State and Local Tax (SALT)
AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act
On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes […]
AAFCPAs Advises Clients on Year End Tax Savings Strategies in Response to Tax Bill Conference Report
On Friday, December 15, Congress released the contents of the Conference Report to the Tax Cuts and Jobs Act. The bill requires a final vote this week in both the House and Senate, at which point it will be sent to the White House for the President’s signature. The stated goal is to have the […]
AAFCPAs Highlights Provisions in Proposed Tax Legislation and Planning Opportunities for Businesses & Individuals
The US House of Representatives’ tax writing committee has released its first draft of proposed tax legislation. Many of its provisions have been the subject of news articles and debate. Highlights include the following: Limitation of the mortgage interest deduction to $500,000 of new debt Capping the deduction for property taxes to $10,000 Eliminating the […]
Cautionary Tales: When year-round communication is left out of tax planning
The pace of change in business is rapid, and as you know, executive leadership must be poised to quickly respond to challenges and seize opportunities as they arise. Often, decisions made throughout the year in response to challenges and opportunities have tax implications. In some cases, the tax benefits of these decisions have windows of […]
AAFCPAs Shares Valuable Tax Insights in 2017 Year-End Corporate and Individual Tax Planning Webinar
AAFCPAs presented this webinar on Tuesday, November 14th from 12-1pm in a live, 1-hour corporate and individual tax planning session. As you are aware, there is potential for dramatic changes in Federal and State tax law on the horizon which, more than ever, requires a multi-year approach to tax planning. AAFCPAs’ Richard Weiner, CPA, MST, Bella Amigud, […]
Massachusetts Clarification of Due Date Change for Extended C Corporation Tax Returns
AAFCPAs would like to make clients aware that, effective for years ending on December 31, 2016, the IRS changed the due date for filing calendar year C corporation returns from 3/15 to 4/15 (or the 15th day of the fourth month following the close of the corporation’s fiscal year). Although states have subsequently adjusted their rules and […]
Medicinal and Recreational Cannabis Business Roundtable: What You Need to Know
David McManus, CPA, CGMA, AAFCPAs’ Co-Managing Partner, and Mike Ross, Co-Chair of Prince Lobel’s Cannabis team will lead an interactive roundtable discussion, scheduled for September 28th, on the interpretation and implementation of Massachusetts’ new marijuana statute. Participants include experts in tax, nonprofits, licensing, raising equity, municipal permits and zoning. Massachusetts regulators and law makers have […]
Significant Changes Resulting from Cannabis Bill H.3818
Massachusetts Governor Charlie Baker recently signed an overhaul of the state’s voter-passed recreational marijuana law: Massachusetts Bill H.3818 (AN ACT TO ENSURE SAFE ACCESS TO MARIJUANA). AAFCPAs highlights a number of significant changes that will affect the Massachusetts cannabis industry—some of which take effect immediately. The immediate changes include: The repealing of the requirement that […]
Massachusetts Delays Plan to Tax Online Sales
The Massachusetts Department of Revenue today announced it has revoked its directive to collect sales taxes from out-of-state online retailers starting July 1. Earlier this spring, the Massachusetts Department of Revenue issued a directive aimed at requiring certain out of state vendors to collect sales tax on online sales to Massachusetts customers. The Department’s position […]