Topic
Regulatory Update: Accounting Standards 2019
Listen to Podcasts: AAFCPAs’ Nonprofit Audit Leaders Matt Hutt, Katie Belanger, and Olga Yasinnik provide key considerations and best practice recommendations related to the implementation of new accounting standards, including: Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14, Topic 958): Revenue from Contracts with Customers (ASU 2014-09, Topic 606), and Clarifying the Scope […]
How the Wayfair Decision Impacts Nonprofits
On June 21, 2018, in a 5 to 4 vote, the United States Supreme Court, in South Dakota v. Wayfair, ruled that states were no longer bound by the physical presence test and could require out of state sellers to collect and remit sales tax based on economic nexus as long as certain criteria were met. AAFCPAs would […]
AAFCPAs’ Mr. Anderson Earns Certified Ethical Hacker Credential
AAFCPAs’ “white hat” ethical security hacker and business continuity advisor, Mr. Anderson has been awarded the Certified Ethical Hacker (CEH) credential issued by the International Council of E-Commerce Consultants (EC-Council). Mr. Anderson was awarded the CEH credential in recognition of his earned expertise in understanding how to uncover weaknesses and vulnerabilities in target systems and use the same knowledge […]
AAFCPAs Welcomes Accounting Manager to Support Steady Growth of Outsourced Accounting Practice
Boston, MA (May 24, 2019) – AAFCPAs, a best-in-class CPA and consulting firm known for assurance, tax, accounting, wealth management, valuation, business process, and IT advisory solutions, today announced the addition of Accounting Manager James Perkins, MBA. James joins AAFCPAs’ growing Managed Accounting Solutions (MAS) Practice, which provides high-quality, cost-effective, cloud-based accounting and CFO solutions. He […]
Cannabis Businesses Required to File IRS Form 8300 After Cash Transactions
AAFCPAs would like to remind cannabis business clients of their potential Form 8300 Report of Cash Payments Over $10,000 Received in a Trade or Business reporting obligation. This filing is required for any business who receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions. […]
AICPA Urges FASB to Delay Effective Date of Lease Standard
ASU 2016-02, Leases (Topic 842) took effect for public companies at the beginning of this year and is scheduled to be effective for private companies one year later, at the beginning of 2020. This standard is significant in its impact to virtually all entities that enter into leases of more than twelve months in duration. The study […]
AICPA Issues SAS No. 134 to Enhance Communicative Value of Auditors’ Reports
AAFCPAs would like to make our privately-held commercial clients and nonprofits aware that on May 08, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 134, designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing […]
AAFCPAs Wealth Management Reflects on the Q1 2019 Market Turnaround, and Provides Guidance on Achieving an All-Weather Portfolio
In January, we wrote to you about 2018’s fourth quarter meltdown, and three months later the markets reversed course and shot higher. Two of the main issues that plagued the market in Q4 2018, tariffs and the Fed, have moved to the back burner. First, although there are mixed messages coming out of Washington and […]
OSD Provides Guidance for MA UFR Filers on Reimbursement of Nonprofit Transportation Tax
AAFCPAs would like to make clients who file a Massachusetts UFR aware that we sought and received guidance from the Massachusetts Operational Services Division (OSD) regarding how unrelated business income tax (UBIT) associated with the provision of transportation benefits to employees would need to be treated for UFR reporting purposes. In response, OSD clarified that […]