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AAFCPAs to Present Wealth Migration Strategies

Joshua England, LLM, Esq., Partner and Tax Consulting Attorney at AAFCPAs, will contribute his tax expertise in a Webinar on May 27th, sharing key considerations when moving personal or business assets to another jurisdiction. Many high-profile CEOs have moved their businesses for financial incentives. In this interactive panel discussion, Josh and a panel of financial […]

You Snooze, You Lose. Preserve Wealth Before Legislation Eliminates Opportunities

As you know, AAFCPAs anticipated changes on the horizon to the Estate Tax Exemption. On March 25, 2021, Senator Bernie Sanders introduced legislation called “For the 99.5% Act,” which, if passed, would establish a new progressive estate tax rate structure on the top 0.5% of Americans who inherit over $3.5 million in wealth. It is […]

GameStop Market Manipulation: What Clients Need to Know

GameStop Market Manipulation: What Clients Need to Know

GameStop, Reddit, and Robinhood have dominated the headlines in the past couple weeks. AAFCPAs Wealth Management fielded several questions recently and outlines below what clients need to know. What Happened? GameStop Corp. (ticker: GME) is an American video game, consumer electronics, and gaming merchandise retailer. Some of the major Wall Street hedge funds had short positions on […]

Is a Roth IRA Conversion Right for You This Year?

The COVID-19 pandemic has caused significant instability in the global markets and the U.S. economy. In these uncertain times, AAFCPAs reminds clients to consider measures to protect your retirement nest egg over the long term. One strategy our clients are considering is converting a traditional IRA to a Roth IRA. Traditional vs. Roth First, let […]

Social Security Benefits to Increase by 1.3 Percent in 2021

AAFCPAs Wealth Management would like to make clients aware that the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for nearly 70 million Americans will increase 1.3 percent in 2021. Cost-of-living adjustments (COLA) have averaged 1.4 percent in the past decade. The 1.3 percent cost-of-living adjustment will begin in January […]

Sunsetting Tax Exemption: $11.58M Estate Tax Exemption Could Decrease to $3M on Jan, 1, 2021

“When I first started practicing tax law in 2000, the federal estate tax exemption was $675,000,” said Josh England, LLM, Esq., AAFCPAs’ Consulting Tax Attorney.  “Today that exemption is $11,580,000.” The federal estate tax exemption is the amount you may give away during your lifetime and own at your death without subjecting it to a […]

IRS Deadline to Return RMDs is Aug. 31

AAFCPAs reminds clients who are IRA owners, beneficiaries or workplace retirement plan participants and received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs […]

The Current Economy Presents Opportunities in Estate Planning

The Current Economy Presents Opportunities in Estate Planning

The current economic environment presents opportunities for high-net-worth individuals to maximize the benefits of estate planning to leverage tax exemptions and insulate your assets. Why is now a good time for estate planning? As you may know, there is both a Massachusetts and federal estate tax. The federal tax is a 40% tax on the […]

AAFCPAs Wealth Management’s Quarterly Update

March: in like a lion… The year started with so much possibility and promise as we had every reason to believe the U.S. economy would continue to expand due to low inflation, muted interest rates, and historically low unemployment numbers. However, true to the English proverb, March certainly came “in like a lion.” Over the […]

Retirement Plan Provisions of the CARES Act

AAFCPAs would like to make clients aware of retirement plans provisions included in the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. These provisions include expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Hardship Distributions The 10% early distribution penalty […]