Individual, Family & Fiduciary Tax
Tax and Non-Tax Advantages of Trusts
Trusts are traditionally used for minimizing estate taxes, and can offer other benefits as part of a well thought-out estate plan. AAFCPAs advises clients to think about the benefits of establishing a trust as a method to control your wealth, protect your legacy, and avoid probate. We have provided the below overview, and summary of […]
Questions before making a charitable donation
It’s very gratifying to make donations to a worthy charity and know you are making a difference in the world. But whenever you make a gift, you also want to be sure that your money will be used wisely. AAFCPAs’ Carla McCall recommends asking these questions before you give.
AAFCPAs’ Guidance in the Home Stretch for 2016 Year-End Tax Planning
Throughout the year, AAFCPAs shares insights designed to help individuals and businesses manage their tax liabilities in light of each person or company’s unique circumstances–and to encourage clients to consider tax planning as a year-round, ongoing discipline. Personal and business circumstances are always evolving, presenting opportunities to balance or adjust short-term activities that support a […]
2017 Standard Mileage Rates
The IRS has issued the 2017 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2017, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 53.5 cents per mile for […]
New President, Congress May Mean Changes to the Federal Gift and Estate Tax
With a new President and Congress, AAFCPAs anticipates there will likely be major changes to our tax code in a year or two. Among those are possible changes to the federal gift and estate tax. Currently there is a 40% federal tax on everything we own at the time of our death, and on gifts […]
How Will the Election Impact Your Taxes?
As the 2016 US Presidential Election approaches, AAFCPAs’ Richard Weiner shares his viewpoints on the short and long-term tax impact Clinton or Trump presidency may have, as well as an analysis of how Republican’s and Democrat’s respective tax plans may impact clients. How quickly will the new President impact you personally or professionally? The composition […]
IRS Section 2704 Proposed Regulations Could Eliminate Significant Estate Planning Technique for Family-Controlled Entities
The IRS has issued Proposed Regulations under Internal Revenue Code § 2704 that may dramatically reduce the ability to apply discounts in valuing the interests of many family-controlled entities for estate gift and generation skipping tax purposes. Specifically, the proposed regulations may significantly restrict the application of lack of control or marketability discounts in determining […]
Avoid Double Taxation on Inherited Assets with IRD Deduction
AAFCPAs would like to make clients aware of an often-missed tax deduction available to heirs of pre-tax assets, such as: retirement plan assets, IRA distributions, unpaid interest and dividends, salary, wages, sales commissions, etc. The income in respect of a decedent (IRD) deduction, Section 691(s) under the Internal Revenue Code, can reduce the income tax […]
Mass Murder May Lead to Charity Scams and Identity Theft
AAFCPAs would like to make clients aware of a recent consumer alert issued by the IRS warning taxpayers about the possible emergence of fake charity scams in the wake of the recent mass-murder in Orlando. The agency is encouraging donors to seek out recognized charitable groups and to use the IRS website to verify the […]