State and Local Tax
MA Form 3ABC due by 3/1 to avoid local property taxes
The Massachusetts “Return of Property Held for Charitable Purposes” (Form 3ABC) provides for an exemption from local taxation on personal and real property for eligible charitable organizations. As a reminder, in order to be exempt, you must file an annual Form 3ABC, due at the Assessor’s Office no later than March 1, in each city or town […]
Cannabis Business Owners: Multi-State Tax Considerations for Multi-State Operators
Cannabis Business Executive (Jan 2022) – Cannabis legalization continues to gain momentum across the country, with several new states having legalized marijuana in 2021. Cannabis business owners and investors capitalize on this momentum for federal legalization soon:
Tax Planning Guides for Businesses & Individuals (2021-2022)
When considering your optimal tax planning & compliance strategy, business & individual tax payers must account for all current and impending tax code changes. This includes the 2017 Tax Cuts and Jobs Act, the 2019 Further Consolidated Appropriations Act, the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent stimulus initiatives, as […]
Texas Franchise Tax Gross Receipts Sourcing Reform
AAFCPAs would like to make clients aware that the Texas Comptroller of Public Accounts has adopted revisions to Franchise Tax apportionment rules proposed on November 2, 2020 under 34 Tex. Admin. Code section 3.591. The revisions seek to align statutory law with prior Court rulings, and to provide industry-specific updates. The changes may affect receipts […]
How and When to Make Quarterly Estimated Tax Payments, Pay Online
As a reminder, the U.S. tax system operates on a pay-as-you-go basis. For estimated tax purposes, a year has four payment periods. Taxpayers must make a payment each quarter. For most people, the due date for the first quarterly payment is April 15. The following payments are due June 15 and Sept. 15, with the […]
Alabama Makes Significant Changes to Income Tax Structure
AAFCPAs would like to make clients doing business in Alabama aware of significant changes to the state’s income tax structure. On February 12th, Alabama enacted H.B. 170 which may affect 2020 tax returns as well as 2021 tax liability. AAFCPAs Highlights Alabama’s Tax Law Changes Below: Effective for Tax Years Beginning On or After January […]
AAFCPAs Welcomes Ciprian Barna, CPA, MST as Partner in Business Tax Practice
Boston, MA (January 13, 2021) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, valuation, business process, and IT advisory solutions, today announced that Ciprian Barna, CPA, MST, joined the firm as a Partner in their growing Commercial Tax practice. Ciprian is an experienced commercial business tax professional with […]
IRS Clarifies the Deductibility of Payments by Partnerships and S Corporations for Certain State and Local Income Taxes
On November 9, 2020, the Internal Revenue Service issued Notice 2020-75 addressing the deductibility of payments by partnerships and S corporations for certain state and local income taxes. Prior to 2018, Section 164(a) allowed individual taxpayers an itemized deduction for state and local income taxes. Although the Tax Cuts & Jobs Act (TCJA) created section […]
AAFCPAs Releases 2020-2021 Tax Planning Guide for Businesses & Individuals
In 2020, tax planning is more complicated than usual. We now have a full view of the impact of United States’ massive 2017 Tax Cuts and Jobs Act (TCJA) and the 2019 Further Consolidated Appropriations Act on clients’ short and longer-term tax planning strategies. We must now evaluate these Acts in tandem with the $2.2 […]