Ernest Carruthers
Secure Act 2.0 & the YE Spending Bill
On Friday, December 23, 2022, the U.S. House of Representatives followed the Senate’s lead and passed a $1.7T spending bill (Consolidated Appropriations Act of 2023) that included changes to retirement savings, otherwise known as the Secure Act 2.0. The bill was signed by President Biden on December 29, 2022. These provisions affect individuals with retirement […]
IRS Delays Implementation of $600 threshold for 1099-K
AAFCPAs would like to make clients aware, the IRS recently announced a delay of the new 1099-K reporting requirements for calendar year 2022. As a part of The American Rescue Plan Act of 2021 (ARPA), third-party settlement organizations (e.g., PayPal, Venmo, etc.) were required to issue a form 1099-K for those receiving more than $600. This requirement […]
Massachusetts Millionaire’s Tax
On Election Day, November 8th, Massachusetts voters approved Question 1 to amend the state constitution and establish an additional 4% surtax on taxable income in excess of $1 million dollars. Millionaire’s Tax Facts We expect more information from the Department of Revenue in the coming weeks. How May We Help? There are several situations that […]
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 […]
AAFCPAs Announces Promotions and Peer Nominated Awards
“Our people are our greatest asset! Therefore, AAFCPAs hires exceptional people at all levels, develops them faster and provides opportunities for personal and professional growth. Our culture ensures they feel a genuine sense of being cared about; and that care extends to how graciously we serve our clients, and communities.” said Carla McCall, CPA, CGMA, […]