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Upstream Trusts May Be Solution to Eliminate Capital Gains

In light of recent increases in limits for federal estate tax exemptions under the Tax Cuts and Job Acts (TCJA), AAFCPAs advises clients to consider the suitability of an Upstream Trust as a strategy for taxpayers who have highly appreciated assets to save money on capital gains tax. Upstream Trusts are a new option that AAFCPAs utilizes since the passing of TCJA, which involves taking advantage of the largely unused... continue reading

AAFCPAs Tax Practice Announces New IT Solutions and Process Improvements

The Tax Practice of AAFCPAs is excited to introduce new IT solutions and process improvements that will add efficiency and ease to your client experience for the 2019 tax return filing season. Please review the information below as you may need to take action in order to avail yourself of these new tools. TaxCaddy TaxCaddy is a secure application that will allow you to easily collect, store, and retrieve your... continue reading

AAFCPAs Releases 2019-2020 Tax Planning Guide for Businesses & Individuals

As we approach the second tax filing season under the monumental Tax Cuts & Jobs Act (TCJA), we now have a clearer and broader view of what the future holds for businesses, individuals, tax exempt and government entities. This view includes insight into opportunities and pitfalls to consider for 2019-2020. Download AAFCPAs’ 2019-2020 Tax Planning Guide for Businesses & Individuals >> Provisions of the TCJA included small income tax rate reductions for most... continue reading

Tax Incentives Abound for Charitable Remainder Annuity Trusts

A Charitable Remainder Annuity Trust (CRAT) is a type of charitable tax planning strategy in which a donor contributes assets to a charitable trust which subsequently pays a fixed income to a designated beneficiary, in the form of an annuity. A CRAT lasts until the donor passes away, at which time any funds remaining in the trust are then donated to a charity pre-chosen by the donor. This strategy is... continue reading

Don’t Let the New Tax Act Affect Your Giving Goals

The Wall Street Journal recently reported that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax-law changes and a late-year stock-market dip as the reasons for the decline. At AAFCPAs Wealth Management, we know that taxes are not the reason you give; however, they may affect how much you give, the timing of your gifts, and the vehicle you use. We have... continue reading

AAFCPAs Reminds Those With Foreign Assets of Annual April 15 FBAR Deadline

AAFCPAs reminds our clients who have an annual FBAR filing requirement to be sure to report their foreign assets by the IRS’ April 15, 2019 deadline. Similar to prior years, automatic relief is available. The IRS and US Treasury recently announced that the Financial Crimes Enforcement Network (FinCEN) will now grant filers missing the April 15 deadline an automatic extension until October 15, 2019 to file the FBAR. Specific extension... continue reading

IRS Expands Underpayment and Under-withholding Relief

The Internal Revenue Service announced on Friday, March 22, that they are expanding penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced Jan. 16, the threshold was 85 percent. The regular penalty avoidance threshold is... continue reading

AAFCPAs Releases 2018-2019 Tax Planning Guide for Businesses & Individuals

AAFCPAs Releases 2018-2019 Tax Planning Guide for Businesses & Individuals

Looking for our latest tax guide? Click here for AAFCPAs’ 2019-2020 Tax Guide. Although you cannot avoid taxes, you can take steps to minimize them. This requires proactive tax planning, including estimating your tax liability, looking for ways to reduce it, and taking timely action. In 2018, tax planning is more complicated than usual. Most provisions of the massive Tax Cuts and Jobs Act (TCJA) go into effect this year,... continue reading

IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits

The IRS recently released proposed regulations addressing the state and local itemized tax deduction, available to individual taxpayers on their Federal tax returns.  The regulations also apply to trusts and decendents’ estates. Under the Tax Cuts and Jobs Act, the state and local tax deduction (consisting primarily of income, real estate and other property, and certain sales taxes) is capped at $10,000 annually, beginning in 2018.  Several states have implemented... continue reading

Financial and Estate Planning Opportunities Related to the New Tax Law

The Tax Cuts and Jobs Act (“The Act”) reflects a widespread change not seen in over 30 years. The architects of the legislation hoped this tax overhaul would allow a simplification of the US tax code. Unfortunately, what is clear since the bill’s signing is the additional complexity, and most provisions have taken effect immediately in 2018. AAFCPAs Wealth Management provides the following general outline for clients and friends of... continue reading