Regulatory Alerts (All)
New IRS Guidelines: Employer Matching Contributions for Student Loan Payments Explained
AAFCPAs would like to make clients aware that the Internal Revenue Service has issued important interim guidance for employers offering retirement plans, which presents a new opportunity to enhance employee benefits. This guidance, detailed in Notice 2024-63, explains how employers may provide matching contributions to retirement plans based on employee student loan payments, as outlined […]
Year-End Tax Webinars: Optimize Your 2024 Tax Strategy
Watch OnDemand: 2024 Year-End Tax Webinars Reviewing your tax strategies before the end of the calendar year is essential to uncover potential tax savings, ensure compliance, and optimize your financial decisions, which is why AAFCPAs annually hosts a series of complimentary webinars to help clients stay informed and prepared. Whether you are a business owner, […]
Seminar Recap: Accounting Standards Updates for Nonprofits
During AAFCPAs’ recent Nonprofit Seminar (recorded live, April 2024), Matthew Hutt, CPA, CGMA, Amy Staunton, CPA, and Jennifer A. L’Heureux, CPA briefed approximately 400 attendees on the latest applicable accounting standards updates (ASUs) and how they affect nonprofit organizations. What we covered: The full session was recorded and may be viewed as a webcast at […]
Use Tax Audits on the Rise
AAFCPAs would like to make clients aware that there has been an increase in the number of use tax audits being conducted in various states. As jurisdictions look to increase tax revenue, use tax audits may be considered a simple way to drive revenue through tax collections, penalties, and interest. What is use tax? While […]
U.S. Department of Labor Issues Final Rule on Employee vs. Independent Contractor Classification
AAFCPAs would like to make clients aware that the U.S. Department of Labor issued its final rule on employee versus independent contractor classification under the Fair Labor Standards Act. Effective March 11, 2024, this final rule provides guidance on how employers determine employee versus independent contractor status. Relying on a multifactor economic reality test, the […]
OMB Releases Uniform Guidance Revisions
AAFCPAs would like to make clients aware that the Office of Management and Budget (OMB) released updates to its Uniform Guidance in April 2024. Updates affect non-federal entities that receive Federal awards. The OMB is responsible for the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), which oversees government-wide policies […]
FASB Approves New Guidance on Certain Crypto Assets
AAFCPAs would like to make clients aware that in December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Note: the amendments in ASU 2023-08 require that an entity measure “in-scope” crypto assets (as […]
New Tax Relief Bill Could Affect 2023 Filing Season
A bipartisan deal known as the Tax Relief for American Families and Workers Act of 2024 could offer a last-minute extension for previously expired tax credits and breaks. If passed, provisions could affect the current 2023 filing season. Update 2.1.24: Last night, the U.S. House of Representatives passed a bipartisan $70 billion tax relief package. […]
New Bill Could Amend ERTC Due Date
AAFCPAs would like to make clients aware of a new bill that has reached congress titled The Tax Relief for American Families and Workers Act of 2024, a vote for which is anticipated by January 31, 2024. If passed, this bill could amend the due date of Employee Retention Tax Credit (ERTC) filings to January […]