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AAFCPAs Provides Inventory Costing and 471 Guidance at AICPA & CIMA Cannabis Conference
AAFCPAs’ Cannabis Practice Leader David McManus, CPA, CGMA will present Inventory Costing and 471 Guidance to cannabis industry experts, CPAs, Attorneys, Tax Advisors, and peers experienced and inexperienced with the sector at the Association of International Certified Professional Accountants (AICPA) & Chartered Institute of Management Accountants (CIMA) Cannabis Industry Conference on August 8th in Denver, CO and Live […]
ECF Funds May be Subject to Uniform Guidance Audit
AAFCPAs would like to make Charter School clients aware that funds received under the ECF (Emergency Connectivity Fund) Program are federal funds and must be included in the calculation for determining your need for a Uniform Guidance audit. In May 2021, the ECF program was established by the FCC (Federal Communications Commission) to distribute ARPA […]
Pennsylvania Corporate Income Tax Changes
AAFCPAs would like to make clients aware, if you are subject to Pennsylvania’s corporate income tax, there are two significant changes instituted pursuant to H.B. 1342, signed by the governor on July 8th, 2022, effective starting in 2023. CORPORATE TAX RATE The current Corporate Net Income Tax (CNIT) rate is 8.99%. There will be an […]
AAF Wealth Management Q2 Market Update
“You may not control all the events that happen to you, but you can decide not to be reduced by them.” – Maya Angelou And just like that, we turn the page on another quarter in the markets. Let’s be honest: we can’t turn the page quick enough given the Q1-2 market performance. While stock […]
Cannabis Business Executive: Easing the burden of cannabis state tax compliance
Cannabis Business Executive (June 16, 2022) – Keeping pace with state sales and excise tax requirements can be a significant burden for cannabis operators. Make no mistake, the tax collection is a high priority to states, and as the industry grows, penalties and fines for late payment are becoming more common.
Watch Now: Reassess Eligibility for the Employee Retention Credit
AAFCPAs’ Webinar: Reassess Eligibility for the Employee Retention Credit is now available OnDemand. This webinar was recorded live on June 28th, 2022 to provide clients with guidance on this widely misunderstood tax benefit. Businesses & Charities across the Country are Failing to Take Advantage of the ERC! “IRS anticipates that approximately 70%-80% of small and […]
MA UFR Extensions Must Be Submitted On the OSD website
AAFCPAs would like to make Human & Social Services clients aware that effective June 30, 2022, the Massachusetts Operational Services Division (OSD) will no longer accept extension requests for the submission of the UFR, MAB allocation requests and waiver requests through the UFR eFiling system. All requests must be submitted using OSD’s web-based system which […]
GASB Subscription Accounting Standard
Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription Based Information Technology Arrangements, applies to entities following government accounting rules, including AAFCPAs’ clients in the Charter School industry, as well as other quasi-governmental organizations. This guidance applies to subscription-based technology arrangements (SBITAs), defined as a contract that conveys control of the right to use another party’s […]
Important Changes To Vermont Corporate Income Tax
AAFCPAs would like to make clients aware, if you are subject to Vermont’s corporate income tax, there are several significant changes instituted pursuant to S.B 53, an act relating to changes to Vermont corporate income tax and conformity to federal tax laws, which will be effective for tax years beginning on or after January 1, […]