Tax Planning & Compliance
Watch Live: 2022 Year-End Tax Planning Webinars
SAVE THE DATE! AAFCPAs is excited to announce its annual year-end tax planning webinar series, which will provide insight into strategies for 2022-year end that clients may take advantage of now to realize a more favorable tax outcome. Business Tax Wednesday, November 9th 12 – 1 pm Cannabis Business Tax Thursday, November 10th 12:30 – […]
MA Taxpayers May Expect Refunds of Excess Tax Revenue
Massachusetts’ State Auditor Suzanne Bump recently announced that Fiscal Year 2022 (FY22) Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts General Laws by $2.941 billion. This revenue will be returned to taxpayers in the coming months. In general, eligible taxpayers will receive a credit in the […]
Maryland SaaS Taxability
AAFCPAs would like to make clients aware of new Maryland sales tax legislation, which effectively narrowed the definition of digital products and changed the sales taxability of Software as a Service (SaaS), effective July 1, 2022. Background In March 2021, Maryland’s Office of the Comptroller issued guidance on digital products and announced that SaaS would […]
The Inflation Reduction Act of 2022
On August 16, 2022, President Biden signed into law Public Law Number 117-169, the Inflation Reduction Act of 2022 (the Act). AAFCPAs has highlighted below some of the most impactful tax provisions in the Act, including, but not limited to, provisions and credits affecting clean energy, a significant monetary reinvestment into the IRS, and a […]
Inflation Reduction Act Tax Credit Incentives for Contractors
On August 16, 2022, President Biden signed the Inflation Reduction Act. Both existing and expired energy efficiency tax incentives including 179D Deductions and 45L Credits have been expanded significantly. AAFCPAs would like to make Real Estate and Construction clients aware of the following provisions: Section 179D Tax Deduction The Inflation Reduction Act aims to invest […]
MA Cannabis Reform Bill Signed by Governor
On August 11, 2022, Governor Charlie Baker signed into law the largest cannabis reform bill Massachusetts has seen since 2017: An Act Relative to Equity in the Cannabis Industry. The bill focused on welcomed provisions for operators: MA Decouples from Federal 280E, Offering Significant Tax Savings Social Equity Trust Fund Established, for the benefit of […]
AAFCPAs Provides Inventory Costing and 471 Guidance at AICPA & CIMA Cannabis Conference
AAFCPAs’ Cannabis Practice Leader David McManus, CPA, CGMA will present Inventory Costing and 471 Guidance to cannabis industry experts, CPAs, Attorneys, Tax Advisors, and peers experienced and inexperienced with the sector at the Association of International Certified Professional Accountants (AICPA) & Chartered Institute of Management Accountants (CIMA) Cannabis Industry Conference on August 8th in Denver, CO and Live […]
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 […]