State and Local Tax
Tax Return Due Dates & Filing Extensions Changed
In a 2015 highway funding bill, Congress & the IRS announced changes to due dates for partnership and corporate tax returns, as well as FinCEN Form 114, Report of Foreign Bank and Financial Accounts (FBAR), and several other IRS information returns. These changes will affect your 2016 tax filings. AAFCPAs has provided the following summary […]
How Will the Election Impact Your Taxes?
As the 2016 US Presidential Election approaches, AAFCPAs’ Richard Weiner shares his viewpoints on the short and long-term tax impact Clinton or Trump presidency may have, as well as an analysis of how Republican’s and Democrat’s respective tax plans may impact clients. How quickly will the new President impact you personally or professionally? The composition […]
Form SF-SAC Submission for Single Audits Deadline Extended
The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG). Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse […]
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 […]
2016 Standard Mileage Rates
The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for […]
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 […]
Service Revenue Subject to Out-of-State Taxation
The old rule that a company needs to be “physically present” in a state in order to be subject to tax may no longer apply. New legislation in certain jurisdictions means that service revenue may now be subject to out-of-state taxation. New York and Tennessee are the newest states to adopt the market-based sourcing rules […]
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 […]