Individual, Family & Fiduciary Tax
MA DOR Announces Tax Amnesty 2016
AAFCPAs would like to make you aware that the Massachusetts Department of Revenue (DOR) has recently announced a 2016 Tax Amnesty Program, open to all individuals and businesses who have not filed all Massachusetts tax returns, or have underreported taxes on previously filed returns. The tax amnesty program is a limited-time opportunity, and allows taxpayers […]
A View from the Trenches: Handling the IRS, clients and the other frustrations of tax filing season
AccountingToday.com | AAFCPAs Co-Managing Partner Dave McManus believes now is the time to educate clients regarding tax planning as a year-round exercise. “We’re not looking solely at the compliance process at the end of the year. Our objective is to work with clients throughout the year and to get a real sense of who they are, how their business […]
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 […]
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 […]
AAFCPAs to Present CITC Information Session for the benefit of taxpayers and CDCs
AAFCPAs Partner Matt Hutt, CPA, CGMA, and AAFCPAs Manager Matt Troiano, CPA, in collaboration with AAFCPAs’ client Somerville Community Corporation, will present a Community Investment Tax Credit (CITC) information session on October 20 in Medford, MA. The CITC was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs), especially […]