Ernest Carruthers, CPA, MST

Tax Manager

Ernie provides proactive tax planning & compliance solutions for high-net-worth individuals, families, and trusts. He engages AAFCPAs’ clients in discussions to identify evolving personal circumstances and goals and determines how these impact short and long-term strategic tax planning efforts. He is fully committed to staying on top of the constant changes to federal and state tax codes to ensure clients do not have to pay a penny more than what is required.

Ernie helps clients anticipate the tax impact of mutual fund dividends and capital gains, minimize the impact of the Alternative Minimum Tax (AMT), and plan for estimated tax payments. He provides guidance regarding closely-held private stock, concentrated publicly-traded stock positions, stock option programs, and Crypto Currency transactions. Additionally, Ernie ensures tax return preparation is accurate, complete, and on-time.

Ernie coordinates, as appropriate, with AAFCPAs’ multidisciplinary team of Wealth Advisors to ensure tax-efficient investment placement. He also coordinates with AAFCPAs’ in-house Tax Consulting Attorneys to introduce creative strategies for estate & gift tax planning, maximizing charitable giving strategies, optimizing taxes between generations of a family, and asset protection.

Ernie is a leader in AAFCPAs’ Tax Workflow Innovation Committee, dedicated to understanding how the firm may utilize systems and processes to optimize the performance of our people and the overall client experience. He is also a Performance Manger, helping ensure junior tax accountants have the skills and tools needed to meet the firm’s high standards of excellence. Prior to joining AAFCPAs, Ernie gained 8 years’ leadership experience as a Petty Officer Second Class in the U.S. Navy. His extensive involvement in community services demonstrates his commitment to help service members and veterans find personal and professional purpose after military service.

Education

Suffolk University – Master of Science in Taxation (MST)
Suffolk University – Bachelor of Science and Business Administration, Accounting, Summa Cum Laude

Service

Department of Massachusetts Homeless Veterans – Committee Chair
O’Connell Valor Fund, Inc. – Board Member
Veterans of Foreign Wars (VFW) – District Commander
VFW All American Post – Quartermaster
Town of Franklin Veteran’s Council – Member
Suffolk University Accounting Department Young Alumni Advisory Board – Member

Contributed Insights

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 This additional income tax will be effective for tax years beginning January 1, 2023, which will be reported on returns due in […]