Daniel Seaman
AAFCPAs’ 2023 Growth Story Included Five New Partners
Boston, MA (December 22, 2023) — AAFCPAs, a preeminent 300+ employee CPA and consulting firm specializing in tax, assurance, accounting, wealth management, business process and IT advisory solutions, reflects with gratitude on our success and organic growth in 2023 with five partnership additions. The company continues in its organic growth trajectory as valued clients spread […]
Two Tax-friendly Vehicles for Charitable Giving
Since the IRS nearly doubled its standard deduction in 2017, a large number of taxpayers no longer itemize and, therefore, do not receive the associated deduction for charitable contributions on their tax return. But taxpayers may still garner a tax benefit from charitable giving with a little creativity. AAFCPAs and AAF Wealth Management advise that […]
Watch Now: Individual & Family Tax Webinar 10/31
AAFCPAs’ Individual & Family Tax and Wealth Preservation Webinar As we near the close of another calendar year, we again encourage clients to assess their complete financial situation now in order to plan their year-end tax optimization strategy. As you do, be mindful that most tax reduction approaches must be implemented by December 31 or […]
IRS Postpones RMD Penalties for Inherited Retirement Accounts
AAFCPAs and AAF Wealth Management would like to make clients aware that the IRS has issued penalty relief in 2023 for individuals who have not carried forward required minimum distributions (RMDs) on inherited retirement accounts. This guidance applies only to accounts inherited by non-spouse heirs where the decedent had been taking RMDs. Confusion arose in […]
IRS Warns of Surge in Scams
AAFCPAs and AAF Wealth Management would like to make clients aware of the IRS’ recent warning that a surge of scam reports has hit its phishing@nullirs.gov account. The bureau has also noted a significant increase since the July 4th holiday. The most common scams reported include: The Economic Impact Payment. An economic impact scam is […]
Massachusetts Offers Charitable Contribution Deduction
As of January 1, 2023, all Massachusetts taxpayers may now deduct charitable contributions on their state return. If you cannot itemize and receive a deduction for charitable contributions on your federal return, you will still be eligible to receive a deduction on your state return. The new deduction is available for contributions made to qualifying […]
Dan Seaman Named Tax Partner
Boston, MA (1/10/2023) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced that Daniel Seaman, CPA has been promoted to Tax Partner, effective January 1, 2023. Dan specializes in providing strategic tax planning & compliance solutions for individuals, families, and fiduciaries. […]
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 […]