Description

Effective for 2023, Massachusetts taxpayers are now subject to a new surcharge of 4% of income over one million dollars.  In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, interviews expert Jonathan Blattmachr JD to guide CPA financial planners on the new surcharge.

• Who is impacted by the new surcharge?
• How is the new surcharge calculated?
• Considerations of changing domicile to avoid the new surcharge.
• How residents can file and structure income to reduce surcharge.
• How using some trust structures could help reduce the surcharge.

 For more resources related to this episode, access:

• Podcast:  The tax and legal aspects of trust situs
• Guide:  The adviser's guide to financial & estate planning:  Volume 1
• CPE:  Trusts and estate planning documents
• CPE:  Integrating estate planning with the tax and financial plan

 This episode is brought to you by the AICPA's Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online at www.aicpa.org/pfp to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

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