Business Tax
MA DOR Announces Tax Amnesty 2016
AAFCPAs would like to make you aware that the Massachusetts Department of Revenue (DOR) has recently announced a 2016 Tax Amnesty Program, open to all individuals and businesses who have not filed all Massachusetts tax returns, or have underreported taxes on previously filed returns. The tax amnesty program is a limited-time opportunity, and allows taxpayers […]
A View from the Trenches: Handling the IRS, clients and the other frustrations of tax filing season
AccountingToday.com | AAFCPAs Co-Managing Partner Dave McManus believes now is the time to educate clients regarding tax planning as a year-round exercise. “We’re not looking solely at the compliance process at the end of the year. Our objective is to work with clients throughout the year and to get a real sense of who they are, how their business […]
IRS Extends ACA Employer Reporting Requirements
The IRS and the U.S. Department of the Treasury announced a limited extension of the early 2016 due dates for the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA). Specifically, the notice extends by two months the February 1 due date for employers and insurers to provide individuals with […]
President Signs Tax Extenders into Law; R&D Tax Credit Made Permanent
On December 18, President Obama signed into law the Protecting Americans From Tax Hikes Act of 2015 (“PATH”), which extends or makes permanent over 50 provisions of the Internal Revenue Code that had expired at the end of 2014, including several key pro-business initiatives. The PATH legislation expands and makes permanent the Research and Development […]
2016 Standard Mileage Rates
The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for […]
Congress to Vote on Tax Extender Bill Friday
On Tuesday night, Congress reached an agreement on a year-end spending and tax deal that includes the much anticipated tax “extender” provisions. The tax bill is expected to extend around 50 credits for businesses and individuals, while also delaying until 2017 a tax on medical device manufacturers. This news provides some insight of what to […]
Service Revenue Subject to Out-of-State Taxation
The old rule that a company needs to be “physically present” in a state in order to be subject to tax may no longer apply. New legislation in certain jurisdictions means that service revenue may now be subject to out-of-state taxation. New York and Tennessee are the newest states to adopt the market-based sourcing rules […]
Tax Planning Guide for Individuals and Businesses Year-End 2015
AAFCPAs is pleased to provide you with detailed tax planning guides that we know you will find helpful in navigating the numerous tax updates taking effect in 2016! If you have not done so already, there is still time to consider year-end tax-saving opportunities. These tax guides are organized into sections discussing year-end, as well […]
AAFCPAs Warns of Recent IRS-Impersonation Identity Theft Scam
We have been alerted that a number of taxpayers are receiving emails from scammers who are disguising themselves as IRS agents. Generally, the IRS does not send unsolicited e-mails to taxpayers. Further, the IRS does not communicate tax account information with taxpayers via e-mail or use e-mail to solicit sensitive financial and personal information from […]