State and Local Tax
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 […]
How MA Tax Reforms Might Affect High-Net-Worth Individuals Tax Webinars to be Hosted Next Week
Massachusetts lowered taxes for the first time in 20 years, but changes may not be compelling enough to anchor high-net-worth individuals who are looking to leave the state for a more favorable tax environment. While new legislation increases the estate tax exemption to $2,000,000, Massachusetts remains less competitive alongside the 13 other states that offer […]
Kelly Zack, MST is featured on Synexus Tax Solutions’ Podcast
October 16th, 2023 – In today’s episode, we’re diving into the world of cannabis and sales taxes, and we’re asking a simple question: Are the taxes on cannabis too high? To help us understand this, we have a special guest, Kelly Zach, who’s a sales tax expert from Boston, Massachusetts. Kelly helps us understand the […]
Watch Now: Business Tax Webinar 11/2
As 2023 draws to a close, we invite our valued business clients and friends to proactively assess their full financial picture to strategically plan their year-end tax optimization. It’s crucial to note that the majority of tax-saving strategies require implementation on or before December 31. AAFCPAs is poised to assist you in minimizing your tax […]
Colorado and Minnesota Impose Retail Delivery Fee
AAFCPAs’ State & Local Tax (SALT) practice would like to make clients aware that the state of Colorado and Minnesota have enacted a retail delivery fee. Colorado Updates Rule The state of Colorado originally imposed a fee of $0.27 on all retail sales delivered by motor vehicle to Colorado customers effective July 2, 2022. This […]
MA Sales Tax Holiday Aug. 12-13, 2023
This year’s Massachusetts sales tax holiday will be held on Saturday, August 12th and Sunday, August 13th, according to the Massachusetts Department of Revenue (DOR). The event provides a two-day reprieve from sales tax on most retail purchases valued at up to $2,500 when made for personal use by individuals. Purchases by businesses or by […]
Cap Table Maintenance Streamlines Tax Compliance
AAFCPAs advises clients to maintain their capitalization (cap) table throughout the year to avoid frustration, delays, and a compressed tax filing deadline. Accurate and up-to-date information: By maintaining the capitalization table throughout the year, businesses can ensure that the information is accurate and up-to-date, reflecting any changes in ownership, equity investments, and other capital transactions […]
Delaware Franchise Tax Reminder
AAFCPAs would like to make clients aware that all companies incorporated in the state of Delaware are required to file an annual report and pay an annual franchise tax to Delaware each year by March 1st. We have outlined for your convenience two methods of calculating the franchise tax you owe: the authorized shares method, […]