Stimulus Package: Highlights, Including Deductibility of Expenses for PPP Loan Recipients
The House and Senate passed a new stimulus legislation that will include direct payments to Americans, jobless benefits, and funds for businesses and vaccine distribution, which the President signed on December 27th. AAFCPAs’ COVID-19 Task Force will continue to digest the contents of the forthcoming, 5,593-page legislation and will advise clients as appropriate on its […]
Happy Holidays from AAFCPAs
We are grateful for you! All of us at AAFCPAs wish you and your family an extraordinary, happy, healthy holiday! In lieu of a holiday card or gift, AAFCPAs will make a donation to Boston Health Care for the Homeless Program’s COVID-19 Response Fund to help with the unexpected expenses. We are extremely grateful for […]
Is a Roth IRA Conversion Right for You This Year?
The COVID-19 pandemic has caused significant instability in the global markets and the U.S. economy. In these uncertain times, AAFCPAs reminds clients to consider measures to protect your retirement nest egg over the long term. One strategy our clients are considering is converting a traditional IRA to a Roth IRA. Traditional vs. Roth First, let […]
IRS Provides Guidance on Safe Harbor Plans
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) recently issued Notice 2020-86 addressing certain provisions of the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) affecting safe harbor plans, including safe harbor 401(k) plans and certain 403(b) plans. A safe harbor 401(k) plan is similar to […]
IRS Issues Final Regulations on 1031 Exchanges
AAFCPAs would like to make clients aware of new IRS regulations which provide guidance related to Section 1031 Like-Kind exchanges. Under the like-kind exchange rules, a taxpayer may defer a gain on a sale of property when they exchange that property for another similar property and certain requirements are met. Under the 2017 Tax Cuts […]
Cyber Actors Target K-12 Distance Learning
AAFCPAs would like to make education clients aware that the Federal Bureau of Investigation (FBI), the Cybersecurity and Infrastructure Security Agency (CISA), and the Multi-State Information Sharing and Analysis Center (MS-ISAC) have assessed that malicious cyber actors are targeting kindergarten through twelfth grade (K-12) educational institutions, leading to ransomware attacks, the theft of data, and […]
AAFCPAs’ #GivingTuesday Employee Match Donates Over $32K to Charities
In 2020, AAFCPAs celebrated our fifth annual participation in #GivingTuesday, a global generosity movement unleashing the power of people and organizations to transform their communities and the world. Collectively, AAFCPAs’ 240+ team members and our Charitable Foundation’s Employee Matching Gifts program donated over $32,000 to mission driven nonprofits during the 2020 #GivingTuesday drive! AAFCPAs’ five-year […]
Forbes 2021 Best Tax & Accounting Firms
Need business advice? Call your CPA firm. “This year was the perfect case study for why companies should consider leaning on their CPAs as key advisors,” says Carla McCall, managing partner with regional powerhouse AAFCPAs in Westborough, Massachusetts.
Technology Insights: How Can Firms Take the Next Step?
Digital transformation has had a powerful impact on all aspects of our lives, both in business and in our day-to-day living. The COVID-19 pandemic has forced many firms into adopting new technology during a difficult and turbulent time. More than ever before, accounting firms need help to navigate digital choices which, at a minimum, will keep the […]