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When 15-Year Depreciation for QIP Might Be Better Than 100% Bonus Depreciation

Earlier this year, Congress finally passed legislation that corrects a drafting error related to real estate qualified improvement property (QIP). The correction is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The correction retroactively allows real property owners to depreciate QIP faster than before, either 100% the year the QIP is placed […]

Rolling Over Capital Gains Into a Qualified Opportunity Fund

For clients who are planning to sell a business interest, real estate, or other highly appreciated property, AAFCPAs would like to make you aware of a strategy to “roll over” capital gains into a qualified opportunity fund (QOF). What is a QOF? A QOF is an investment fund, organized as a corporation or partnership, designed […]

IRS Clarifies the Deductibility of Payments by Partnerships and S Corporations for Certain State and Local Income Taxes

On November 9, 2020, the Internal Revenue Service issued Notice 2020-75 addressing the deductibility of payments by partnerships and S corporations for certain state and local income taxes. Prior to 2018, Section 164(a) allowed individual taxpayers an itemized deduction for state and local income taxes. Although the Tax Cuts & Jobs Act (TCJA) created section […]

AAFCPAs Releases 2020-2021 Tax Planning Guide for Businesses & Individuals

In 2020, tax planning is more complicated than usual. We now have a full view of the impact of United States’ massive 2017 Tax Cuts and Jobs Act (TCJA) and the 2019 Further Consolidated Appropriations Act on clients’ short and longer-term tax planning strategies. We must now evaluate these Acts in tandem with the $2.2 […]

Tax Planning Webinar: Guidance for Businesses Approaching 2020 Year End

Tax Planning Webinar: Guidance for Businesses Approaching 2020 Year End

In 2020, tax planning is more complicated than usual. It may be daunting to understand what to withhold, or not withhold; where to file or not file; where to retire or not retire; or where to expand or not expand. In this 1 hour webinar, AAFCPAs Tax Advisors will cover what Business Owners, CFOs, and […]

AAFCPAs Welcomes New Tax Director to Support Growing Complexities of Multi-State Taxation

AAFCPAs Welcomes New Tax Director to Support Growing Complexities of Multi-State Taxation

Boston, MA (August 31, 2020) – AAFCPAs, a 240+ member CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced the addition of Kelly Zack, MST, Director, State & Local Tax. Kelly has almost 20 years of state tax consulting experience within both public accounting and […]

Multi-State Worker Tax Considerations

AAFCPAs would like to make clients aware that Congress has introduced a bill under H.R. 7968 that would limit a state’s ability to tax nonresident telecommuters. The general rule is that an employee pays income taxes to the state where wages are earned, which can be different than the state where the employee lives. This […]

IRS Extends More Tax Deadlines for Individuals and Businesses

IRS Extends More Tax Deadlines for Individuals and Businesses

The Internal Revenue Service has released Notice 2020-23 expanding the list of filers eligible for deferred filing of returns and related payments. Equally important, it allows for a postponement of all time-sensitive actions listed in Revenue Procedure 2018-58. In addition to postponements previously granted to filers of Individual, Fiduciary, Corporation, and Gift tax returns, the […]

Payroll Tax Credits and Other COVID-19 Payroll-Related Benefits

AAFCPAs would like to make clients aware of sections of the laws enacted over the past several weeks by the Federal government to ease the economic impact on employees and employers as they relate to payroll-related benefits. Employers are presented with two types of new tax credits, and a tax deferral option available as part […]