David McManus
IRS Issues Final Regulations on 1031 Exchanges
AAFCPAs would like to make clients aware of new IRS regulations which provide guidance related to Section 1031 Like-Kind exchanges. Under the like-kind exchange rules, a taxpayer may defer a gain on a sale of property when they exchange that property for another similar property and certain requirements are met. Under the 2017 Tax Cuts […]
Businesses May Defer Social Security Tax Up Until PPP Loan is Forgiven
UPDATED 6.5.2020: On June 5, 2020, the President signed into effect the Paycheck Protection Program (PPP) Flexibility Act, which would provide greater flexibility in how businesses may spend PPP loan proceeds. This includes allowing businesses participating in the PPP loan to defer social security taxes without limitation. The purpose of PPP and the payroll tax […]
Watch Now: Business & Individual Tax Planning Guidance Related to COVID-19 & the CARES Act
OnDemand Webinar – Watch Below The Coronavirus pandemic has spawned a flurry of stimulus legislation and efforts taken by Congress, the Treasury, the IRS, and state & local governments to ease the impact on businesses and individuals. The most sweeping changes have come from Congress’s coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security […]
Key steps for businesses to survive the coronavirus crisis
As the COVID-19 pandemic wears on and Central Massachusetts business owners adjust to a shifting economic and regulatory environment, area experts are cautioning company heads to stay abreast of ever-changing tides – and to make sure emergency plans are in place to protect work and cash flow.
Tax Relief and Incentives for Affected Cannabis Businesses
The quickly spreading coronavirus, and the subsequent response from states to close all “non-essential” businesses, is causing much confusion for the Cannabis industry. The decision about whether cannabis operators can keep doing business has occurred state by state, and in some cases, city by city. The majority of US states that have closed non-essential businesses […]
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. […]
Federal Tax Filing Deadline Extended to July 15th
As the Coronavirus (COVID-19) pandemic continues to unfold, AAFCPAs has received many e-mails and phone calls. Treasury Secretary Steven Mnuchin announced today, March 20th, 2020 that the IRS will move the national income tax filing day ahead to July 15th, three months after the normal deadline for Americans to send in their returns. The filing […]
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 […]