Regulatory Alerts (All)
IRS Issues Renewed Warning on Employee Retention Credit Claims
AAFCPAs reminds clients to remain vigilant of promoters providing misleading guidance as it relates to the Employee Retention Credit (ERC). The Internal Revenue Service recently issued a renewed warning urging people to carefully review ERC guidelines before claiming the credit. We continue to see third parties aggressively promoting ERC schemes on both the radio and […]
Bill Introduced to Repeal R&D Expense Capitalization
AAFCPAs provides the following update to clients with expenditures incurred in connection with your trade or business which represent research and development costs in the experimental or laboratory sense. On Thursday, March 16th, Senators Maggie Hassan (D) of New Hampshire and Todd Young (R) of Indiana reintroduced a bill to repeal the required capitalization of […]
Historic Tax Credit: Changes Proposed to Make it More Accessible, Attractive
On March 2, 2023, Senators Cardin (Maryland), Cassidy (Louisiana), Cantwell (Washington), and Collins (Maine) reintroduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO). This legislation was originally proposed back in 2021. HTC-GO has many beneficial proposed changes to the current historic tax credit program. The four proposed permanent provisions are: 30% tax credit increased […]
SV Bank Crisis Has Businesses Hyper Focused on Cash Management
Regulators shut down Silicon Valley Bank (SVB) on March 10th (Friday), in the largest U.S. bank failure since the 2008 financial crisis. The failure was attributed to a run on the bank and liquidity issues. On March 12th (Sunday), the Department of the Treasury, Federal Reserve, and FDIC issued a statement announcing actions enabling the FDIC to complete its resolution of SVB in […]
Delaware Franchise Tax Reminder
AAFCPAs would like to make clients aware that all companies incorporated in the state of Delaware are required to file an annual report and pay an annual franchise tax to Delaware each year by March 1st. We have outlined for your convenience two methods of calculating the franchise tax you owe: the authorized shares method, […]
GASB: Subscription-Based Information Technology Arrangements
AAFCPAs would like to remind entities following government accounting rules, including clients in the Charter School industry as well as other quasi-governmental organizations, of the Governmental Accounting Standards Board (GASB) Statement No. 96, Subscription Based Information Technology Arrangements, which is required to be adopted in FY 2023. GASB 96 applies to all subscription-based information technology arrangements […]
AICPA Town Hall Technical Updates & Practice Strategies
AAFCPAs’ Managing Partner Carla McCall, CPA, CGMA contributed as a speaker at the AICPA’s first Town Hall of 2023, held January 5. They hosted nearly 9,000 attendees on this webcast. Carla is a member of the Board of Directors of the AICPA and Chair of its Audit & Finance Committee. Barry Melancon, president and […]
Guidance: CECL Standard for CDFIs
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) will be effective for nonpublic business entities and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL will be effective for the calendar year 2023 reporting period and fiscal year 2024 for off-year […]
Secure Act 2.0 & the YE Spending Bill
On Friday, December 23, 2022, the U.S. House of Representatives followed the Senate’s lead and passed a $1.7T spending bill (Consolidated Appropriations Act of 2023) that included changes to retirement savings, otherwise known as the Secure Act 2.0. The bill was signed by President Biden on December 29, 2022. These provisions affect individuals with retirement […]