Tax Planning & Compliance
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 […]
Reduce Your Corporate or Partnership Income Tax for 2015
For every business, there is a lot at stake when it comes to tax. AAFCPAs wants you to take full advantage of all available tax benefits to assure you are optimizing your tax liability. Below are a few examples of vehicles to consider that may work favorably for you, but your planning should begin now. […]
Tax planning is an ongoing discipline – waiting for year-end means missing out on real opportunities
Personal and business circumstances are always evolving, presenting opportunities to balance or adjust short-term activities that support a long-term strategy As we head into November, the weight of year-end tax planning starts to bear down on individuals and business owners. Often, this time of year signals a rush of backward-looking assessments and last-minute adjustments to […]
IRS Announces 2016 Retirement Plan Limitations
The IRS recently announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. In general, the pension plan limitations will not change for 2016. However, the following minor limitations changes are effective January 1, 2016: The following retirement plan contribution limits remain unchanged, but may serve as a […]