State and Local Tax
Pennsylvania Corporate Income Tax Changes
AAFCPAs would like to make clients aware, if you are subject to Pennsylvania’s corporate income tax, there are two significant changes instituted pursuant to H.B. 1342, signed by the governor on July 8th, 2022, effective starting in 2023. CORPORATE TAX RATE The current Corporate Net Income Tax (CNIT) rate is 8.99%. There will be an […]
Easing the burden of cannabis state tax compliance
Keeping pace with state sales and excise tax requirements can be a significant burden for cannabis operators. The indirect nature of the tax – that it is collected at point of sale as part of a transaction and then must be remitted to the state(s) on their specific timeline – makes it an area of […]
Important Changes To Vermont Corporate Income Tax
AAFCPAs would like to make clients aware, if you are subject to Vermont’s corporate income tax, there are several significant changes instituted pursuant to S.B 53, an act relating to changes to Vermont corporate income tax and conformity to federal tax laws, which will be effective for tax years beginning on or after January 1, […]
New Colorado Retail Delivery Fee
AAFCPAs would like to make clients aware, if you sell tangible property to customers located in Colorado, there is an important change coming that could significantly affect the amount of tax you need to collect from your customers. Effective July 1, 2022, the Colorado Department of Revenue will be instituting a new Retail Delivery Fee […]
DOR Update: 2022 Sales & Use Tax Returns Changes
AAFCPAs would like to make clients aware of some recent changes instituted by the Massachusetts Department of Revenue (DOR) related to 2022 Sales and Use Tax Returns, including forms related to sales tax on services and meals, room occupancy excise tax, and marijuana retail tax. New lines will be added to the Sales Tax on […]
Cannabis Business Owners: Multi-State Tax Considerations for Multi-State Operators
Cannabis legalization continues to gain momentum across the country, with several new states having legalized marijuana in 2021. As of this post, the number of states in which recreational marijuana is legal is 18, and 16 other states allow for medical use only. Cannabis business owners and investors are hopeful this momentum has set the […]
Tax Planning Guides for Businesses & Individuals (2021-2022)
When considering your optimal tax planning & compliance strategy, business & individual tax payers must account for all current and impending tax code changes. This includes the 2017 Tax Cuts and Jobs Act, the 2019 Further Consolidated Appropriations Act, the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent stimulus initiatives, as […]
Texas Franchise Tax Gross Receipts Sourcing Reform
AAFCPAs would like to make clients aware that the Texas Comptroller of Public Accounts has adopted revisions to Franchise Tax apportionment rules proposed on November 2, 2020 under 34 Tex. Admin. Code section 3.591. The revisions seek to align statutory law with prior Court rulings, and to provide industry-specific updates. The changes may affect receipts […]
How and When to Make Quarterly Estimated Tax Payments, Pay Online
As a reminder, the U.S. tax system operates on a pay-as-you-go basis. For estimated tax purposes, a year has four payment periods. Taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment is April 15. The following payments are due June 15 and Sept. 15, with the […]