Individual, Family & Fiduciary Tax
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 […]
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, […]
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 […]
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 […]
Tax and Non-Tax Advantages of Trusts
Trusts are traditionally used for minimizing estate taxes, and can offer other benefits as part of a well thought-out estate plan. AAFCPAs advises clients to think about the benefits of establishing a trust as a method to control your wealth, protect your legacy, and avoid probate. We have provided the below overview, and summary of […]
Questions before making a charitable donation
It’s very gratifying to make donations to a worthy charity and know you are making a difference in the world. But whenever you make a gift, you also want to be sure that your money will be used wisely. AAFCPAs’ Carla McCall recommends asking these questions before you give.
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 […]
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 […]
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 […]