Blog
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IRS Postpones RMD Penalties for Inherited Retirement Accounts
AAFCPAs and AAF Wealth Management would like to make clients aware that the IRS has issued penalty relief in 2023 for individuals who have not carried forward required minimum distributions (RMDs) on inherited retirement accounts. This guidance applies only to accounts inherited by non-spouse heirs where the decedent had been taking RMDs. Confusion arose in […]
IRS Warns of Surge in Scams
AAFCPAs and AAF Wealth Management would like to make clients aware of the IRS’ recent warning that a surge of scam reports has hit its phishing@nullirs.gov account. The bureau has also noted a significant increase since the July 4th holiday. The most common scams reported include: The Economic Impact Payment. An economic impact scam is […]
AAFCPAs to Speak at NECANN NJ
AAFCPAs’ Cannabis Practice leaders Dave McManus, CPA, CGMA and Janice O’Reilly, CPA, CGMA have been invited to speak at the 2023 New Jersey Cannabis Convention being held September 8-9 at the Atlantic City Convention Center. The two will take the stage on Friday, September 8, 2023 from 11:30 AM to 12:20 PM to present “What […]
Essential Questions CFOs Must Ask When Choosing an Accounting or ERP System
CFOs often in their careers encounter a time that they need to find a new accounting or ERP system because their current system becomes outdated, inefficient, or unable to support their growing needs. Other factors such as mergers, compliance changes, integration issues, and strategic initiatives can also prompt the search for a new system. Must-have […]
Low-Income Communities Bonus Credit Program
AAFCPAs would like to make clients aware that, on August 10, 2023, the IRS and Treasury issued final guidance under the Inflation Reduction Act (IRA) on the low-income communities’ bonus credit program. The program aims to increase adoption of and access to renewable energy facilities within underserved and environmental justice communities. It seeks to benefit […]
Recent Ruling Elevates Privacy of Holdings in Massachusetts Trusts
AAFCPAs and AAF Wealth Management would like to make clients aware of a recent ruling that makes Massachusetts an attractive jurisdiction for clients looking to create a trust for future generations while still keeping its holdings private. This could be especially beneficial for older generations looking to create a trust for younger generations without disclosing […]
Making the Shift from Static to Dynamic Budgeting
During AAFCPAs’ Nonprofit Educational Seminar (April 2023), Business Process & IT Consulting leaders Robyn Leet and Dawn M. Pantano, CPA, CITP updated 400+ CFO and Executive Director attendees on ways nonprofit budgeting software can save time, enhance collaboration, boost decision making year-round, and significantly improve productivity. The full session was recorded and may be viewed […]
Carla McCall named Vice Chair of AICPA
Carla McCall, managing partner of AAFCPAs in Westborough, has been named vice chair of the board for the American Institute of Certified Public Accountants. McCall has also been awarded as one of the 2023 Most Powerful Women in Accounting, jointly administered by the AICPA and CPA Practice Advisor. McCall holds a bachelor’s degree in accounting […]
Staying Ahead of Healthcare Reimbursement Reforms
As you may know, the nation’s healthcare reimbursement model is pivoting from one that incentivizes the number of visits provided to one that rewards health outcomes of patient populations instead. While some payors have already made this switch, we are seeing a significant trend in the marketplace for public and private payors to shift reimbursement […]