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Massachusetts DOR Warns of New Tax Refund Text Scam
Massachusetts taxpayers are the latest target of a growing wave of text scams. The Massachusetts Department of Revenue (DOR) reports that residents have received messages claiming they are due a tax refund. These texts include a link and ask the recipient to confirm their banking information in order to receive the money. This is not […]
New Mortgage Interest Rules Offer Opportunities for Individual Taxpayers
How the OBBB Act Changes Mortgage Interest Deductions The rules for deducting mortgage interest have shifted in ways that may prompt many individual taxpayers to rethink their year-end tax planning. The newly enacted One Big Beautiful Bill (OBBB) Act locks in a key limit on acquisition debt, adds a deduction for private mortgage insurance beginning […]
Maximizing Meal Expense Deductions: IRS Rules and Exceptions Every Organization Should Know
Meal Expenses: An Overlooked Tax Opportunity Meal expenses are often an overlooked area in tax planning, with significant potential to affect an organization’s bottom line. While the IRS generally allows only a 50 percent deduction under IRC §274, certain circumstances may permit full deductibility. Understanding these exceptions enables businesses, including tax-exempt organizations that may incur […]
AAFCPAs Tax Partners Featured in Dealmaking Panel Discussion
AAFCPAs is proud to speak at the upcoming AM&AA New England Chapter networking event. Tax Partners Julie Sauriol, CPA and Richard Weiner, CPA, MST, CM&AA will join fellow panelist Sarah Grossman, CBI of BayState Business Brokers, for a discussion on collaboration in mergers and acquisitions. This program will provide insight into how advisors from different […]
Embracing the Do-Over—A Journey in Wealth, Wellness, and Second Chances
There’s a phrase I’ve come to love: “the great redo”. It’s the idea that life, much like financial planning, sometimes gives us a second chance to get things right—or at least to do them better. I recently lived this lesson firsthand, and I want to share how it shaped my approach to both personal growth […]
OBBB Creates New Deduction for Qualified Tips Through 2028
The One Big Beautiful Bill (OBBB) Act introduces a new federal tax provision that may affect businesses with tipped employees. Beginning in 2025, up to $25,000 in qualified tips per year may be excluded from federal taxable income through 2028. The deduction applies to occupations where tipping has long been customary and regular, including roles […]
One Big Beautiful Bill Adds $6,000 Deduction for Social Security Beneficiaries
Starting in 2025, adults age 65 and older can claim an additional deduction of $6,000 on their federal income tax return under the One Big Beautiful Bill (OBBB) Act. Married couples where both spouses qualify may claim up to $12,000. This provision is available through 2028. The deduction begins to phase out for individuals with […]
SALT Partner Kelly Zack Strengthens Community Leadership Through Board Service
AAFCPAs’ Partner Kelly Zack, MST recently joined the board of Victory Programs, Inc. (VPI), a Boston-based nonprofit dedicated to providing hope, recovery, and community for individuals and families facing homelessness, addiction, or chronic health conditions. VPI envisions communities that are safe, healthy, and inclusive, offering programs that address housing, wellness, and supportive services to help […]
Green Energy Tax Credits Ending Under One Big Beautiful Bill
The One Big Beautiful Bill (OBBB) redrew the boundaries of U.S. climate policy. With its passage, several of the tax incentives that had shaped investment in electric vehicles, home energy upgrades, and renewable infrastructure are set to expire. Some of these credits, introduced under the Inflation Reduction Act, had been generous but complex. Others were […]