Business Tax
2013 Year End Tax Planning Guide & Reminder
AAF 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 2014! If you have not done so already, there is still time to consider tax-saving opportunities. These Tax Guides are organized into sections discussing year-end, as well as […]
IRS Modifies Use-It-Or-Lose-It Rule For Employee Medical Flexible Spending Accounts
On Thursday, October 31, 2013, the Internal Revenue Service issued Notice 2013-71, relaxing the longstanding “use-it-or-lose-it” rule for employee medical flexible spending accounts (“FSAs”). In addition, for the first time the Notice allows employees to carry forward up to $500 of unused salary reduction amounts to a subsequent cafeteria plan year. The carryover option is […]
Massachusetts DOR Suspends Computer Service Sales Tax Collection for 30 Days
The Massachusetts Department of Revenue has suspended collection and reporting of the sales tax on computer services for thirty days, pending final enactment and signature of the repeal recently announced by Governor Patrick and the Legislature. Reporting and payment of these particular taxes that cover the period July 31, 2013 to September 30, 2013 should […]
Breaking News: IRS releases ruling in regard to DOMA
The IRS today issued Revenue Ruling 2013-17 in response to the US Supreme Court’s ruling invalidating the Defense Of Marriage Act. The ruling’s key provision is to affirm that a same sex couple will be considered “married” for US tax purposes as long as they were married in a state where same sex marriage is […]
New Excise Tax on Medical Reimbursement Plans due July 31, 2013
As part of the new Affordable Care Act, employers who provide a self-insured health plan (commonly referred to as medical reimbursement plans or health reimbursement arrangements) are potentially subject to a new excise tax in 2013. The tax is assessed based on the number of lives participating in the plan for the prior plan year. […]
Key questions about the health care act’s employer coverage penalties
The deadline is looming. In roughly six months, employers will be subject to the “play or pay” provisions of the Patient Protection and Affordable Care Act of 2010. Not every company will face a penalty for not providing health care coverage or for not providing sufficient coverage. But taking a wait-and-see approach is highly unadvisable. […]
Department of Revenue Requirement to "Certify Your Tax Status"
Many companies located in Massachusetts have received an email this week from the Department of Revenue (“DOR”) informing them of a requirement to “certify their tax status” on line via the DOR WebFile site before April 1. The purpose of obtaining this certification is to allow the DOR to publish a list of businesses qualifying […]
Caught while falling off the fiscal Cliff – Congress passes a solution
CONGRESS PASSES A SOLUTION; PRESIDENT SIGNS INTO LAW After extensive debate, the Senate and House of Representatives passed the “American Taxpayer Relief Act” on January 1, 2013, which was signed into law by the President on January 2. The new legislation contains provisions impacting both commercial and individual taxpayers. Business Tax Provisions: The Research and […]
3 tax tips for the self-employed
With the job market in many areas as uncertain as the economy itself, more and more people are turning to self-employment. If you count yourself among them, here are three tips to consider: 1. Learn your liability. Self-employed individuals are liable for self-employment tax, which means they must pay both the employee and employer portions […]