Individual, Family & Fiduciary Tax
Secure Act 2.0 & the YE Spending Bill
On Friday, December 23, 2022, the U.S. House of Representatives followed the Senate’s lead and passed a $1.7T spending bill (Consolidated Appropriations Act of 2023) that included changes to retirement savings, otherwise known as the Secure Act 2.0. The bill was signed by President Biden on December 29, 2022. These provisions affect individuals with retirement […]
IRS Delays Implementation of $600 threshold for 1099-K
AAFCPAs would like to make clients aware, the IRS recently announced a delay of the new 1099-K reporting requirements for calendar year 2022. As a part of The American Rescue Plan Act of 2021 (ARPA), third-party settlement organizations (e.g., PayPal, Venmo, etc.) were required to issue a form 1099-K for those receiving more than $600. This requirement […]
Massachusetts Millionaire’s Tax
On Election Day, November 8th, Massachusetts voters approved Question 1 to amend the state constitution and establish an additional 4% surtax on taxable income in excess of $1 million dollars. Millionaire’s Tax Facts We expect more information from the Department of Revenue in the coming weeks. How May We Help? There are several situations that […]
How to Use This Year’s Market Tumble to Reduce Your Tax Bill
Barron’s Magazine (November 13th, 2022) – This year’s market mayhem could shave your tax bill for years to come. AAFCPAs’ Partner & Tax Attorney Joshua England, LLM, Esq. was interviewed by Barron’s magazine on tax strategies in a down market. (This is subscriber-only content.)
Tax Planning Guide for Businesses & Individuals (2022-2023)
Year-end tax planning is the practice of evaluating your tax situation and trying to minimize your tax liabilities while looking at your overall financial position. It is also a good time to review your estimated tax requirements, anticipated cash outlays at the filing deadline, and working to avoid underpayment of estimated tax penalties. While this can take […]
Watch Live: 2022 Year-End Tax Planning Webinars
AAFCPAs was excited to announce its annual year-end tax planning webinar series, which provided insight into strategies for 2022-year end to realize a more favorable tax outcome. Business Tax Wednesday, November 9th12 – 1 pm Cannabis Business Tax Thursday, November 10th12:30 – 1:30 pm Individual & Family Tax & Wealth Preservation Wednesday, November 16th12 – […]
MA Taxpayers May Expect Refunds of Excess Tax Revenue
Massachusetts’ State Auditor Suzanne Bump recently announced that Fiscal Year 2022 (FY22) Massachusetts tax revenue collections exceeded the annual tax revenue cap set by Chapter 62F of the Massachusetts General Laws by $2.941 billion. This revenue will be returned to taxpayers in the coming months. In general, eligible taxpayers will receive a credit in the […]
The Inflation Reduction Act of 2022
On August 16, 2022, President Biden signed into law Public Law Number 117-169, the Inflation Reduction Act of 2022 (the Act). AAFCPAs has highlighted below some of the most impactful tax provisions in the Act, including, but not limited to, provisions and credits affecting clean energy, a significant monetary reinvestment into the IRS, and a […]
Holders of Foreign Bank & Financial Accounts Must File FBAR by 4.15
AAFCPAs would like to remind clients of the IRS’s April 15th deadline to file their annual Report of Foreign Bank and Financial Accounts (FBAR), which applies to U.S. citizens, resident aliens and any domestic legal entity. For additional information about filing deadlines, filers are encouraged to visit the Financial Crimes Enforcement Network’s (FinCEN) website. Filers […]