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Tax Act Eliminates or Curtails Business Expense Deductions for Entertainment, Commuting Benefits, and Meals
AAFCPAs would like to make clients aware that the Tax Cuts and Jobs Act (“the Act”) has either eliminated or curtailed business expense deductions for most entertainment, meals, and commuting benefits starting in 2018. Entertainment expenses Deductions for entertainment expenses that were directly related to, or associated with the active conduct of the trade or […]
Amazon to Release Vendors’ Names, Per Order of Massachusetts DOR
When purchasing items from Amazon, buyers may see a designation of “Sold by Amazon,” or “Sold by XYZ Co and Fulfilled by Amazon,” without paying significant attention to the difference. For vendors, the distinction is important. Sellers who participate in the Fulfilled by Amazon (“FBA”) program retain ownership of their goods, essentially hiring Amazon to […]
AAFCPAs to Present Educational Webinar on Identifying Form 990 Audit Triggers and Remedying Prior Year Filings
AAFCPAs’ Jeanie Gorlovsky-Schepp presented an educational workshop on Tuesday, January 30th titled: “Correcting Common Form 990 Errors: Penalty Abatements, Fixing Prohibited Transactions, and Reconciling Related Organization Transaction Errors.” This session is part of the Strafford Live Webinar series. Jeanie joins a panel providing nonprofit and exempt organizations with practical guidance to identify, avoid, and correct […]
Sweeping Changes Come to Tax Exempt Organizations Under the New Tax Bill
AAFCPAs would like to make Tax Exempt Organizations aware that the Tax Cuts and Jobs Act, known officially as H.R. 1, (the “Act”) has enacted widespread changes to the tax rules affecting charitable nonprofits. AAFCPAs has outlined four changes that are especially noteworthy: There is now a 21% excise tax on executive compensation exceeding $1 […]
AAFCPAs Guidance for Contractors: Best Practices For Optimizing The Balance Sheet For Users Of Your Financials
AAFCPAs reminds readers of the critical importance of the balance sheet, and advises our construction clients to ensure their presentation of this statement of financial position is optimized in order to demonstrate a solid foundation. Your balance sheet provides a ‘snapshot’ of your company’s financial position at a single point in time, and provides critical […]
New Partnership Level IRS Audit Rules: Designate Your Partnership Representative and Modify Your Partnership Agreement
AAFCPAs would like to make clients aware that, effective for partnership tax years beginning after December 31, 2017, the IRS instituted new partnership level audit rules. Specifically, any adjustment to items of income, gain, loss, deduction, or credit of the partnership during a partnership’s tax year, upon audit, will be assessed and collected at the […]
AAFCPAs Recommends MA Charter Schools Revisit Their Credit Card Policies for Clarity in Light of New DESE Standards
The Massachusetts Department of Elementary and Secondary Education (DESE) Office of Charter Schools recently announced that, effective in fiscal year 2018, the Charter School Audit Guide will require auditors to determine if the school operates in accordance with its credit card policy. AAFCPAs recommends, accordingly, that at this time each charter school client review its […]
AAFCPAs Advises Clients to Prepare for the Return of the Medical Device Tax
AAFCPAs would like to make clients aware that, effective January 1, 2018 the “moratorium” on medical device excise taxation expired, which affects many companies in the life-sciences, including those focused on bio-medical, pharmaceutical, or manufacturing & distribution. As you may recall, the Obama administration enacted the “Protecting Americans From Tax Hikes Act of 2015” (“PATH […]
How To Build The Right Bridges With Your CFO
Chief Executive | Successful businesses are built on a mix of the leadership team’s vision, sound execution, and a profitable engine. The CEO carries a heavy burden, but it is the synergy with surrounding players like the CFO that opens doors to stability and steady growth.