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IRS to Waive Tax Penalties for Underwithholding and Underpayment

IRS to Waive Tax Penalties for Underwithholding and Underpayment

The Internal Revenue Service (IRS) announced on Wednesday, January 16, 2019 that it is waiving a penalty for some Americans who may have unintentionally underpaid their 2018 tax liabilities. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal income tax withholding, quarterly estimated tax payments, or a combination of the two. Historically, individuals... continue reading

FQHCs: 2019 New Medicare Services and G Code Payment Updates

AAFCPAs would like to make Rural Health Clinic (RHC) and Federally Qualified Health Center (FQHC) clients aware that the Centers for Medicare & Medicaid Services (CMS) has issued important reimbursement updates related to virtual communication services, and Medicare G Code rates for 2019. Virtual Communication Services Effective January 1, 2019, RHCs and FQHCs may now receive payment for virtual communication services when at least 5 minutes of communication technology-based or... continue reading

AAFCPAs Promotes Four to Partner to Support Firm Growth

Westborough, MA 1/8/2019 – AAFCPAs is excited to announce the promotion of four additional Partners to our growing team: Andrew Hammond, CFP®, Carmen Grinkis, PhD, CLTC, CFP®, Matthew McGinnis, CPA, and Davide Villani, CPA, CGMA are fully engrossed in the industries we serve, and work closely together to best serve our diverse client base with the distinction of excellence. Carmen Grinkis and Andy Hammond are both sharp, energetic leaders of AAFCPAs Wealth Management, serving individuals & families, retirement... continue reading

Updates for Nonprofits under the New Tax Act

AAFCPAs would like to make Tax Exempt Organizations aware of recent legislative and regulatory updates related to the Tax Cuts and Jobs Act, (“TCJA”) and how these may affect charitable nonprofits. Legislation Attempts to Repeal the New Unrelated Business Tax on Tax Exempt Organizations Providing Qualified Fringe Benefits On December 20, 2018, the House passed the Retirement, Savings, and Other Tax Relief Act (H.R. 88) that would eliminate the provision... continue reading

Year in review: The Top 10 Insights from 2018

Year in review: The Top 10 Insights from 2018

2018 was a big year for finance professionals, with monumental changes in tax code & accounting rules, and other significant challenges & opportunities affecting commercial businesses, nonprofits, and individuals & their families.  Below are AAFCPAs’ most widely-read news alerts & insights in the past year: AAFCPAs’ 2018-2019 Tax Planning Guide for Businesses & Individuals Financial and Estate Planning Opportunities Related to the New Tax Law Whitepaper: Guidance on the New... continue reading

AAFCPAs’ #GivingTuesday Match Donates Over $31K to Charities

AAFCPAs’ #GivingTuesday Match Donates Over $31K to Charities

AAFCPAs participated again this year in #GivingTuesday, on November 27th, 2018, a global day dedicated to giving! Collectively, the firm and its team members donated $31,778 to mission driven nonprofits! HOW DID AAFCPAs TAKE PART IN THE SPIRIT OF GIVING? Extra incentives to give! For #GivingTuesday, AAFCPAs and our company-sponsored Charitable Foundation matched employee gifts 1:1 (100%) to any charitable nonprofit 501(c)(3) during a 3-week window in November leading up to... continue reading

Warm and friendly wishes from AAFCPAs

Warm and friendly wishes from AAFCPAs

Thank you for your business and loyalty.  We admire your passion, entrepreneurial spirit and all the great things you accomplish.  Please know that it is our privilege to be part of your advisory team. All of us at AAFCPAs wish you and your family a joyful holiday season! May you enjoy a wonderful new year, filled with prosperity and peace! We are grateful for all of you!

What Does Rising Talent Look For in a CPA Firm?

What Does Rising Talent Look For in a CPA Firm?

Public accounting has changed a great deal in order to keep pace with the way client needs have changed, requiring specifically talented professionals to evaluate these needs from multiple angles. This may be one reason that rising stars in the CPA world need a different type of environment to learn and thrive. At our firm, we have taken an aggressive route to test programs, encourage feedback and ensure that skilled... continue reading

Year-End Personal Financial Planning Considerations

Year-End Personal Financial Planning Considerations

The end of the year presents a unique opportunity to look at your overall personal financial situation. With factors like tax reform, life changes or just working towards your goals, now is an especially important time to review things. Taking what we now know about the new tax law and weaving together all of the other areas of your personal finances is one of the key ways AAFCPAs Tax and... continue reading

What Nonprofits Need to Know about the TCJA: AAFCPAs to Present a Members-Only Webinar for the Providers’ Council

What Nonprofits Need to Know about the TCJA: AAFCPAs to Present a Members-Only Webinar for the Providers’ Council

AAFCPAs Tax Consulting Attorneys Joshua England, JD, LLM, and Chris Consoletti, JD will present a Tax Cuts and Jobs Act educational workshop on December 10th at 12pm, for the benefit of the Massachusetts Council of Human Service Providers, Inc. (The Providers’ Council). The Tax Cuts and Jobs Act (TCJA) represents a dramatic overhaul of the U.S. tax code, and includes widespread changes to the tax rules affecting charitable nonprofits. Several... continue reading