Individual, Family & Fiduciary Tax
OBBB State & Local Tax Deduction Increase May Enhance Itemized Benefits
The One Big Beautiful Bill Act, signed into law July 4, 2025, raises the state and local tax (SALT) deduction cap from $10,000 to $40,000 for households with modified adjusted gross income (MAGI) under $500,000. For many, this brings a renewed incentive to itemize, putting mortgage interest, charitable contributions, and property taxes back into play. […]
Why More Business Owners Are Turning to ESOPs for Succession
More business owners are turning to employee stock ownership plans (ESOPs) to ensure continuity, reward long-serving team members, and transition out with intention. Unlike sales to outside buyers, ESOPs keep ownership within the company, preserving institutional knowledge and culture. Beyond continuity, ESOPs provide a pathway to liquidity that aligns with both financial goals and legacy. […]
Buy-Sell Agreements, Life Insurance & Business Valuation: What Owners Must Know
Business owners are often reluctant to plan for the eventual transition of ownership, even though the need for succession is inevitable, whether it comes through retirement or unforeseen circumstances. Too often, the process is delayed because it feels premature, uncomfortable, or overwhelming. Some believe that having life insurance or a signed agreement in place is […]
Congress Passes Sweeping Tax and Spending Law with Broad Implications for Individuals and Businesses
Congress has passed a sweeping new law that permanently extends and expands key tax provisions, reshapes health and social program eligibility, and revises spending across defense, energy, and federal benefits programs. While many provisions take effect immediately, others will phase in or expire over time. AAFCPAs is analyzing the full scope of the law to […]
Estate Planning Pro Tip for Married Couples: Don’t Overlook Portability
In this article: Estate planning ensures that wealth transfers happen efficiently with minimal tax exposure. One of the most powerful tools in the estate planning toolkit for married couples is portability, which allows a surviving spouse to inherit any unused federal estate tax exemption from their deceased partner. It is a concept that can significantly […]
Wait to the last minute on your tax return? Here are some tips.
NBC Boston (April 2,2025)- Tax day is almost here. This year, all federal and state returns must be filed by the April 15 deadline. If you’re dreading doing your taxes, you’re not alone. Nearly a third of Americans admit to procrastinating and waiting until the last minute to file their paperwork. Tomas Pueyo, a tax manager […]
Top Takeaways From Our 2024 Tax Planning & Wealth Preservation Webinar
In this article: Strategic tax planning preserves wealth and ensures a lasting legacy. During AAFCPAs’ recent Individual/Family and Wealth Preservation webinar (October 2024), Jonathan Bloom, CFP®, AIF®, Joshua England, LLM, Esq., Richard Weiner, CPA, MST, CM&AA, Daniel Seaman, CPA, and Tyler Champagne, CPA, MSA shared wealth preservation insights including strategies to help optimize your tax […]
1099 Reporting: Key Deadlines and Requirements for 2024
In this article: 1099 Reporting Requirements AAFCPAs reminds clients that payments exceeding $600 made to non-employees, including contractors and other service providers, must be reported to the IRS using Forms 1099. If your business hired consultants in 2024, paid dividends, or managed a complex debt structure involving independent contractors, you may face penalties if 1099 […]
Estate Tax Alert: Protecting Assets from the 2026 Exemption Reduction
AAFCPAs advises clients to consider proactive strategies to shield their assets now from steep tax liabilities should the estate tax exemption be left to decrease to $7 million on January 1, 2026. Now is the time for high-net-worth individuals to consider wealth transfer and gifting strategies that can help you maintain control while also locking […]