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AAFCPAs Announces Promotions

AAFCPAs Announces Promotions

AAFCPAs, a preeminent CPA and consulting firm based in New England, is pleased to announce promotions for the following team members in recognition of their competence, commitment, and superior performance serving our diverse client base in their respective areas of practice. New Director and Managers: Amy Staunton, CPA is a senior member of AAFCPAs’ Managed […]

AAFCPAs Donates $20,000 in Support of the Firm’s Social Mission

AAFCPAs’ team members look forward to their firm-sponsored annual Paid Day of Service. However, the Coronavirus pandemic made in-person volunteering a challenge this year. In lieu of this year’s Paid Day of Service, team members were offered the option to donate their volunteer day of pay to charities in need, and their response was overwhelmingly […]

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 […]

Optimize Your IT General Controls

Information Technology General Controls (ITGCs) help organizations guard their systems and operations against IT-related risks in critical business areas like finance, purchasing, and payroll. ITGCs are the foundation for the overall IT control environment as they provide the assurance that systems operate as intended and that output is reliable. (For public companies, these controls support […]

Why Nonprofits are Outsourcing Accounting

Skilled accounting and finance talent is scarce and in high demand, especially for nonprofits who often struggle with expectations to keep “overhead” low.  These labor challenges are national and expected to intensify over time. Knowledge-intensive industries like financial and business services are expected to continue to be hit hard by the talent crunch. Nonprofits also […]

New PPP Forgiveness Guidance Addresses Owner-Employee Compensation, Rent-Related Costs

AAFCPAs would like to make clients aware that the U.S. Treasury and Small Business Administration (SBA) released an interim final rule Monday, August 24th, addressing Paycheck Protection Program (PPP) forgiveness issues related to owner-employee compensation and the eligibility of non-payroll costs. Specifically, the new guidelines state that an owner-employee in a C or S corporation who […]

AAFCPAs Welcomes New Tax Director to Support Growing Complexities of Multi-State Taxation

AAFCPAs Welcomes New Tax Director to Support Growing Complexities of Multi-State Taxation

Boston, MA (August 31, 2020) – AAFCPAs, a 240+ member CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced the addition of Kelly Zack, MST, Director, State & Local Tax. Kelly has almost 20 years of state tax consulting experience within both public accounting and […]

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 […]

IRS Deadline to Return RMDs is Aug. 31

AAFCPAs reminds clients who are IRA owners, beneficiaries or workplace retirement plan participants and received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs […]