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AAFCPAs Wealth Management Shares Proactive Strategies for Investors in a Strong Market

AAFCPAs Wealth Management is constantly reviewing market conditions to be thoughtful, disciplined, and opportunistic to changes that occur over time.  Market volatility is not something you can control, but how you position yourself now will have a lasting impact. The US financial market is strong. Rejoice! The bull market continues for the past eight years since the great recession.  Good markets allow us to grow and squirrel away money before... continue reading

AAFCPAs Highlights Provisions in Proposed Tax Legislation and Planning Opportunities for Businesses & Individuals

The US House of Representatives’ tax writing committee has released its first draft of proposed tax legislation. Many of its provisions have been the subject of news articles and debate. Highlights include the following: Limitation of the mortgage interest deduction to $500,000 of new debt Capping the deduction for property taxes to $10,000 Eliminating the deduction for state income taxes Doubling of the standard deduction to $24,000 for joint filers... continue reading

Cautionary Tales: When year-round communication is left out of tax planning

The pace of change in business is rapid, and as you know, executive leadership must be poised to quickly respond to challenges and seize opportunities as they arise. Often, decisions made throughout the year in response to challenges and opportunities have tax implications. In some cases, the tax benefits of these decisions have windows of opportunity that can close if held and only addressed at year-end. In other cases, tax... continue reading

AAFCPAs Shares Valuable Tax Insights in 2017 Year-End Corporate and Individual Tax Planning Webinar

AAFCPAs presented this webinar on Tuesday, November 14th from 12-1pm in a live, 1-hour corporate and individual tax planning session. As you are aware, there is potential for dramatic changes in Federal and State tax law on the horizon which, more than ever, requires a multi-year approach to tax planning. AAFCPAs’ Richard Weiner, CPA, MST, Bella Amigud, CPA, and Josh England, JD, LLM provide business owners, finance executives, and their business advisors with valuable information so... continue reading

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