 1099-MISC and related IRS Form 1096 Due January 31st

As a reminder, the IRS has changed the filing due date for IRS Form 1099-MISC and related IRS Form 1096 from February 28 to January 31 if they are being filed to report non-employee compensation as reported in Box 7 of the 1099-MISC. This January 31, 2017 due date coincides with the date the 1099s are to be distributed to recipients. 1099s that do not report non-employee compensation in Box... continue reading

AAFCPAs Julie Chevalier and Rich Weiner to Present at the MSCPA State Tax Conference on Multistate Tax Nexus & Apportionment

AAFCPAs Tax Partners Julie Chevalier and Richard Weiner will present an educational workshop at the Massachusetts Society of CPA’s (MSCPA) State Tax Conference scheduled for January 17th, 2017. This technical session is part of the MSCPA’s annual State Tax Conference. Multistate Tax Nexus and Apportionment is more complex and demanding than ever before, and state and local policymakers are increasing enforcement. AAFCPAs provides proactive tax planning strategies to commercial clients... continue reading

AAFCPAs’ Guidance in the Home Stretch for 2016 Year-End Tax Planning

Throughout the year, AAFCPAs shares insights designed to help individuals and businesses manage their tax liabilities in light of each person or company’s unique circumstances–and to encourage clients to consider tax planning as a year-round, ongoing discipline. Personal and business circumstances are always evolving, presenting opportunities to balance or adjust short-term activities that support a long-term strategy.  We have provided for your convenience links below to a number of AAFCPAs’... continue reading