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Cautionary Tales: When year-round communication is left out of tax planning

The pace of change in business is rapid, and as you know, executive leadership must be poised to quickly respond to challenges and seize opportunities as they arise. Often, decisions made throughout the year in response to challenges and opportunities have tax implications. In some cases, the tax benefits of these decisions have windows of opportunity that can close if held and only addressed at year-end. In other cases, tax... continue reading

AAFCPAs Shares Valuable Tax Insights in 2017 Year-End Corporate and Individual Tax Planning Webinar

AAFCPAs presented this webinar on Tuesday, November 14th from 12-1pm in a live, 1-hour corporate and individual tax planning session. As you are aware, there is potential for dramatic changes in Federal and State tax law on the horizon which, more than ever, requires a multi-year approach to tax planning. AAFCPAs’ Richard Weiner, CPA, MST, Bella Amigud, CPA, and Josh England, JD, LLM provide business owners, finance executives, and their business advisors with valuable information so... continue reading

Tax Return Due Dates & Filing Extensions Changed

In a 2015 highway funding bill, Congress & the IRS announced changes to due dates for partnership and corporate tax returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns.  These changes will affect your 2016 tax filings. AAFCPAs has provided the following summary of due date modifications for your convenience: Due Dates These new due dates apply to... continue reading

How Will the Election Impact Your Taxes?

As the 2016 US Presidential Election approaches, AAFCPAs’ Richard Weiner shares his viewpoints on the short and long-term tax impact Clinton or Trump presidency may have, as well as an analysis of how Republican’s and Democrat’s respective tax plans may impact clients. How quickly will the new President impact you personally or professionally? The composition of Congress, especially the House of Representatives, has much more impact than does the incoming... continue reading

MA DOR Announces Tax Amnesty 2016

AAFCPAs would like to make you aware that the Massachusetts Department of Revenue (DOR) has recently announced a 2016 Tax Amnesty Program, open to all individuals and businesses who have not filed all Massachusetts tax returns, or have underreported taxes on previously filed returns. The tax amnesty program is a limited-time opportunity, and allows taxpayers to save on certain penalties, including criminal prosecution. AAFCPAs reminds readers that amnesty programs do... continue reading

A View from the Trenches: Handling the IRS, clients and the other frustrations of tax filing season

A View from the Trenches: Handling the IRS, clients and the other frustrations of tax filing season

AccountingToday.com | AAFCPAs Co-Managing Partner Dave McManus believes now is the time to educate clients regarding tax planning as a year-round  exercise. “We’re not looking solely at the compliance process at the end of the year. Our objective is to work with clients throughout the year and to get a real sense of who they are, how their business relates to their personal situation if they have a business. We’re not giving clients any... continue reading

Congress to Vote on Tax Extender Bill Friday

On Tuesday night, Congress reached an agreement on a year-end spending and tax deal that includes the much anticipated tax “extender” provisions.  The tax bill is expected to extend around 50 credits for businesses and individuals, while also delaying until 2017 a tax on medical device manufacturers.  This news provides some insight of what to expect, including: Research credit and Section 179 expense made permanent New Markets Credit and bonus... continue reading

Tax Planning Guide for Individuals and Businesses Year-End 2015

AAFCPAs is pleased to provide you with detailed tax planning guides that we know you will find helpful in navigating the numerous tax updates taking effect in 2016! If you have not done so already, there is still time to consider year-end tax-saving opportunities. These tax guides are organized into sections discussing year-end, as well as year-round, tax-saving opportunities for: Click here to download the Guide for Businesses (19 pages),... continue reading

AAFCPAs Warns of Recent IRS-Impersonation Identity Theft Scam

We have been alerted that a number of taxpayers are receiving emails from scammers who are disguising themselves as IRS agents.  Generally, the IRS does not send unsolicited e-mails to taxpayers.  Further, the IRS does not communicate tax account information with taxpayers via e-mail or use e-mail to solicit sensitive financial and personal information from taxpayers. The IRS does not request financial account security information, such as PIN numbers, from... continue reading

June Tax Reminder: Estimated Tax Payments & Foreign Bank Account Reporting

June is traditionally viewed as a mid-point between the original and extended due dates for filing business, fiduciary, and individual tax returns. However, there are two significant dates that warrant attention.  Estimated Tax Payments June 15 is the date for making 2nd quarter estimated tax payments for corporations with calendar year ends, fiduciaries,and individuals.  Because the 15th falls on a Sunday in 2014, the payment is due on Monday June... continue reading