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IRS Provides Tax Inflation Adjustments for Tax Year 2020

IRS Provides Tax Inflation Adjustments for Tax Year 2020

AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax year 2020 adjustments generally are used on tax returns filed in 2021. AAFCPAs has outlined for your convenience some of the tax items for... continue reading

Upstream Trusts May Be Solution to Eliminate Capital Gains

In light of recent increases in limits for federal estate tax exemptions under the Tax Cuts and Job Acts (TCJA), AAFCPAs advises clients to consider the suitability of an Upstream Trust as a strategy for taxpayers who have highly appreciated assets to save money on capital gains tax. Upstream Trusts are a new option that AAFCPAs utilizes since the passing of TCJA, which involves taking advantage of the largely unused... continue reading

Charter Schools Not Exempt from MA Paid Family and Medical Leave Law

AAFCPAs would like to make charter school clients aware that the Massachusetts Department of Family and Medical Leave recently issued a policy clarification related to certain excluded employers of the new Paid Family and Medical Leave (PFML) law. Municipalities, districts, political subdivisions, and other agencies are excluded from PFML law unless they choose to opt-in. Charter schools are not considered a part of a municipality and are not excluded from... continue reading

Hosting Service and Auditor Independence

AAFCPAs would like to make clients aware that the AICPA’s Professional Ethics Executive Committee (PEEC) has issued a new interpretation of AICPA’s independence rule, Hosting Service. The new interpretation, effective July 1, 2019, applies specifically to CPA firm attest clients and prohibits CPA firms from providing Hosting Services to these clients. As you may know, attest services require independence. Attest services include: audits, reviews, compilations, and other engagements conducted in... continue reading

New Revenue Recognition Accounting for Nonprofits: Contribution or Exchange Transaction?

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This ASU clarifies and reduces the current diversity in practice in accounting for grants and contributions, particularly for grants and contracts from governmental entities.  We outlined the main provisions of ASU 2018-08 in a blog... continue reading

Carla McCall Shares How AAFCPAs Put Innovation to Work

AAFCPAs’ Co-Managing Partner Carla McCall, CPA, CGMA presented a best practices session titled: Putting Innovation to Work: Moving from Ideas to Action at Upstream Academy’s Best Practices 2019 annual conference for CPA firm leadership teams. The desire to improve is one of the hallmarks of a high-performance firm. It is difficult to move from desire to action, and from great ideas to great execution. In her presentation, Carla shared how... continue reading

AAFCPAs’ Chief Talent Officer and New Director of Talent Advancement Support Continued Growth

AAFCPAs is pleased to announce Donna M. Angelico is promoted to Chief Talent Officer (CTO) and Ingrid Goldbloom Bloch joins the firm as Director, Talent Advancement. Donna M. Angelico As CTO, Donna leads AAFCPAs’ Talent Management function and helps maintain our unique and authentic company culture—one that genuinely cares for the individual, expects honesty and high moral character, and sustains employee enthusiasm with positive energy. Additionally, she oversees the firm’s... continue reading

October is National Cybersecurity Awareness Month

October is National Cybersecurity Awareness Month

Held every October, National Cybersecurity Awareness Month (NCSAM) is a collaborative effort between government and industry to raise awareness about the importance of cybersecurity and to ensure that all Americans have the resources they need to be safer and more secure online. The Business & IT Security practice at AAFCPAs has published the following insights recently to outline the most common vulnerabilities and how to mitigate risks: IT Security Vulnerabilities... continue reading

AAFCPAs’ 340B Compliance Webinar OnDemand

AAFCPAs’ 340B Compliance Webinar OnDemand

AAFCPAs’ Matt Hutt, CPA, CGMA and Courtney McFarland, CPA, MSA, in collaboration with the Massachusetts League of Community Health Centers (The League), presented an educational 340B Drug Pricing Program Compliance live webinar on October 16, 2019. This educational webinar provided attendees with an understanding of compliance requirements for running a 340B in-house or contract pharmacy, including: How to successfully prepare for an Office of Pharmacy Affairs (OPA) audit How to ensure 340B Program integrity... continue reading

AAFCPAs Tax Practice Announces New IT Solutions and Process Improvements

The Tax Practice of AAFCPAs is excited to introduce new IT solutions and process improvements that will add efficiency and ease to your client experience for the 2019 tax return filing season. Please review the information below as you may need to take action in order to avail yourself of these new tools. TaxCaddy TaxCaddy is a secure application that will allow you to easily collect, store, and retrieve your... continue reading