Family & Fiduciary Tax
2022
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11.14
How to Use This Year’s Market Tumble to Reduce Your Tax Bill
Barron’s Magazine (November 13th, 2022) – This year’s market mayhem could shave your tax bill for years to come. AAFCPAs’ Partner & Tax Attorney Joshua England, LLM, Esq. was interviewed by Barron’s magazine on tax strategies in a down market. (This is subscriber-only content.)
2021
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10.11
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 […]
2021
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07.06
What Taxpayers Need to Know About the Child Tax Credit
As part of the American Rescue Plan Act of 2021, the IRS increased the amount of the Child Tax Credit and plans to issue up to 50% of the credit in the form of monthly advanced payments beginning July 15, 2021. Taxpayers may claim the remaining credit when they file their 2021 income tax return. […]
2020
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12.16
IRS Issues Final Regulations on 1031 Exchanges
AAFCPAs would like to make clients aware of new IRS regulations which provide guidance related to Section 1031 Like-Kind exchanges. Under the like-kind exchange rules, a taxpayer may defer a gain on a sale of property when they exchange that property for another similar property and certain requirements are met. Under the 2017 Tax Cuts […]
2020
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11.09
Watch Now: 2020 Tax Planning Webinar: Guidance for Individuals
In 2020, tax planning is more complicated than usual. It may be daunting to understand brackets and rates, where and when to retire, capital gains, and what to do with retirement plans. In this 1 hour webinar, AAFCPAs Tax & Wealth Advisors cover what taxpayers need to know for 2020 year-end, as well as year-round […]
2020
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10.12
AAFCPAs Releases 2020-2021 Tax Planning Guide for Businesses & Individuals
In 2020, tax planning is more complicated than usual. We now have a full view of the impact of United States’ massive 2017 Tax Cuts and Jobs Act (TCJA) and the 2019 Further Consolidated Appropriations Act on clients’ short and longer-term tax planning strategies. We must now evaluate these Acts in tandem with the $2.2 […]
2020
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07.10
Supreme Court to Hear Challenge to The Affordable Care Act
AAFCPAs would like to make our clients aware that we are closely monitoring the case of Texas v. U.S., which is challenging the constitutionality of the tax provisions of the Affordable Care Act (ACA). The lower court has found the ACA’s minimum essential coverage provision to be unconstitutional. In that finding, the court raises the question […]
2020
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07.01
The Current Economy Presents Opportunities in Estate Planning
The current economic environment presents opportunities for high-net-worth individuals to maximize the benefits of estate planning to leverage tax exemptions and insulate your assets. Why is now a good time for estate planning? As you may know, there is both a Massachusetts and federal estate tax. The federal tax is a 40% tax on the […]
2020
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03.23
How to Transfer Tax Documents to AAFCPAs
Due to the current status of the Coronavirus and the potential for mail service delays & travel restrictions, AAFCPAs encourages clients to transfer tax documents electronically. We offer the following 3 options for secure, electronic transfer: TaxCaddy: TaxCaddy is a secure application that will allow you to easily collect, store, and transfer your tax documents. […]
2019
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12.27
President Signs Law: Repeals Nonprofit Tax, Extends Key Tax Provisions, and Overhauls Retirement Plan Rules
The federal government spending package, titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. The Act, signed into law by the President last Friday, December 20, 2019, officially repeals the tax on nonprofit transportation fringe benefits and provides a new flat private foundation excise tax. It also extends certain income […]