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Dow Plunges 800 Points, Fundamentals of US Economy Still Strong

Dow Plunges 800 Points, Fundamentals of US Economy Still Strong

As you may be aware, the Dow Jones Industrial Average plunged 800 points yesterday, August 14th, marking the worst single day point drop of 2019. The media attributed the plunge to a slowing global economy, a trade war with China, and an inverted yield curve. The 10-year treasury rate for a time on August 14th dropped below that of the 2-year treasury rate. This inverted yield curve means that if... continue reading

IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers

AAFCPAs would like to make clients aware that the IRS is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Again, this is an automatic waiver, so there is no need to contact the IRS to apply for or request the waiver. Earlier this year, the IRS lowered the penalty assessment threshold from its usual... continue reading

Internet of Things (IoT) and Cyber Security

What Is IoT And How Do Hackers Infiltrate Your Devices? An increasing number of companies are installing Internet of Things (IoT) devices on their networks. IoT devices are typically “black box” devices, the inner workings of which are unknown to most users. For example, HVAC systems, smart fridges, computer printers, and even cars can contain IoT-enabled technology that connects through WiFi or cellular and therefore can be considered IoT devices.... continue reading

AAFCPAs’ Courtney McFarland to Serve on Board of Baypath Humane Society

AAFCPAs’ Courtney McFarland to Serve on Board of Baypath Humane Society

AAFCPAs is excited to announce that Courtney McFarland, CPA, MSA has been appointed and agrees to serve on the Board of Directors of the Baypath Humane Society of Hopkinton. Courtney will serve as a fiduciary of Baypath, providing strategic direction and financial advice to help the organization achieve its vision for the future. “As a lifelong resident of Hopkinton, I have seen how Baypath has changed the community, and how... continue reading

AAFCPAs Celebrates 2019 National Health Center Week

Next week, August 4-10, 2019, is National Health Center Week, and AAFCPAs invites you to join us again this year in celebrating the great work and significant impact of these consumer-driven and patient-centered organizations! National Health Center Week gives our Health Center clients a chance to bring light to the health needs in our communities and the shared stake in community health. It allows them to show not only what... continue reading

Don’t Let the New Tax Act Affect Your Giving Goals

The Wall Street Journal recently reported that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax-law changes and a late-year stock-market dip as the reasons for the decline. At AAFCPAs Wealth Management, we know that taxes are not the reason you give; however, they may affect how much you give, the timing of your gifts, and the vehicle you use. We have... continue reading

Proposed Bill Eliminating the Effects of 280E at the State Level

On June 11, 2019 the Massachusetts Joint Committee on Revenue heard House Bill 2510, An Act rescinding the effect of IRC 280E on businesses legally selling marijuana.  While this bill has not been placed into effect yet, the hearing is a step forward towards state wide repeal of IRC 280E. What Does House Bill 2510 Do? Simply put, this proposed bill eliminates IRC Code 280E at the state level and... continue reading

2019 UFR Update: AAFCPAs Outlines Significant Changes

The Operational Services Division (OSD) of the Executive Office for Administration and Finance just released its FY 2019 UFR Audit and Preparation Manual, FY 2019 UFR Auditor’s Compliance Supplement, and FY 2019 Excel UFR Templates. The FY 2019 Manual is effective July 1, 2018 for the UFRs to be filed for FY 2019.  Visit Mass.gov UFR Resources Center to access all information related to the UFR filing. In the Notice... continue reading

Configuration & Application Vulnerabilities in Cyber & IT Security

Despite the best efforts of IT teams, organizations continue to be plagued with IT security vulnerabilities in their systems by both internal and external threats. The most common vulnerabilities are poor configurations and outdated/unpatched systems or applications. These vulnerabilities may subject your organization to the risk of hackers gaining access to sensitive employee or client data. What are Countermeasures/Prevention Techniques? Change Management Organizations must establish and document their process for... continue reading

FASB Delays Effective Dates for Four Major Accounting Standards

FASB Delays Effective Dates for Four Major Accounting Standards

AAFCPAs is excited to inform you that the Financial Accounting Standards Board (FASB) voted to extend the effective dates of four key accounting standards at their latest July 17, 2019 meeting. The proposed delay to the effective dates for certain companies affects accounting for leases, credit losses, hedging, and long-duration insurance contracts. This is FASB’s response to the burden placed on companies having to adopt various complex accounting standards in... continue reading