Topic
What Happens If I Live a Long Life and Need Long Term Care?
As we enjoy time with our loved ones this holiday season, AAFCPAs Wealth Management encourages readers to proactively explore an important family question: if I live a long life and need long term care, who will provide that care and how will it impact them? Unfortunately, many only consider this financial and emotional burden after […]
Accounting Considerations for Nonprofits with Donor Advised Funds (DAF)
It has been reported recently that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax law changes as one reason for the decline. In a blog published in August 2019, AAFCPAs Wealth Management outlined charitable giving strategies donors should consider in order to maintain charitable goals while […]
Membership Organization Revenue Management and Predictive Analytics
With the onset of the Financial Accounting Standards Board’s (FASB) Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers, (ASC Topic 606) membership organizations face a complex accounting exercise when answering: What value are members receiving? The value question proves extremely complex when applying the five-step approach outlined in the new revenue standard—specifically, step […]
How Secure Is Your Physical Office Space?
Data and IT Security goes well beyond cyberspace. The security of your physical office space may also be at risk. A successful physical breach by an outsider could produce unauthorized access to packages, equipment, documents, as well as threats of theft and employee safety. AAFCPAs has outlined for your considerations some best practice recommendations to […]
IRS Provides Tax Inflation Adjustments for Tax Year 2020
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax year 2020 adjustments generally are used on tax returns […]
Upstream Trusts May Be Solution to Eliminate Capital Gains
In light of recent increases in limits for federal estate tax exemptions under the Tax Cuts and Job Acts (TCJA), AAFCPAs advises clients to consider the suitability of an Upstream Trust as a strategy for taxpayers who have highly appreciated assets to save money on capital gains tax. Upstream Trusts are a new option that […]
Charter Schools Not Exempt from MA Paid Family and Medical Leave Law
AAFCPAs would like to make charter school clients aware that the Massachusetts Department of Family and Medical Leave recently issued a policy clarification related to certain excluded employers of the new Paid Family and Medical Leave (PFML) law. Municipalities, districts, political subdivisions, and other agencies are excluded from PFML law unless they choose to opt-in. […]
New Revenue Recognition Accounting for Nonprofits: Contribution or Exchange Transaction?
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This ASU clarifies and reduces the current diversity in practice in accounting for grants and contributions, particularly for grants and […]
October is National Cybersecurity Awareness Month
Held every October, National Cybersecurity Awareness Month (NCSAM) is a collaborative effort between government and industry to raise awareness about the importance of cybersecurity and to ensure that all Americans have the resources they need to be safer and more secure online. The Business & IT Security practice at AAFCPAs has published the following insights […]