Individual, Family & Fiduciary Tax
IRS Expands Underpayment and Under-withholding Relief
The Internal Revenue Service announced on Friday, March 22, that they are expanding penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief […]
Year-End Personal Financial Planning Considerations
The end of the year presents a unique opportunity to look at your overall personal financial situation. With factors like tax reform, life changes or just working towards your goals, now is an especially important time to review things. Taking what we now know about the new tax law and weaving together all of the […]
AAFCPAs Releases 2018-2019 Tax Planning Guide for Businesses & Individuals
Looking for our latest tax guide? Click here for AAFCPAs’ 2019-2020 Tax Guide. Although you cannot avoid taxes, you can take steps to minimize them. This requires proactive tax planning, including estimating your tax liability, looking for ways to reduce it, and taking timely action. In 2018, tax planning is more complicated than usual. Most […]
IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits
The IRS recently released proposed regulations addressing the state and local itemized tax deduction, available to individual taxpayers on their Federal tax returns. The regulations also apply to trusts and decendents’ estates. Under the Tax Cuts and Jobs Act, the state and local tax deduction (consisting primarily of income, real estate and other property, and […]
Charitable Planning After the TCJA Tax Law Changes
It can be argued that the most sweeping changes to the tax code in the past 30 years occurred last December, with the passing of the Tax Cuts & Jobs Act (TCJA). AAFCPAs Wealth Management urges clients to carefully consider charitable planning now. Charitable giving, in some instances, may not provide the same tax benefit […]
Massachusetts Supreme Judicial Court Rules Millionaire Tax Unconstitutional
AAFCPAs would like to make clients aware that a proposed ballot question seeking to impose a 4% surtax on Massachusetts individuals on the portion of taxable income exceeding $1 million has been ruled unconstitutional by the Massachusetts Supreme Judicial Court (SJC). Individuals with income below this threshold were not to be affected. The proposed ballot […]
Financial and Estate Planning Opportunities Related to the New Tax Law
The Tax Cuts and Jobs Act (“The Act”) reflects a widespread change not seen in over 30 years. The architects of the legislation hoped this tax overhaul would allow a simplification of the US tax code. Unfortunately, what is clear since the bill’s signing is the additional complexity, and most provisions have taken effect immediately […]
AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act
On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes […]
AAFCPAs Advises Clients on Year End Tax Savings Strategies in Response to Tax Bill Conference Report
On Friday, December 15, Congress released the contents of the Conference Report to the Tax Cuts and Jobs Act. The bill requires a final vote this week in both the House and Senate, at which point it will be sent to the White House for the President’s signature. The stated goal is to have the […]