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Top tags: AAFCPAs  capital gains  fei partner  leases  upstream trusts 

Upstream Trusts May Be Solution to Eliminate Capital Gains

Posted By Matthew Boyle, Wednesday, December 11, 2019

In light of recent increases in limits for federal estate tax exemptions under the Tax Cuts and Job Acts (TCJA), AAFCPAs advises clients to consider the suitability of an Upstream Trust as a strategy for taxpayers who have highly appreciated assets to save money on capital gains tax.

Upstream Trusts are a new option that AAFCPAs utilizes since the passing of TCJA, which involves taking advantage of the largely unused estate tax exemption of older relatives and the step-up in basis under IRC § 1014.



Tags:  aafcpas  capital gains  fei partner  upstream trusts 

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AAFCPAs Expands Cannabis Practice with the Addition of Kevin Michaelan, MST, CPA

Posted By Matthew Boyle, Friday, October 25, 2019

Boston, MA – AAFCPAs, a best-in-class CPA and consulting firm known for assurance, tax, accounting, wealth management, valuation, business process, and IT advisory solutions, today announced the addition of Kevin Michaelan, MST, CPA as Director, Cannabis Practice.

Kevin is an experienced tax professional with a national presence in the cannabis market. He leads AAFCPAs’ burgeoning Cannabis Practice, advising plant-touching businesses and investors throughout the business lifecycle, including start-ups, entities expanding into multi-state operations (MSOs), and those planning lucrative exits.


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New Lease Standard, Effective 2020 for Private Companies and Most Nonprofits

Posted By Matthew Boyle, Thursday, May 9, 2019
Updated: Thursday, May 9, 2019

In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. There are elements of the new standard which will likely impact almost all entities to some extent, although lessees will likely see the most significant changes with their accounting for and reporting of lease agreements. Because of the significant changes contained in this ASU, the effective date for implementing the new accounting guidance was pushed to 2020 for private companies and most nonprofits. FASB has taken advantage of the intervening period of time between issuance and effective dates to provide various improvements and practical expedients.

In this detailed Whitepaper, AAFCPAs has outlined the significant changes resulting from the new ASU for your convenience, and provides details and insights related to the practical expedients and improvements.

This ASU applies to all entities that enter into a lease.

Read AAFCPAs’ detailed Lease Standard Whitepaper to learn what leesees and lessors need to know. >>

If you have questions about how the new Leases ASU will impact you, please contact Olga Yasinnik, CPA, MBA at, 774.512.4082; Jeffrey Mead, CPA, CGMA, at 774.512.4143,; or your AAFCPAs Partner.

Tags:  AAFCPAs  leases 

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