All Regulatory Alerts
2021
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03.23
IRS Extends Federal Income Tax Filing Deadline for Individuals
AAFCPAs would like to make clients aware that the Treasury Department and the IRS recently announced that the federal income tax filing deadline for individuals will be postponed to May 17, 2021 from April 15, 2021. It is still AAFCPAs’ intention to complete individual filings by April 15th, unless you have heard otherwise from your AAFCPAs tax professional. What You Need […]
2021
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02.23
“Small” Is Bigger Than Ever
Is Your Business Eligible for Expanded Tax Benefits? Small businesses enjoy several tax advantages that may allow them to reduce their tax bills, defer taxes, and simplify the reporting process. Until recently, federal tax rules generally defined “small business” as one with average annual gross receipts of $5 million or less ($1 million or $10 […]
2021
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02.22
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 […]
2021
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02.08
Relaxed Limit on Business Interest Deductions
AAFCPAs would like to remind clients that the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense in an effort to provide tax relief to businesses suffering during the COVID-19 pandemic. TCJA Created New Limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were […]
2021
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02.04
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 […]
2021
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01.05
Tax Provisions and Extenders in the Consolidated Appropriations Act of 2021
AAFCPAs would like to make clients aware, on December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (The Act), a $2.3 trillion spending bill. Among the stimulus package and other COVID-19 relief provisions, the Act contained several tax provisions and extenders. AAFCPAs has highlighted below some of the most impactful tax provisions and extenders […]
2020
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05.01
IRS Issues Guidance on Deductibility of Expenses Covered by PPP Loan
AAFCPAs would like to make clients aware that on Thursday, April 30th, the IRS issued Notice 2020-32 providing tax compliance clarity related to Paycheck Protection Program (PPP) funds. Under Notice 2020-32 the IRS concludes that no deduction is allowed for an expense that results in forgiveness under section 1106(b) of the Coronavirus Aid, Relief, and […]
2020
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03.27
Massachusetts Extends State Income Tax Filing Deadline to July 15
AAFCPAs would like to make clients aware that Massachusetts announced today an agreement to extend the 2019 state individual income tax filing and payment deadline from April 15 to July 15, consistent with the federal government, due to the ongoing COVID-19 outbreak. This income tax relief is automatic and taxpayers do not need to file […]
2019
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08.15
IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers
AAFCPAs would like to make clients aware that the IRS is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Again, this is an automatic waiver, so there is no need to contact the IRS to apply for or request […]
2019
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04.05
CHIA Announces Deadline Extension for Community Health Center FY 2018 Cost Reports
The Center for Health Information and Analysis (CHIA) announced Friday that they are extending the deadline for all Community Health Centers (CHCs) to file their fiscal year 2018 cost report to Monday, July 8, 2019. All Massachusetts CHCs, regardless of Fiscal Year End (FYE) date, are required to file their fiscal year 2018 cost report […]