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DOL Audit Quality Study Underscores the Need for Specialized EBP CPA
In November 2023, The U.S. Department of Labor (DOL) Employee Benefits Security Administration (EBSA) published its Audit Quality Study, which outlines work quality as performed by independent qualified public accountants—specifically in employee benefit plan financial statement audits covered under the Employee Retirement Income Security Act (ERISA) during its 2020 filing year. The administration focused on […]
New Tax Relief Bill Could Affect 2023 Filing Season
A bipartisan deal known as the Tax Relief for American Families and Workers Act of 2024 could offer a last-minute extension for previously expired tax credits and breaks. If passed, provisions could affect the current 2023 filing season. Update 2.1.24: Last night, the U.S. House of Representatives passed a bipartisan $70 billion tax relief package. […]
New Bill Could Amend ERTC Due Date
AAFCPAs would like to make clients aware of a new bill that has reached congress titled The Tax Relief for American Families and Workers Act of 2024, a vote for which is anticipated by January 31, 2024. If passed, this bill could amend the due date of Employee Retention Tax Credit (ERTC) filings to January […]
Massachusetts’ Cannabis Social Equity Trust Fund to Soon Offer Grants
AAFCPAs would like to make clients aware that Massachusetts’ supplemental budget passed late last year includes a procedural fix to the Cannabis Social Equity Trust Fund. This means the state-wide cannabis industry, particularly communities of color, may soon gain access to millions in state funding meant to diversify entrepreneurship opportunities. One of the greatest obstacles […]
AAF Wealth Management Q4 2023 Market Insight
Last year was eventful both economically and otherwise, from bank failures in March to Fitch’s downgrade of U.S. government debt, a collapse in inflation, and the Federal Reserve signaling it might end rate hikes. In an ongoing commitment to keep you abreast on a range of issues that might affect you and your business, AAF […]
Nonprofit Challenges in Navigating Tax Issues
Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]
Save the Date: AAFCPAs’ 2024 Nonprofit Educational Seminar
AAFCPAs invites you to join us for our Annual Nonprofit Educational Seminar, virtual again in 2024 and considered by many nonprofit CFOs and Executive Directors to be the premier nonprofit finance educational event of the year. Our panel of industry specialists will discuss important accounting, tax, and regulatory matters that affect nonprofits along with ways […]
Ripianzi to Present MNN, FEI-Boston Nonprofit Outlook for 2024
Joyce Ripianzi, CPA, leader in AAFCPAs’ Fractional CFO & Outsourced Accounting practice, has been invited to co-present the “Nonprofit Outlook for 2024: Guidance for the Year Ahead”, a joint professional development event hosted by FEI Boston and the Mass Nonprofit Network. Ripianzi will offer insight into ways in which nonprofit organizations can improve audit preparation. […]
How to Level Up Financial Planning & Analysis
Financial Planning & Analysis (FP&A) plays a crucial role in an organization’s success. Budgeting, forecasting, and analytics support decision makers at organizations of all sizes. Most have the basic building blocks to drive FP&A—for instance, a good grasp of their industry, clear strategic objectives, and a wealth of financial data. But they may lack the […]