COVID-19 Resource Center
AAFCPAs Shares Financial Strategies During COVID-19 with WBJ Finance Community
Janice O’Reilly, CPA, CGMA, Partner and Leader of AAFCPAs’ Managed Accounting Solutions practice will share business strategies for managing financial resources during a crisis as an expert panelist in the Worcester Business Journal’s (WBJ) Coping with COVID-19 Webcast Series, Wednesday, July 22. To stay resilient during today’s economic turbulence means your business must have full […]
Unemployment Fraud Persists
AAFCPAs reminds clients that fraudsters continue to capitalize on hardships created by the pandemic. State Departments of Unemployment Assistance (DUA), including Massachusetts, are reporting an onslaught of fake unemployment claims, which appear to use identities constructed from a huge cache of information taken in national data breaches in recent years. Employee Fraud Alert The DUA […]
Tax Relief for Low-Income Housing Tax Credit and Bond Participants
AAFCPAs would like to make clients aware that, in response to the COVID-19 pandemic, the Internal Revenue Service announced it is providing low-income housing tax credit (LIHTC) participants temporary relief from key program requirements. The relief is detailed in Notice 2020-53 released on July 1st, 2020. This guidance relaxes certain LIHTC requirements under Section 42 of […]
Stock Market Volatility Complicates Investment Advice
It’s been a worrying few months financially since the coronavirus pandemic hit in March – and that’s for those who’ve kept their job or their business in operation. A recession began in February and worsened quickly when businesses were forced to close in an effort to curtail the spread of the virus and sent the […]
Guidance for Businesses Navigating the Financial Crisis
As you may be aware, the Senate and House have both passed an extension to the deadline for businesses to apply for the Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan program. The measure will now go to the President for his signature. Still, much uncertainty remains, including the promise of another federal aid […]
Five Internal Control Modifications Needed in Response to the ‘New Normal’
Some organizations’ internal control frameworks and operational processes did not skip a beat when faced with the disruptions caused by COVID-19. Especially those who had already implemented cloud-based systems and remote-enabled processes. Others were forced to “change the tire while driving.” During this pandemic, organizations have been challenged by processes executed with fewer people and […]
Guidance on the SBA’s New Applications for PPP Loan Forgiveness
On June 16th the Small Business Administration (SBA) released a series of new applications and instructions for the forgiveness calculation for the Paycheck Protection Program (PPP) loans. The application has been broken down into two documents: application and instructions. A new, simpler EZ form with corresponding instructions has also been introduced. AAFCPAs has provided for […]
Charter Schools Connect: Managing the Remote Business Office
COVID-19 has challenged businesses to think about operations in a new way. In this 11-minute webcast, AAFCPAs’ Charter School Practice Leaders John Buckley, CPA, CGMA and Nichole Reilly, CPA, MBA share insights and best practice recommendations for Charter School clients about overcoming internal control and segregation of duties challenges for a remote business office. AAFCPAs […]
Deadline to Apply for PPP Loan is June 30, 2020
AAFCPAs would like to make clients aware that the deadline to apply for a Paycheck Protection Program (PPP) loan is June 30, 2020. As of June 10, 2020, there was still approximately $130.7 billion in funds available. AAFCPAs encourages clients who did not receive a PPP loan yet to re-consider applying in light of recent […]