Individual, Family & Fiduciary Tax
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 […]
New Schedules K-2 & K-3 affecting all flow-through entity tax returns
AAFCPAs would like to make clients aware that the IRS has released final versions of two new Schedules K-2 & K-3 that should be included with tax returns of pass-through entities. These schedules were originally perceived as being required to be filed only by entities reporting items of international relevance. However, in its recent January […]
Child Tax Credit Advance Payments: IRS Letter 6419
AAFCPAs would like to make clients aware that the IRS has started mailing copies of its Letter 6419, which outlines Advance Child Tax Credit payments that may have been received by taxpayers between July 2021 and December 2021. Taxpayers will need this letter when filing 2021 taxes and to claim the remaining credit. Reporting the […]
Boston Business Journal: In play: local colleges are navigating a whole new world of athletic endorsement deals
Boston Business Journal (2.2.22) – AAFCPAs Tax Consulting Attorney, and former Lehigh University D1 Soccer and LAX athlete, Brittany Besler, MBA, CPA, Esq., weighs in on tax implications athletes and businesses may consider…
2021 Round-up: AAFCPAs’ Top 7 Most-Read Content
How can we do more with less? Over the past year, AAFCPAs published a wide array of alerts & insights that explore topics ranging from compliance, to productivity & business intelligence, to data security. In this end-of-year roundup, we share key insights and trends from our most-read content of 2021: Tax Planning Guides for Businesses […]
IRS provides tax inflation adjustments for tax year 2022
The Internal Revenue Service announced the tax year 2022 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Highlights of changes: The tax year 2022 adjustments described below generally apply to tax returns filed in 2023. The tax items for tax year 2022 of greatest interest […]
Tax Planning Guides for Businesses & Individuals (2021-2022)
When considering your optimal tax planning & compliance strategy, business & individual tax payers must account for all current and impending tax code changes. This includes the 2017 Tax Cuts and Jobs Act, the 2019 Further Consolidated Appropriations Act, the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and subsequent stimulus initiatives, as […]