IRS Shares Five New Warning Signs of Incorrect ERC Claims
The IRS has released five new warning signs to help businesses prepare for upcoming actions against improper Employee Retention Credit (ERC) claims, urging businesses to act proactively to resolve those to avoid penalties, interest, and audit. The agency advises that businesses consult with trusted tax professionals to review and correct any claims initially filed by […]
FQHCs Boost Revenue Through MassHealth Change in Scope of Services
AAFCPAs would like to make Federally Qualified Health Center (FQHC) clients in Massachusetts aware that MassHealth change in scope guidelines provide an adjustment process for certain changes in scope and an associated boost in revenue through an increased Prospective Payment System (PPS) rate. The U.S. Department of Health and Human Services (HHS) defines a change […]
Urgent: 2023 Cost Report Submission Deadline for Massachusetts Community Health Centers
AAFCPAs would like to make Massachusetts Community Health Centers aware that the Center for Health Information and Analysis (CHIA) has announced it is now collecting cost reports for the fiscal year ending in 2023. Initial communication and instructions indicate 2023 cost reports are due on August 26, 2024, regardless of fiscal year end date. The […]
Making a Difference with our 10% Back to Nonprofits Commitment
As our clients know, AAFCPAs commits to donate 10 percent of our net income annually back to nonprofits. Our giving comes in many forms, including donations of time, talent, and treasure. This commitment, and our close relationship with nonprofits, has a tremendously positive impact on the employees and culture of AAFCPAs. Here are some of […]
Estate Tax Exemption Could Decrease to $6M on January 1, 2026
Editor’s Note (December 13, 2024): Following the U.S. election, the federal estate tax exemption remains scheduled to decrease from $13.61 million to $6 million on January 1, 2026. While the new administration may extend this deadline, effective planning is still essential. Strategic gifting through trusts, for example, can lock in current asset values and shield […]
Reflecting on the 16th Annual CFO of the Year Awards
AAFCPAs was proud to attend the Boston Business Journal’s CFO of the Year awards as a centerpiece sponsor once again. Our annual sponsorship allows us to support the ongoing success of this esteemed event and celebrate the remarkable professional achievements and value CFOs bring to our business community. The luncheon is always an exciting celebration […]
IRS Provides Update on Employee Retention Credit (ERC)
AAFCPAs would like to make clients aware that, on June 20, 2024, the IRS announced its plans to deny tens of thousands of improper, high-risk Employee Retention Credit (ERC) claims. Concurrently, the agency is processing a new round of lower-risk claims using insight gleaned from its initial review to expedite payments to taxpayers who filed […]
Seeking Your Support for an Emjays Award Nomination
The Emjays International Cannabis Awards are returning Dec. 5 to the Pearl Theater inside The Palms Casino Resort in Las Vegas! Nominations are open for 23 awards categories in the cannabis industry, including Financial Services of the Year (Accounting Firms, Banking, and Investment Firms). To be considered, companies must receive nominations from clients like you. […]
Seminar Recap: Accounting Standards Updates for Nonprofits
During AAFCPAs’ recent Nonprofit Seminar (recorded live, April 2024), Matthew Hutt, CPA, CGMA, Amy Staunton, CPA, and Jennifer A. L’Heureux, CPA briefed approximately 400 attendees on the latest applicable accounting standards updates (ASUs) and how they affect nonprofit organizations. What we covered: The full session was recorded and may be viewed as a webcast at […]