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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 the waiver. Earlier this year, the IRS lowered the penalty assessment threshold from its usual... 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

Year-End Personal Financial Planning Considerations

Year-End Personal Financial Planning Considerations

The end of the year presents a unique opportunity to look at your overall personal financial situation. With factors like tax reform, life changes or just working towards your goals, now is an especially important time to review things. Taking what we now know about the new tax law and weaving together all of the other areas of your personal finances is one of the key ways AAFCPAs Tax and... continue reading

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

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

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, and as a result we may need to change some of your tax... 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

Charitable Planning After the TCJA Tax Law Changes

Charitable Planning After the TCJA Tax Law Changes

It can be argued that the most sweeping changes to the tax code in the past 30 years occurred last December, with the passing of the Tax Cuts & Jobs Act (TCJA). AAFCPAs Wealth Management urges clients to carefully consider charitable planning now. Charitable giving, in some instances, may not provide the same tax benefit as it once did. We would like to highlight planning techniques to consider in response... continue reading

Massachusetts Supreme Judicial Court Rules Millionaire Tax Unconstitutional

AAFCPAs would like to make clients aware that a proposed ballot question seeking to impose a 4% surtax on Massachusetts individuals on the portion of taxable income exceeding $1 million has been ruled unconstitutional by the Massachusetts Supreme Judicial Court (SJC). Individuals with income below this threshold were not to be affected. The proposed ballot question was linked to a specific allocation of how the funds raised by this provision... 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

AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act

On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes before December 31, 2017. Prepayment of some property taxes may be advisable for taxpayers not... continue reading