Individual, Family & Fiduciary Tax
Estate Tax Exemption Could Decrease to $6M on January 1, 2026
With the potential decrease in the federal estate tax exemption on the horizon, it is crucial to act now to preserve your wealth for future generations. The following blog provides advice on optimizing the current higher exemption through strategic gifting, ensuring asset control and access. Clients are advised to prepare for the changes ahead by […]
U.S. Department of Labor Issues Final Rule on Employee vs. Independent Contractor Classification
AAFCPAs would like to make clients aware that the U.S. Department of Labor issued its final rule on employee versus independent contractor classification under the Fair Labor Standards Act. Effective March 11, 2024, this final rule provides guidance on how employers determine employee versus independent contractor status. Relying on a multifactor economic reality test, the […]
Employee Benefit Plan Risk Update 2024
Employee Benefit Plan Risk Update | Webinar OnDemand Watch AAFCPAs’ employee benefit plan and assurance leaders for an engaging quickfire session on the Department of Labor’s 2024 agenda. Gain strategic insights on plan cybersecurity, SECURE 2.0 updates, and the proposed fiduciary advice rule. Leave with knowledge to better manage risk inherent for retirement plan fiduciaries […]
AAFCPAs’ Tomás Pueyo Provides NBC Boston Viewers with Tax Insight
NBC Boston (January 30th, 2024) – In an interview for NBC Boston, Tomás A. Pueyo, Jr., CPA, MSA provided insight on how taxpayers can make the most of their returns. Things like charitable donations, home improvements or rent can all mean deductions or credits on your taxes. Tomas is a member of AAFCPAs Commercial Tax […]
Tax Season Brings Rise in Cyber Crime
Cybercriminals are looking for ways to capitalize on tax season, with scams on the rise as businesses and individuals prepare to file returns. This means the simple act of opening an email or answering a call could put you at risk of identity theft or return preparer fraud. Making matters worse is a rise in […]
IRS Maintains Existing 1099-K TPSO Reporting Threshold for 2023
AAFCPAs would like to make clients aware that the IRS has announced a delay in implementing its new $600 1099-K reporting threshold for third-party settlement organizations (TPSOs), which include payment apps and online marketplaces like PayPal and Venmo, for calendar year 2023. This postpones the start of a 2021 law requiring that third-party settlement organizations […]
How MA Tax Reforms Might Affect High-Net-Worth Individuals Tax Webinars to be Hosted Next Week
Massachusetts lowered taxes for the first time in 20 years, but changes may not be compelling enough to anchor high-net-worth individuals who are looking to leave the state for a more favorable tax environment. While new legislation increases the estate tax exemption to $2,000,000, Massachusetts remains less competitive alongside the 13 other states that offer […]
Watch Now: Individual & Family Tax Webinar 10/31
AAFCPAs’ Individual & Family Tax and Wealth Preservation Webinar As we near the close of another calendar year, we again encourage clients to assess their complete financial situation now in order to plan their year-end tax optimization strategy. As you do, be mindful that most tax reduction approaches must be implemented by December 31 or […]
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 PreservationTuesday, October 31st12:00 PM – 1:00 PM Business TaxThursday, November 2nd12:00 […]