Business Tax
IRS Extends More Tax Deadlines for Individuals and Businesses
The Internal Revenue Service has released Notice 2020-23 expanding the list of filers eligible for deferred filing of returns and related payments. Equally important, it allows for a postponement of all time-sensitive actions listed in Revenue Procedure 2018-58. In addition to postponements previously granted to filers of Individual, Fiduciary, Corporation, and Gift tax returns, the […]
Payroll Tax Credits and Other COVID-19 Payroll-Related Benefits
AAFCPAs would like to make clients aware of sections of the laws enacted over the past several weeks by the Federal government to ease the economic impact on employees and employers as they relate to payroll-related benefits. Employers are presented with two types of new tax credits, and a tax deferral option available as part […]
MA DOR Makes Official & Clarifies Tax Filing Delay
AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue (DOR) today released guidance officially extending the April 15, 2020 deadline to July 15, 2020 for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income. The guidance also extends the due […]
Business Tax Provisions of Federal Legislation
The CARES Act makes significant changes to the calculation of taxes for both C corporations and flow through entities. AAFCPAs has provided a summary of these provisions below. Where appropriate, information from the Families First Coronavirus Response Act (FFCRA) and other IRS announcements has been included. Net Operating Losses (NOLs) Under existing law, in effect […]
IRS Issues Additional Clarity on Tax Deadlines
AAFCPAs has received many e-mails and phone calls in response to the recent announcements from the IRS related to the federal tax filing and payment deadline extensions. As a reminder, Treasury Secretary Steven Mnuchin announced last week that the IRS will move the national income tax filing and payment day ahead to July 15th. This […]
How to Transfer Tax Documents to AAFCPAs
Due to the current status of the Coronavirus and the potential for mail service delays & travel restrictions, AAFCPAs encourages clients to transfer tax documents electronically. We offer the following 3 options for secure, electronic transfer: TaxCaddy: TaxCaddy is a secure application that will allow you to easily collect, store, and transfer your tax documents. […]
US Treasury Announces 90-Day Delay in Tax Payment Deadline
AAFCPAs would like to make clients aware that the U.S. government announced on Tuesday, March 17, 2020 that certain individuals and corporations may delay their tax payments for 90 days from the April 15 deadline —or until July 15th—due to the coronavirus (COVID-19) pandemic. Individuals may defer up to $1 million in payments for 90 […]
Tax Savings for Cannabis Businesses with Cost Segregation Study
AAFCPAs would like to remind cannabis clients that placed in service in 2019 (or will soon be placing in service) capital expenditures (CAPEX), often in excess $10 million, to have a cost segregation study performed to provide tax savings and additional benefits, including reduced property taxes, improved property management, and improved ability to identify investments […]
President Signs Law: Repeals Nonprofit Tax, Extends Key Tax Provisions, and Overhauls Retirement Plan Rules
The federal government spending package, titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. The Act, signed into law by the President last Friday, December 20, 2019, officially repeals the tax on nonprofit transportation fringe benefits and provides a new flat private foundation excise tax. It also extends certain income […]