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Massachusetts Clarification of Due Date Change for Extended C Corporation Tax Returns

AAFCPAs would like to make clients aware that, effective for years ending on December 31, 2016, the IRS changed the due date for filing calendar year C corporation returns from 3/15 to 4/15 (or the 15th day of the fourth month following the close of the corporation’s fiscal year).  Although states have subsequently adjusted their rules and procedures to accommodate the Federal change, the process was more difficult for Massachusetts, as the... continue reading

Accelerate Deductions and Reduce Tax Liability with Tangible Property Regulations and R&D Tax Credits

It is a little-known fact to most accountants that businesses leave money on the table by 1) paying taxes before they have to, and 2) by not identifying deductions in a timely manner that may be accelerated. At AAFCPAs, we regularly identify opportunities for clients that may yield new avenues for them to qualify for deductions or tax credits where they previously did not. Accelerate Deductions with Tangible Property Regulations The... continue reading

Payroll Tax Credit Available To Start-ups  

AAFCPAs would like to make clients aware of the significant benefits available to small businesses as a result of provisions enacted in the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”).  The Research Credit may now be applied to offset payroll taxes for start-up businesses. Who do these new provisions of the PATH Act apply to? Historically, innovative small companies were unable to claim the Research Credit if they... continue reading

Unique Tax Breaks for Breweries

Is your business familiar with the unique tax breaks available in the brewery industry?  AAFCPAs has provided for your convenience the below tax insights that could have a major impact on reducing your tax burden: Section 179 Depreciation Breweries are capital intensive businesses, and equipment investments can be significant. Section 179 allows breweries to deduct the property placed in service in the year of acquisition as opposed to depreciating it... continue reading

AAFCPAs Julie Chevalier and Rich Weiner to Present at the MSCPA State Tax Conference on Multistate Tax Nexus & Apportionment

AAFCPAs Tax Partners Julie Chevalier and Richard Weiner will present an educational workshop at the Massachusetts Society of CPA’s (MSCPA) State Tax Conference scheduled for January 17th, 2017. This technical session is part of the MSCPA’s annual State Tax Conference. Multistate Tax Nexus and Apportionment is more complex and demanding than ever before, and state and local policymakers are increasing enforcement. AAFCPAs provides proactive tax planning strategies to commercial clients... continue reading

AAFCPAs’ Guidance in the Home Stretch for 2016 Year-End Tax Planning

Throughout the year, AAFCPAs shares insights designed to help individuals and businesses manage their tax liabilities in light of each person or company’s unique circumstances–and to encourage clients to consider tax planning as a year-round, ongoing discipline. Personal and business circumstances are always evolving, presenting opportunities to balance or adjust short-term activities that support a long-term strategy.  We have provided for your convenience links below to a number of AAFCPAs’... continue reading

New President, Congress May Mean Changes to the Federal Gift and Estate Tax

With a new President and Congress, AAFCPAs anticipates there will likely be major changes to our tax code in a year or two.  Among those are possible changes to the federal gift and estate tax.  Currently there is a 40% federal tax on everything we own at the time of our death, and on gifts made during our lifetime.  There is also currently a combined federal estate and gift tax... 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

Form SF-SAC Submission for Single Audits Deadline Extended

The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG).  Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse (FAC) at this time.  In response to the delay, the OMB has determined that any... continue reading