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The SAFE Banking Act of 2019 Scores Victorious Step for Cannabis Businesses

The SAFE Banking Act of 2019 Scores Victorious Step for Cannabis Businesses

On March 28, 2019, the House Financial Services Committee voted 45-15 to advance the Secure and Fair Enforcement Banking Act of 2019 (“SAFE Banking Act”) to the House of Representatives. While there is still a long road ahead, this is the most promising step forward for cannabis businesses who would like to move away from cash-only transactions and towards mainstream banking. What Does the SAFE Banking Act Provide? Currently, in Massachusetts, only... continue reading

AAFCPAs’ Duplin & LeMaire Both to Serve on Board at Girls on the Run, Worcester County

AAFCPAs’ Duplin & LeMaire Both to Serve on Board at Girls on the Run, Worcester County

AAFCPAs is excited to announce that Lauren Duplin, CPA and Tracy LeMaire, CPA, MBA have been appointed and agree to serve on the Board of Directors and Finance Committee at Girls on the Run, Worcester County, an organization that inspires girls to be joyful, healthy, and confident. Lauren and Tracy will also serve as co-treasurer of the organization and will exercise due diligence to ensure the organization remains well-managed, financially stable, and sustainable. Lauren... continue reading

AAFCPAs Urges Repeal of Nonprofit Transportation Tax

AAFCPAs Urges Repeal of Nonprofit Transportation Tax

AAFCPAs has sent a letter to Congressman Richard Neal (D-Mass.), Chair of the tax-writing Ways and Means Committee, asking him to lend his support to nonprofits by helping to repeal Internal Revenue Code Section 512(a)(7). Section 512(a)(7) of the new tax code requires nonprofits to now pay a burdensome tax on parking and transportation fringe benefits provided to employees. AAFCPAs has followed this legislation closely and witnessed first-hand the monumental... continue reading

AAFCPAs Reminds Those With Foreign Assets of Annual April 15 FBAR Deadline

AAFCPAs reminds our clients who have an annual FBAR filing requirement to be sure to report their foreign assets by the IRS’ April 15, 2019 deadline. Similar to prior years, automatic relief is available. The IRS and US Treasury recently announced that the Financial Crimes Enforcement Network (FinCEN) will now grant filers missing the April 15 deadline an automatic extension until October 15, 2019 to file the FBAR. Specific extension... continue reading

AAFCPAs’ Jack Finning to Speak at FENG

AAFCPAs’ Jack Finning to Speak at FENG

AAFCPAs Partner Jack Finning, CPA, CGMA will serve on a CPA & Consulting panel on April 24th, 2019 in Waltham, MA hosted by the Boston Chapter of the Financial Executives Networking Group (FENG) discussing What CEOs and CFOs are expecting of their CPA firms. “Companies turn to AAFCPAs to assist them in all kinds of critical functions beyond core financial compliance and reporting, including cyber & IT security, business process improvement, and business exit strategy planning,”... continue reading

CHIA Announces Deadline Extension for Community Health Center FY 2018 Cost Reports

The Center for Health Information and Analysis (CHIA) announced Friday that they are extending the deadline for all Community Health Centers (CHCs) to file their fiscal year 2018 cost report to Monday, July 8, 2019. All Massachusetts CHCs, regardless of Fiscal Year End (FYE) date, are required to file their fiscal year 2018 cost report by July 8, 2019. No additional extensions will be granted beyond the July 8, 2019... continue reading

AAFCPAs to Present The Futuristic CFO: Master of Leveraging People, Process, and IT systems at FEI-Boston

AAFCPAs to Present The Futuristic CFO: Master of Leveraging People, Process, and IT systems at FEI-Boston

AAFCPAs Partner Janice O’Reilly, CPA, CGMA and Manager Dawn Pantano, CPA, CITP will present a professional development session on the Futuristic CFO at FEI-Boston’s April 26th Professional Development Event. The role of the CFO is evolving, and the unique skills required of CFOs will continue to position them as a valuable, strategic resource to executive leadership and one that may be leveraged across departmental lines. CEOs will continue to rely... continue reading

Notice of IRS Changes to Group Exemptions and Group Returns

AAFCPAs would like to make our nonprofit clients aware that as of January 1, 2019, the IRS stopped mailing lists of parent and subsidiary accounts to central organizations (group ruling holders) for verification and return. If your organization is the Central Organization of a group exemption, historically you would have received an annual mailing from the IRS with a list of subordinate organizations. This mailing allowed the Central Organization to... continue reading

IRS Expands Underpayment and Under-withholding Relief

The Internal Revenue Service announced on Friday, March 22, that they are expanding penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief originally announced Jan. 16, the threshold was 85 percent. The regular penalty avoidance threshold is... continue reading

AAFCPAs’ Janice O’Reilly to Serve on Board of MassVentures

AAFCPAs’ Janice O’Reilly to Serve on Board of MassVentures

AAFCPAs is excited to announce that Janice O’Reilly, CPA, CGMA, Partner in the Consulting Division of AAFCPAs and leader of the Managed Accounting Solutions (MAS) practice, has been appointed and agreed to serve on the Board of Directors of MassVentures. MassVentures is a quasi-public venture capital firm focused on fueling the Massachusetts innovation economy by funding early-stage, high-growth startups as they move from concept to commercialization. The firm invests in technology-driven... continue reading