Blog
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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 […]
AAFCPAs Welcomes New Tax Director to Support Growing Complexities of Multi-State Taxation
Boston, MA (August 31, 2020) – AAFCPAs, a 240+ member CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced the addition of Kelly Zack, MST, Director, State & Local Tax. Kelly has almost 20 years of state tax consulting experience within both public accounting and […]
Multi-State Worker Tax Considerations
AAFCPAs would like to make clients aware that Congress has introduced a bill under H.R. 7968 that would limit a state’s ability to tax nonresident telecommuters. The general rule is that an employee pays income taxes to the state where wages are earned, which can be different than the state where the employee lives. This […]
IRS Deadline to Return RMDs is Aug. 31
AAFCPAs reminds clients who are IRA owners, beneficiaries or workplace retirement plan participants and received a Required Minimum Distribution (RMD) this year that they have until August 31 to rollover or repay the distribution to avoid paying taxes. The Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, waives RMDs during 2020 for IRAs […]
AAFCPAs Helps Clients Prepare a 360 Degree Action Plan for Business Continuity
On March 11, the World Health Organization (WHO) declared the novel Coronavirus an official global pandemic. Businesses across the globe experienced interruptions, shortages, and other unexpected challenges that impacted multiple aspects of their organizations. Many continue to struggle to adapt. Some industries, like hospitality, are dealing with acute slowdowns in their operations and revenue. Others, […]
Implementation Tips Specific to Sage Intacct
Implementing a new accounting software application requires significant investments in time, energy, and financial resources. A proper implementation plan is key to maximizing the long-term value of your new system. In a previous blog, AAFCPAs’ Business & IT Consulting practice outlined best practice recommendations to ensure clients get the most out of the new system. […]
Carla McCall Named to National Managing Partner Elite List for 2020
AAFCPAs is honored to announce that Managing Partner Carla McCall, CPA, CGMA was selected for Accounting Today’s national 2020 Managing Partner Elite list. The annual MP Elite list always represents the nation’s most outstanding CPA firm leaders, but this year’s class of managing partners is notable for exemplary leadership amid the extraordinary events and challenges […]
AAFCPAs Celebrates 2020 National Health Center Week
Next week, August 9-15, 2020, 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! This year, our nation’s Community Health Center employees are on the frontlines of COVID-19. Since the pandemic struck, Community Health Centers […]