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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