Regulatory Alerts (All)
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) […]
FASB Proposes Lease Standard Delay, Issues Pandemic Concessions FAQs
The Financial Accounting Standards Board (FASB) on April 8, 2020 issued a proposal to defer the effective date for ASU 2016-02, Leases, and all subsequent amendments by one year in response to the ongoing coronavirus pandemic. For private companies and private nonprofits, the effective date would be for fiscal years beginning after December 15, 2021. […]
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]
MA DOR Makes Official & Clarifies Tax Filing Delay
AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue (DOR) today released guidance officially extending the April 15, 2020 deadline to July 15, 2020 for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income. The guidance also extends the due […]