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Texas Franchise Tax Gross Receipts Sourcing Reform

Texas Franchise Tax Gross Receipts Sourcing Reform

AAFCPAs would like to make clients aware that the Texas Comptroller of Public Accounts has adopted revisions to Franchise Tax apportionment rules proposed on November 2, 2020 under 34 Tex. Admin. Code section 3.591. The revisions seek to align statutory law with prior Court rulings, and to provide industry-specific updates. The changes may affect receipts […]

IRS Guidance Issued on Change in Useful Life for 2020 Tax Returns

IRS Guidance Issued on Change in Useful Life for 2020 Tax Returns

AAFCPAs would like to make clients aware that the IRS recently released long awaited guidance detailing how a taxpayer must change the method of computing depreciation to provide a 30-year recovery period under the alternative depreciation system (ADS) for some properties controlled by a business that started renting before 2018. Rev. Proc. 2021-28 explains how […]

How and When to Make Quarterly Estimated Tax Payments, Pay Online

How and When to Make Quarterly Estimated Tax Payments, Pay Online

As a reminder, the U.S. tax system operates on a pay-as-you-go basis. For estimated tax purposes, a year has four payment periods. Taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment is April 15. The following payments are due June 15 and Sept. 15, with the […]

AAFCPAs Promotes Directors in Tax & Outsourced Accounting
Stacie Field & Scott Posnick

AAFCPAs Promotes Directors in Tax & Outsourced Accounting

AAFCPAs (Boston, Wellesley, Waltham, & Westborough) is pleased to announce the following Director promotions in recognition of their earned expertise supporting clients’ Business & Income Tax and Outsourced Accounting needs. Stacie A. Field, CPA, MBA has been promoted to Director, Tax. She creates strategic tax plans for closely held businesses and their owners in a […]

AAFCPAs to Present Wealth Migration Strategies

AAFCPAs to Present Wealth Migration Strategies

Joshua England, LLM, Esq., Partner and Tax Consulting Attorney at AAFCPAs, will contribute his tax expertise in a Webinar on May 27th, sharing key considerations when moving personal or business assets to another jurisdiction. Many high-profile CEOs have moved their businesses for financial incentives. In this interactive panel discussion, Josh and a panel of financial […]

How to Repay Deferred Payroll Taxes

How to Repay Deferred Payroll Taxes

To give businesses a needed temporary financial boost, the Coronavirus, Aid, Relief and Economic Security (CARES) Act, signed by the President in March 2020, allowed employers (ER) to defer payment of the employer’s (ER) share of Social Security tax. In addition, IRS Notice 2020-65, issued in August 2020, allowed employers (ER) to defer withholding and payment of the employee’s (EE) […]

American Rescue Plan: Provisions for Businesses

American Rescue Plan: Provisions for Businesses

As you may know, President Biden signed the $1.9 trillion American Rescue Plan Act of 2021 (ARPA) into law on Thursday, March 11th. AAFCPAs has outlined, below, the key provisions for businesses, including those related to: Employee Retention Credits The Paycheck Protection Program Family and Sick Leave Credits Targeted Economic Injury Disaster Loans The Restaurant […]

CARES Act Eases Loss Limitation Rules
CARES Act - Eases Loss Limitation Rules

CARES Act Eases Loss Limitation Rules

AAFCPAs would like to make clients aware that, to provide businesses and their owners with some relief from the financial effects of the COVID-19 crisis, the Coronavirus Aid, Relief, and Economic Security (CARES) Act eases the rules for claiming certain tax losses. AAFCPAs has provided an outline, below, of the—mostly temporary—modifications. Liberalized Rules for NOL […]

S Corporation Diligence to Avoid Inadvertent Termination and Loss of Tax Benefits

S Corporation Diligence to Avoid Inadvertent Termination and Loss of Tax Benefits

The S corporation remains a popular entity choice, combining the liability protection of a corporation with many of the tax benefits of a partnership. However, these benefits come at a price: S corporations must comply with strict requirements that limit the number and type of shareholders, prohibit complex capital structures, and impose other restrictions. Advantages […]