Individual Tax
2023
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09.20
AAFCPAs’ 2023-2024 Year-End Tax Planning Webinars
SAVE THE DATE! AAFCPAs is excited to announce its annual year-end tax planning webinar series, which provides insight into strategies for 2023 year end that clients may take advantage of now to realize a more favorable tax outcome. Individual & Family Tax & Wealth Preservation Tuesday, October 31st 12:00 PM – 1:00 PM Business Tax […]
2023
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09.12
Asset Protection Strategies for High-Net-Worth Individuals
Asset protection strategies can form a legal and financial separation between professional and personal assets. This can limit your personal liability should a legal or creditor claim be made against your business, rental property, or professional practice. Asset protection strategies can also be designed to safeguard assets during a divorce and can notably enhance your […]
2023
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08.25
Recent Ruling Elevates Privacy of Holdings in Massachusetts Trusts
AAFCPAs and AAF Wealth Management would like to make clients aware of a recent ruling that makes Massachusetts an attractive jurisdiction for clients looking to create a trust for future generations while still keeping its holdings private. This could be especially beneficial for older generations looking to create a trust for younger generations without disclosing […]
2023
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07.24
Massachusetts Offers Charitable Contribution Deduction
As of January 1, 2023, all Massachusetts taxpayers may now deduct charitable contributions on their state return. If you cannot itemize and receive a deduction for charitable contributions on your federal return, you will still be eligible to receive a deduction on your state return. The new deduction is available for contributions made to qualifying […]
2023
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05.04
Tax Strategies for Massachusetts’ “Millionaires Tax”
This blog, originally published on May 4th, 2023, has been reissued to improve clarity. Last November, Massachusetts voters approved a 4% increase to income taxes applied to household earnings over $1 million. That means a state tax rate of 9% will be levied in addition to the 37% federal tax rate that applies in 2023 […]
2023
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01.10
Dan Seaman Named Tax Partner
Boston, MA (1/10/2023) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced that Daniel Seaman, CPA has been promoted to Tax Partner, effective January 1, 2023. Dan specializes in providing strategic tax planning & compliance solutions for individuals, families, and fiduciaries. […]
2023
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01.09
Secure Act 2.0 & the YE Spending Bill
On Friday, December 23, 2022, the U.S. House of Representatives followed the Senate’s lead and passed a $1.7T spending bill (Consolidated Appropriations Act of 2023) that included changes to retirement savings, otherwise known as the Secure Act 2.0. The bill was signed by President Biden on December 29, 2022. These provisions affect individuals with retirement […]
2023
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01.05
IRS Delays Implementation of $600 threshold for 1099-K
AAFCPAs would like to make clients aware, the IRS recently announced a delay of the new 1099-K reporting requirements for calendar year 2022. As a part of The American Rescue Plan Act of 2021 (ARPA), third-party settlement organizations (e.g., PayPal, Venmo, etc.) were required to issue a form 1099-K for those receiving more than $600. This requirement […]
2022
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11.16
Massachusetts Millionaire’s Tax
On Election Day, November 8th, Massachusetts voters approved Question 1 to amend the state constitution and establish an additional 4% surtax on taxable income in excess of $1 million dollars. Millionaire’s Tax Facts This additional income tax will be effective for tax years beginning January 1, 2023, which will be reported on returns due in […]
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.)