Individual, Family & Fiduciary Tax
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 […]
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. […]
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 […]
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 […]
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 […]
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.)
Tax Planning Guide for Businesses & Individuals (2022-2023)
Year-end tax planning is the practice of evaluating your tax situation and trying to minimize your tax liabilities while looking at your overall financial position. It is also a good time to review your estimated tax requirements, anticipated cash outlays at the filing deadline, and working to avoid underpayment of estimated tax penalties. While this can take […]
Watch Live: 2022 Year-End Tax Planning Webinars
SAVE THE DATE! AAFCPAs is excited to announce its annual year-end tax planning webinar series, which will provide insight into strategies for 2022-year end that clients may take advantage of now to realize a more favorable tax outcome. Business Tax Wednesday, November 9th 12 – 1 pm Cannabis Business Tax Thursday, November 10th 12:30 – […]
MA Taxpayers May Expect Refunds of Excess Tax Revenue
Massachusetts’ State Auditor Suzanne Bump recently announced that Fiscal Year 2022 (FY22) Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts General Laws by $2.941 billion. This revenue will be returned to taxpayers in the coming months. In general, eligible taxpayers will receive a credit in the […]