Guidance for Independent Schools on FASB’s New CECL Model
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) is effective for nonpublic businesses and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL is in effect during fiscal year 2024 for independent schools with June 30 year ends. AAFCPAs advises that independent […]
IRS Launches ERC Voluntary Disclosure Program
Last year, the IRS managed fallout resulting from deceptive third-party promoters, known as ERC mills, who used aggressive tactics, such as unsolicited cold calls and emails, to mislead well-intentioned businesses into filing Employee Retention Credit (ERC) claims. To assist businesses who were pressured into submitting inappropriate claims, the IRS announced several special initiatives. These initiatives […]
AI Aids Cyber Crime, Elevates Need for Vulnerability Management and Employee Training
AAFCPAs would like to make clients aware that leading U.S. intelligence officials recently presented on the elevated risk of cybercrime, hacking, and money laundering stemming from the rise in artificial intelligence (AI). At the International Conference on Cyber Security at Manhattan’s Fordham University, Rob Joyce, Director of Cybersecurity at the National Security Agency, touched on […]
Lawsuit Returns $1.2M in Community Impact Fees to Cannabis Businesses
AAFCPAs would like to make Cannabis clients aware that Caroline’s Cannabis recently reached a $1.2 million settlement with the town of Uxbridge, Massachusetts contesting millions of dollars in community impact fees imposed on marijuana businesses. The lawsuit claimed that the town had not provided any documentation justifying a host community agreement (HCA) fee, which is […]
FASB Approves New Guidance on Certain Crypto Assets
AAFCPAs would like to make clients aware that in December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Note: the amendments in ASU 2023-08 require that an entity measure “in-scope” crypto assets (as […]
Protect Yourself from AI Voice Scams
Voice impersonations of trusted family members, friends, even presidential candidates by artificial intelligence (AI) have been used to conduct fraud, an issue that’s become so widespread that the Federal Trade Commission released a consumer alert on the subject. In this, officials touched on the rise in chatbots, i.e., computer programs that simulate conversations, deepfakes, i.e., […]
Social Equity Program Application Opening February 5th
The Massachusetts Cannabis Control Commission announced that it will begin accepting applications for the fourth cohort of its Social Equity Program (SEP) starting Monday, February 5. Applications will be accepted until April 30th, according to its press release. Applicants are eligible for the Social Equity Program (SEP) if they demonstrate they meet at least one […]
AAFCPAs Welcomes Evan V. Proulx, CPA as Director of Business Advising
AAFCPAs is pleased to announce the addition of Evan V. Proulx, CPA as Director of Business Advising. An experienced auditor, Evan provides clients with valuable insight to bolster investor confidence, promote operational excellence, and optimize decision making. He has extensive experience advising entrepreneurial companies and individuals in the construction, manufacturing, wholesale distribution, insurance, and professional […]
Construction Analytics Overview and Software Demo
AAFCPAs’ Construction Practice is pleased to share an informative dialogue about which construction financial analytics are most crucial for controlling costs, ensuring profitability, and managing project efficiency. We also offer a product demonstration presented by ProNovos, a leading financial analytics solution tailored to suit the needs of the construction industry. This webinar OnDemand will reveal […]