Business Tax
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 […]
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 […]
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 […]
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 […]
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 […]
Webinar: AAFCPAs Revenue Recognition Guidance for Businesses
AAFCPAs provides an overview of new Revenue Recognition standards for Commercial Businesses. Listeners 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. This revenue recognition webinar will cover: An overview of the revenue recognition standard Effective dates and […]
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 […]
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 […]
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 […]