Business Tax
Payroll Tax Credit Available To Start-ups
AAFCPAs would like to make clients aware of the significant benefits available to small businesses as a result of provisions enacted in the Protecting Americans from Tax Hikes Act of 2015 (“PATH Act”). The Research Credit may now be applied to offset payroll taxes for start-up businesses. Who do these new provisions of the PATH Act […]
Massachusetts DOR Announces Late-File Penalty Relief for Corporate Taxpayers
AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue announced relief for corporate taxpayers affected by the change in federal tax return due dates. The IRS changed the due date for filing calendar year C corporation returns from March 15 to April 15, effective for 2016 tax filings. The Massachusetts legislature […]
Unique Tax Breaks for Breweries
Is your business familiar with the unique tax breaks available in the brewery industry? AAFCPAs has provided for your convenience the below tax insights that could have a major impact on reducing your tax burden: Section 179 Depreciation Breweries are capital intensive businesses, and equipment investments can be significant. Section 179 allows breweries to deduct […]
States Not Adopting Federal Due Date Change for C Corporations
Please be aware, 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 most states have adjusted their statutes or administrative rulings to accommodate the Federal change, there are three states […]
IRS Form 1099-MISC and related IRS Form 1096 Due January 31st
As a reminder, the IRS has changed the filing due date for IRS Form 1099-MISC and related IRS Form 1096 from February 28 to January 31 if they are being filed to report non-employee compensation as reported in Box 7 of the 1099-MISC. This January 31, 2017 due date coincides with the date the 1099s […]
AAFCPAs Julie Chevalier and Rich Weiner to Present at the MSCPA State Tax Conference on Multistate Tax Nexus & Apportionment
AAFCPAs Tax Partners Julie Chevalier and Richard Weiner will present an educational workshop at the Massachusetts Society of CPA’s (MSCPA) State Tax Conference scheduled for January 17th, 2017. This technical session is part of the MSCPA’s annual State Tax Conference. Multistate Tax Nexus and Apportionment is more complex and demanding than ever before, and state […]
AAFCPAs’ Guidance in the Home Stretch for 2016 Year-End Tax Planning
Throughout the year, AAFCPAs shares insights designed to help individuals and businesses manage their tax liabilities in light of each person or company’s unique circumstances–and to encourage clients to consider tax planning as a year-round, ongoing discipline. Personal and business circumstances are always evolving, presenting opportunities to balance or adjust short-term activities that support a […]
2017 Standard Mileage Rates
The IRS has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for […]
New President, Congress May Mean Changes to the Federal Gift and Estate Tax
With a new President and Congress, AAFCPAs anticipates there will likely be major changes to our tax code in a year or two. Among those are possible changes to the federal gift and estate tax. Currently there is a 40% federal tax on everything we own at the time of our death, and on gifts […]