Regulatory Alerts (All)
IRS Issues Guidance on Presidential Payroll Tax Deferral Memorandum
AAFCPAs would like to make clients aware that the Treasury issued IRS Notice 2020-65 which provides guidance on the August 8, 2020 Presidential Memorandum directing the Treasury to allow employee deferral of withholding, deposit and payment of certain payroll tax obligations. Which Employees are Eligible to Defer? The deferral is restricted to any employee whose […]
Multi-State Worker Tax Considerations
AAFCPAs would like to make clients aware that Congress has introduced a bill under H.R. 7968 that would limit a state’s ability to tax nonresident telecommuters. The general rule is that an employee pays income taxes to the state where wages are earned, which can be different than the state where the employee lives. This […]
Massachusetts DESE Issues New Guidance on Approval of Annual Financial Statement Audit
AAFCPAs would like to make our Massachusetts education clients aware that in July 2020, the Massachusetts Department of Elementary and Secondary Education (DESE) issued the final version of their audit guide to be used for fiscal year 2020 financial statement audits. The only change from the prior version related to Section 201: Administering the Audit, […]
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 […]
Regulatory Alert: Unemployment Scams & Snail Mail Stimulus Payments
Nationwide Unemployment Scam Targets Massachusetts Claimants AAFCPAs would like to make clients aware that on May 27th, 2020, the Massachusetts Department of Unemployment Assistance (DUA) announced that criminal enterprises in possession of stolen personal information from earlier national data breaches have been attempting to file large amounts of illegitimate unemployment claims through the Massachusetts DUA […]
MA Tax Implications of a Remote Employee Due to COVID-19
AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue (DOR) issued a Technical Information Release (TIR) describing the Massachusetts personal income and withholding tax implications of an employee working remotely in a state other than the state where the employee previously worked, solely due to the Coronavirus pandemic. The TIR explains […]
IRS Issues Guidance on Deductibility of Expenses Covered by PPP Loan
AAFCPAs would like to make clients aware that on Thursday, April 30th, the IRS issued Notice 2020-32 providing tax compliance clarity related to Paycheck Protection Program (PPP) funds. Under Notice 2020-32 the IRS concludes that no deduction is allowed for an expense that results in forgiveness under section 1106(b) of the Coronavirus Aid, Relief, and […]
Webinar: Accounting & Audit Impact of COVID-19
OnDemand Webinar Recorded May 4th, 2020 The Coronavirus pandemic has required businesses to quickly make changes to how employees work, and in many cases, has had a significant impact on Revenue & Expenses. These changes to processes, procedures, and finances may have exposed your organization to new risks and have had an impact on your […]
SBA Disaster Loan Funds Exhausted
UPDATED: On April 21st a new round of funding became available for the PPP loan program. The EIDL program is also still accepting applications. The deadline to apply for the PPP remains June 30th. As you may now be aware, the US Small Business Administration (SBA) announced today, April 16th, that Paycheck Protection Program (PPP) […]