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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. AAFCPAs’ Business & IT Security practice published a comprehensive Cybersecurity Risk Mitigation Guide […]

Remote Work and Income Taxes

Remote Work and Income Taxes

More Americans than ever are working remotely due in large part to the Covid-19 pandemic, a trend which may continue indefinitely. This shift in the status quo has created an unprecedented tax dilemma for employers with multi-state workers as well as those employees who may now be considered multi-state workers.

HHS Updates Reporting Requirements for Provider Relief Funds

On September 19, 2020, the U.S. Department of Health and Human Services (HHS) issued a Post-Payment Notice of Reporting Requirements (the Notice) relating to General and Targeted Distributions made under the Provider Relief Fund (PRF). This notice updates the initial notice issued on July 20, 2020. There are some significant changes as a result of […]

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 […]