Blog
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Have you outgrown your general ledger system?
Making the switch from a general ledger to a customized enterprise solution can notably advance operations by offering improved efficiencies and accuracy along with the freedom in being untethered from complicated third-party software integrations. This holds especially true when less sophisticated financial reporting, forecasting, and analysis solutions begin to hold you back from optimal growth. […]
IRS Sends Erroneous Late Filing Notices
AAFCPAs would like to make clients aware that 2022 Form 8955-SSA late filing notices were sent erroneously due to an IRS programming error. Specifically, IRS notices were sent stating Form 8955-SSA were either incomplete or not received on time when in fact they were filed prior to the due date of July 31, 2023. The […]
What’s New at AAFCPAs
During AAFCPAs’ Nonprofit Educational Seminar (April 2023), Partner and Chief Marketing Officer Matthew Boyle, MBA updated 400+ CFO and Executive Director attendees on exciting firm developments by highlighting news that may be of particular interest to our nonprofit clients. The full session was recorded and may be viewed as a webcast at your convenience. >> […]
Asset Protection Strategies for High-Net-Worth Individuals
Asset protection strategies can form a legal and financial separation between professional and personal assets. This can limit your personal liability should a legal or creditor claim be made against your business, rental property, or professional practice. Asset protection strategies can also be designed to safeguard assets during a divorce and can notably enhance your […]
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 […]
AAFCPAs to Speak at NECANN NJ
AAFCPAs’ Cannabis Practice leaders Dave McManus, CPA, CGMA and Janice O’Reilly, CPA, CGMA have been invited to speak at the 2023 New Jersey Cannabis Convention being held September 8-9 at the Atlantic City Convention Center. The two will take the stage on Friday, September 8, 2023 from 11:30 AM to 12:20 PM to present “What […]
Essential Questions CFOs Must Ask When Choosing an Accounting or ERP System
CFOs often in their careers encounter a time that they need to find a new accounting or ERP system because their current system becomes outdated, inefficient, or unable to support their growing needs. Other factors such as mergers, compliance changes, integration issues, and strategic initiatives can also prompt the search for a new system. Must-have […]
Low-Income Communities Bonus Credit Program
AAFCPAs would like to make clients aware that, on August 10, 2023, the IRS and Treasury issued final guidance under the Inflation Reduction Act (IRA) on the low-income communities’ bonus credit program. The program aims to increase adoption of and access to renewable energy facilities within underserved and environmental justice communities. It seeks to benefit […]