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Technology Insights: How Can Firms Take the Next Step?
Digital transformation has had a powerful impact on all aspects of our lives, both in business and in our day-to-day living. The COVID-19 pandemic has forced many firms into adopting new technology during a difficult and turbulent time. More than ever before, accounting firms need help to navigate digital choices which, at a minimum, will keep the […]
ESSER Funds May Subject Charter School to Federal Single Audit
In response to the COVID-19 pandemic, federal funding has been available to charter schools through the Massachusetts Department of Elementary and Secondary Education (DESE) under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The most significant of this funding is the Elementary and Secondary School Emergency Relief (ESSER) funds. While these funds are and […]
Nonprofit Executive Power Hour
AAFCPAs Partner Katie Belanger, CPA will offer her expertise in an educational webcast for nonprofit executives on December 8th to share ideas, thoughts, and cautions around a spectrum of administrative functions, including finance, technology, compliance, risk, insurance, and culture. Nonprofit executives have never faced as many challenges as they are right now, and their ability […]
IRS Proposes LIHTC Average Income Test Regulations
On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]
IRS Clarifies the Deductibility of Payments by Partnerships and S Corporations for Certain State and Local Income Taxes
On November 9, 2020, the Internal Revenue Service issued Notice 2020-75 addressing the deductibility of payments by partnerships and S corporations for certain state and local income taxes. Prior to 2018, Section 164(a) allowed individual taxpayers an itemized deduction for state and local income taxes. Although the Tax Cuts & Jobs Act (TCJA) created section […]
Watch Now: 2020 Tax Planning Webinar: Guidance for Individuals
In 2020, tax planning is more complicated than usual. It may be daunting to understand brackets and rates, where and when to retire, capital gains, and what to do with retirement plans. In this 1 hour webinar, AAFCPAs Tax & Wealth Advisors cover what taxpayers need to know for 2020 year-end, as well as year-round […]
AAFCPAs to Discuss How Companies are Leveraging Technology Through the Pandemic
Joyce Ripianzi, CPA, partner and leader in AAFCPAs’ Managed Accounting Solutions (MAS) practice, will share her expertise as a panelist in an educational webinar on Tuesday, November 10th to discuss how companies are leveraging technology to survive, thrive, and grow through the pandemic. Sign up for this Webinar to hear insights on how companies are: […]
Social Security Benefits to Increase by 1.3 Percent in 2021
AAFCPAs Wealth Management would like to make clients aware that the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for nearly 70 million Americans will increase 1.3 percent in 2021. Cost-of-living adjustments (COLA) have averaged 1.4 percent in the past decade. The 1.3 percent cost-of-living adjustment will begin in January […]
SBA Releases PPP Loan Necessity Questionnaires
AAFCPAs reminds clients, part of qualifying for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan meant certifying that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” This certification was required by an applicant to be made in good faith when pursuing this loan […]