Carla McCall: One of BBJ’s 2021 Mentors for Mentoring Monday
AAFCPAs’ Managing Partner Carla McCall, CPA, CGMA will again volunteer her time, and share advice as a professional Mentor for the Boston Business Journal’s annual Mentoring Monday event, scheduled for February 22nd. The event will take place in 40 Business Journal markets on the same day, with hundreds of women in every market being coached. Sessions will […]
Meet the BBJ’s 2021 Mentors for Mentoring Monday
On Feb. 22, hundreds women plan to gather online and learn from one another at the Boston Business Journal’s annual Mentoring Monday event. The event will take place in 40 Business Journal markets on the same day, with hundreds of women in every market being coached.
Self-Employed Individuals to Claim COVID-19 Sick & Family Leave Tax Credits on IRS Form 7202
AAFCPAs would like to make clients aware that the IRS recently released Form 7202 for eligible self-employed individuals to determine their qualified sick and family leave equivalent tax credits. As a reminder, the Families First Coronavirus Response Act (FFCRA) provides small and midsize companies—as well as self-employed individuals—with refundable tax credits that reimburse them, dollar-for-dollar, […]
Deduction Limit Increased for Corporate Cash Contributions for Disaster Relief; IRS Provides Recordkeeping Relief
AAFCPAs would like to make clients aware that the IRS recently announced how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA of 2020), […]
Uniform Data System COVID Reporting
Many health centers have increased virtual visit capabilities during the COVID-19 pandemic. AAFCPAs would like to make Federally Qualified Health Center (FQHC) clients aware that the Health Resources and Services Administration’s Bureau of Primary Health Care (BPHC) recently provided updated guidance on the Uniform Data System (UDS) reporting framework in response to the COVID-19 pandemic. […]
Relaxed Limit on Business Interest Deductions
AAFCPAs would like to remind clients that the Coronavirus Aid, Relief, and Economic Security (CARES) Act temporarily relaxes the limitation on deductions for business interest expense in an effort to provide tax relief to businesses suffering during the COVID-19 pandemic. TCJA Created New Limitation Before the Tax Cuts and Jobs Act (TCJA), some corporations were […]
AAFCPAs’ John Buckley to Serve on Board of Worcester State Foundation
AAFCPAs Partner John Buckley, CPA, CGMA has been appointed and agrees to serve on the Board of Directors of Worcester State Foundation. John will serve as a fiduciary of the Foundation, providing strategic direction and financial advice to help the organization achieve its mission to promote the growth and progress of Worcester State University beyond […]
IRS Provides Clarity on Paid Sick Leave & Family Leave Credits
AAFCPAs reminds clients that the COVID-related Tax Relief Act of 2020, enacted on December 27, 2020, extends the availability of the tax credits created by the Families First Coronavirus Response Act (FFCRA) to eligible employers for paid sick and family leave provided through March 31, 2021, as well as other amendments to the credits. The […]
Guidance on Identity Theft Involving Unemployment Benefits
In a recent announcement, the IRS urged taxpayers who received Forms 1099-G for unemployment benefits they did not actually get because of identity theft to contact their appropriate state agency for a corrected form. States issue Forms 1099-G to the taxpayer and to the IRS to report what taxable income, such as refunds or unemployment […]