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FBAR Filing Now Due April 15, Automatic Relief Available

AAFCPAs would like to remind all taxpayers with an annual FBAR filing requirement to be sure to report their foreign assets by the quickly approaching April 18 filing deadline.  We would also like to share that 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 18 deadline an automatic extension until Oct. 16, 2017 to... continue reading

83(b) Election May Be Beneficial for Stock Subject to Vesting

AAFCPAs would like to make clients aware of the 83(b) election, a beneficial tax treatment that may provide significant tax savings.  An 83(b) election may work favorably for you if you have been given restricted property, such as equity.  Under IRS code section 83(b), you are able to convert what would normally be ordinary income for this equity earned for services into capital gain income. Often times a taxpayer may... continue reading

AAFCPAs’ Guidance in the Home Stretch for 2016 Year-End Tax Planning

Throughout the year, AAFCPAs shares insights designed to help individuals and businesses manage their tax liabilities in light of each person or company’s unique circumstances–and to encourage clients to consider tax planning as a year-round, ongoing discipline. Personal and business circumstances are always evolving, presenting opportunities to balance or adjust short-term activities that support a long-term strategy.  We have provided for your convenience links below to a number of AAFCPAs’... continue reading

2017 Standard Mileage Rates

The IRS has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for business miles driven, down from 54 cents for 2016 17 cents per mile driven for... continue reading

New President, Congress May Mean Changes to the Federal Gift and Estate Tax

With a new President and Congress, AAFCPAs anticipates there will likely be major changes to our tax code in a year or two.  Among those are possible changes to the federal gift and estate tax.  Currently there is a 40% federal tax on everything we own at the time of our death, and on gifts made during our lifetime.  There is also currently a combined federal estate and gift tax... continue reading

How Will the Election Impact Your Taxes?

As the 2016 US Presidential Election approaches, AAFCPAs’ Richard Weiner shares his viewpoints on the short and long-term tax impact Clinton or Trump presidency may have, as well as an analysis of how Republican’s and Democrat’s respective tax plans may impact clients. How quickly will the new President impact you personally or professionally? The composition of Congress, especially the House of Representatives, has much more impact than does the incoming... continue reading

IRS Section 2704 Proposed Regulations Could Eliminate Significant Estate Planning Technique for Family-Controlled Entities

The IRS has issued Proposed Regulations under Internal Revenue Code § 2704 that may dramatically reduce the ability to apply discounts in valuing the interests of many family-controlled entities for estate gift and generation skipping tax purposes.  Specifically, the proposed regulations may significantly restrict the application of lack of control or marketability discounts in determining the fair market value of transferred interests. AAFCPAs urges individuals with substantial net worth to... continue reading

Avoid Double Taxation on Inherited Assets with IRD Deduction

AAFCPAs would like to make clients aware of an often-missed tax deduction available to heirs of pre-tax assets, such as: retirement plan assets, IRA distributions, unpaid interest and dividends, salary, wages, sales commissions, etc.  The income in respect of a decedent (IRD) deduction, Section 691(s) under the Internal Revenue Code, can reduce the income tax beneficiaries may owe by mitigating the combined income-and-estate-tax effect. Estate taxes on an inheritance may... continue reading

Mass Murder May Lead to Charity Scams and Identity Theft

AAFCPAs would like to make clients aware of a recent consumer alert issued by the IRS warning taxpayers about the possible emergence of fake charity scams in the wake of the recent mass-murder in Orlando.  The agency is encouraging donors to seek out recognized charitable groups and to use the IRS website to verify the status of charitable organizations. Bogus websites are a favorite tool of scammers, the agency said.... continue reading

MA DOR Announces Tax Amnesty 2016

AAFCPAs would like to make you aware that the Massachusetts Department of Revenue (DOR) has recently announced a 2016 Tax Amnesty Program, open to all individuals and businesses who have not filed all Massachusetts tax returns, or have underreported taxes on previously filed returns. The tax amnesty program is a limited-time opportunity, and allows taxpayers to save on certain penalties, including criminal prosecution. AAFCPAs reminds readers that amnesty programs do... continue reading