Topic
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 […]
Budget Faster, Report Easier, Collaborate Better with Martus™ Software
New Value-added Reseller Program Pairs AAFCPAs’ Industry Expertise with Hands-on Set-up, Optimization, and Support Boston, MA (May 3, 2023) – AAFCPAs, a preeminent 300+ member CPA and consulting firm specializing in tax, assurance, accounting, wealth management, business process and IT advisory solutions, today announced its partnership with Martus Solutions. As a value-added reseller, AAFCPAs will […]
AAFCPAs to Present “The Business of Cannabis” at FEI-Boston
AAFCPAs’ Cannabis Practice leaders have been invited to speak at FEI Boston’s “The Business of Cannabis: An Inside Look at MA’s Booming Industry”. The event will take place on May 18, 2023 at Solar Therapeutics in Somerset, MA from 5:30 through 8:30 PM. Join regional finance professionals for an exclusive inside look into the rapidly […]
IRS Issues Renewed Warning on Employee Retention Credit Claims
AAFCPAs reminds clients to remain vigilant of promoters providing misleading guidance as it relates to the Employee Retention Credit (ERC). The Internal Revenue Service recently issued a renewed warning urging people to carefully review ERC guidelines before claiming the credit. We continue to see third parties aggressively promoting ERC schemes on both the radio and […]
AAF Wealth Management Q1 2023 Market Update
1st Quarter 2023: A Record-setting Start Reflecting on the start of 2023, it strikes us as interesting that we’ve just endured yet another volatile period that has seemingly become the norm for markets during the months of February and March. For the past five years, at least late winter through early spring, market turbulence has come […]
Cap Table Maintenance Streamlines Tax Compliance
AAFCPAs advises clients to maintain their capitalization (cap) table throughout the year to avoid frustration, delays, and a compressed tax filing deadline. Accurate and up-to-date information: By maintaining the capitalization table throughout the year, businesses can ensure that the information is accurate and up-to-date, reflecting any changes in ownership, equity investments, and other capital transactions […]
A Startup’s First Steps to SOC Readiness
Early-stage companies have a lot to contend with, including funding, staffing, infrastructure, product development, and marketing, which can create a chaotic environment. Those that collect personal identifiable information or health information as part of their business model also must add earning their SOC (System and Organization Control) certification to the list. The SOC Report has […]
Bill Introduced to Repeal R&D Expense Capitalization
AAFCPAs provides the following update to clients with expenditures incurred in connection with your trade or business which represent research and development costs in the experimental or laboratory sense. On Thursday, March 16th, Senators Maggie Hassan (D) of New Hampshire and Todd Young (R) of Indiana reintroduced a bill to repeal the required capitalization of […]
Historic Tax Credit: Changes Proposed to Make it More Accessible, Attractive
On March 2, 2023, Senators Cardin (Maryland), Cassidy (Louisiana), Cantwell (Washington), and Collins (Maine) reintroduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO). This legislation was originally proposed back in 2021. HTC-GO has many beneficial proposed changes to the current historic tax credit program. The four proposed permanent provisions are: 30% tax credit increased […]