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AAFCPAs Releases 2019-2020 Tax Planning Guide for Businesses & Individuals

As we approach the second tax filing season under the monumental Tax Cuts & Jobs Act (TCJA), we now have a clearer and broader view of what the future holds for businesses, individuals, tax exempt and government entities. This view includes insight into opportunities and pitfalls to consider for 2019-2020. Download AAFCPAs’ 2019-2020 Tax Planning Guide for Businesses & Individuals >> Provisions of the TCJA included small income tax rate reductions for most... continue reading

How the Wayfair Decision Impacts Nonprofits

How the Wayfair Decision Impacts Nonprofits

On June 21, 2018, in a 5 to 4 vote, the United States Supreme Court, in South Dakota v. Wayfair, ruled that states were no longer bound by the physical presence test and could require out of state sellers to collect and remit sales tax based on economic nexus as long as certain criteria were met. AAFCPAs would like to make our nonprofits clients aware that this decision did not just affect for-profit... continue reading

IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits

The IRS recently released proposed regulations addressing the state and local itemized tax deduction, available to individual taxpayers on their Federal tax returns.  The regulations also apply to trusts and decendents’ estates. Under the Tax Cuts and Jobs Act, the state and local tax deduction (consisting primarily of income, real estate and other property, and certain sales taxes) is capped at $10,000 annually, beginning in 2018.  Several states have implemented... continue reading

AAFCPAs Advises Clients on Year End Tax Savings Strategies in Response to Tax Bill Conference Report

On Friday, December 15, Congress released the contents of the Conference Report to the Tax Cuts and Jobs Act. The bill requires a final vote this week in both the House and Senate, at which point it will be sent to the White House for the President’s signature. The stated goal is to have the bill signed prior to Christmas. One area that has generated much discussion is the $10,000... continue reading

AAFCPAs Highlights Provisions in Proposed Tax Legislation and Planning Opportunities for Businesses & Individuals

The US House of Representatives’ tax writing committee has released its first draft of proposed tax legislation. Many of its provisions have been the subject of news articles and debate. Highlights include the following: Limitation of the mortgage interest deduction to $500,000 of new debt Capping the deduction for property taxes to $10,000 Eliminating the deduction for state income taxes Doubling of the standard deduction to $24,000 for joint filers... continue reading

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

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