State and Local Tax
Year-End Tax Webinars: Optimize Your 2024 Tax Strategy
Watch OnDemand: 2024 Year-End Tax Webinars Reviewing your tax strategies before the end of the calendar year is essential to uncover potential tax savings, ensure compliance, and optimize your financial decisions, which is why AAFCPAs annually hosts a series of complimentary webinars to help clients stay informed and prepared. Whether you are a business owner, […]
Use Tax Audits on the Rise
AAFCPAs would like to make clients aware that there has been an increase in the number of use tax audits being conducted in various states. As jurisdictions look to increase tax revenue, use tax audits may be considered a simple way to drive revenue through tax collections, penalties, and interest. What is use tax? While […]
U.S. Department of Labor Issues Final Rule on Employee vs. Independent Contractor Classification
AAFCPAs would like to make clients aware that the U.S. Department of Labor issued its final rule on employee versus independent contractor classification under the Fair Labor Standards Act. Effective March 11, 2024, this final rule provides guidance on how employers determine employee versus independent contractor status. Relying on a multifactor economic reality test, the […]
Best Practices for Foreign Companies Establishing a U.S. Presence and Hiring U.S. Employees
Foreign companies entering the U.S. have a lot to consider from a tax, accounting, and legal perspective prior to commencing operations in the U.S. Because establishing a legal entity can take time to complete, with multiple steps and potential bottlenecks to accommodate, AAFCPAs advises that clients understand the timeline and plan accordingly. The first step […]
CARM Set to Transform Canada Imports
This article has been updated. AAFCPAs would like to make clients aware of a significant new requirement related to Canada customs. The Canada Border Service Agency (CBSA) Assessment and Revenue Management (CARM) is a new initiative, which is expected to notably transform how importers interact with Canada Customs. Importers should be aware that CARM will […]
Los Angeles and San Francisco City Taxes Due
While most taxpayers are focused on federal and state tax obligations, city taxes can often slip under the radar, leading to potential oversights. AAFCPAs would like to make clients aware that two California city taxes affecting businesses in Los Angeles and San Francisco are due February 29, 2024. Los Angeles City Tax This is a […]
Tax Season Brings Rise in Cyber Crime
Cybercriminals are looking for ways to capitalize on tax season, with scams on the rise as businesses and individuals prepare to file returns. This means the simple act of opening an email or answering a call could put you at risk of identity theft or return preparer fraud. Making matters worse is a rise in […]
Nonprofit Challenges in Navigating Tax Issues
Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]
Chicago Extends Lease Tax to Software as a Service
Although states have not been increasing sales tax rates in general, many have begun to expand their tax base as some lawmakers look at expanding the list of taxable items. Some states are looking to tax digital products such as music, book, and video downloads. Many states also tax various forms of software including Software […]