ESSER Funds May Subject Charter School to Federal Single Audit
In response to the COVID-19 pandemic, federal funding has been available to charter schools through the Massachusetts Department of Elementary and Secondary Education (DESE) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The most significant of this funding is the Elementary and Secondary School Emergency Relief (ESSER) funds. While these funds are and […]
Carla McCall & Bob Rivers: FEI-Boston Fireside Chat
AAFCPAs Managing Partner Carla McCall, CPA, CGMA will host FEI Boston’s “A Closer Look” featuring Bob Rivers, CEO of Eastern Bank. Bob has been a long-time, widely respected advocate in the Boston business community on behalf of social justice and sustainability causes and an instrumental force in taking America’s oldest and largest mutual savings bank […]
With gratitude, from our homes to yours…
Happy Thanksgiving from all of us at AAFCPAs! As this extraordinary year 2020 comes to a close, we take a moment to recognize the people in our lives for whom we are everlastingly grateful. Please enjoy this family video montage, with gratitude, from our homes to yours… “At times, our own light goes out and […]
Biggest Accounting Mistakes Start-Up Cannabis Entrepreneurs Make
The Green Rush is upon us, but the path to a successful cannabis business is not a smooth and easy one to navigate. AAFCPAs has been deeply immersed in serving cannabis businesses since 2012 with Advisory, Tax, Accounting & Assurance Solutions. We were the first full-service CPA and Consulting firm to represent Massachusetts cannabis companies, […]
IRS Proposes LIHTC Average Income Test Regulations
On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]
IRS Clarifies the Deductibility of Payments by Partnerships and S Corporations for Certain State and Local Income Taxes
On November 9, 2020, the Internal Revenue Service issued Notice 2020-75 addressing the deductibility of payments by partnerships and S corporations for certain state and local income taxes. Prior to 2018, Section 164(a) allowed individual taxpayers an itemized deduction for state and local income taxes. Although the Tax Cuts & Jobs Act (TCJA) created section […]
AICPA Names AAFCPAs’ Carla McCall One of the Most Powerful Women in Accounting
Boston, MA (November 11, 2020) – AAFCPAs today announced that Carla McCall, CPA, CGMA, Managing Partner, was named one of 2020’s Most Powerful Women in the Accounting Profession by the American Institute of CPAs (AICPA) and CPA Practice Advisor magazine. The annual award recognizes 25 women leaders helping to define and advance the accounting profession. […]
Social Security Benefits to Increase by 1.3 Percent in 2021
AAFCPAs Wealth Management would like to make clients aware that the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for nearly 70 million Americans will increase 1.3 percent in 2021. Cost-of-living adjustments (COLA) have averaged 1.4 percent in the past decade. The 1.3 percent cost-of-living adjustment will begin in January […]
SBA Releases PPP Loan Necessity Questionnaires
AAFCPAs reminds clients, part of qualifying for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan meant certifying that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” This certification was required by an applicant to be made in good faith when pursuing this loan […]