Blog
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Five Internal Control Modifications Needed in Response to the ‘New Normal’
Some organizations’ internal control frameworks and operational processes did not skip a beat when faced with the disruptions caused by COVID-19. Especially those who had already implemented cloud-based systems and remote-enabled processes. Others were forced to “change the tire while driving.” During this pandemic, organizations have been challenged by processes executed with fewer people and […]
Guidance on the SBA’s New Applications for PPP Loan Forgiveness
On June 16th the Small Business Administration (SBA) released a series of new applications and instructions for the forgiveness calculation for the Paycheck Protection Program (PPP) loans. The application has been broken down into two documents: application and instructions. A new, simpler EZ form with corresponding instructions has also been introduced. AAFCPAs has provided for […]
Charter Schools Connect: Managing the Remote Business Office
COVID-19 has challenged businesses to think about operations in a new way. In this 11-minute webcast, AAFCPAs’ Charter School Practice Leaders John Buckley, CPA, CGMA and Nichole Reilly, CPA, MBA share insights and best practice recommendations for Charter School clients about overcoming internal control and segregation of duties challenges for a remote business office. AAFCPAs […]
Take care of your staff’s mental health during COVID-19
Working remotely can be challenging at any time, but now employees have to deal with additional responsibilities during extended isolation. “Firm leadership needs to communicate firmwide, regularly, the importance of prioritizing mental health,” said Carla McCall, CPA, CGMA, managing partner of AAFCPAs.
Deadline to Apply for PPP Loan is June 30, 2020
AAFCPAs would like to make clients aware that the deadline to apply for a Paycheck Protection Program (PPP) loan is June 30, 2020. As of June 10, 2020, there was still approximately $130.7 billion in funds available. AAFCPAs encourages clients who did not receive a PPP loan yet to re-consider applying in light of recent […]
Main Street Lending Program Update
AAFCPAs would like to make clients aware that on June 8th, 2020, the Federal Reserve announced changes to its Main Street Lending Program to “allow more small and medium-sized businesses to be able to receive support.” The changes include: Lowering the minimum loan size for certain loans to $250,000 from $500,000; Increasing the maximum loan […]
IRS Provides Answers About Coronavirus Related Tax Relief for Qualified Opportunity Funds and Investors
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) provided guidance recently for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. Notice 2020-39 answers questions regarding relief from certain requirements under section 1400Z-2 of the Internal Revenue Code (Code) and the implementing […]
Accounting Profession Responds to George Floyd Killing and Anti-Racism Protests
Accounting firms, state CPA societies and national accounting organizations are addressing the wave of international outrage and demonstrations sparked by the killing of George Floyd, an unarmed African-American, by four Minneapolis police officers.
AAFCPAs’ Matthew Boyle to Address CFOs in Transition at FEI-Boston
The Boston chapter of Financial Executives International (FEI-Boston) is presenting a Social Media Workshop Webinar for CFOs in Transition on Tuesday, June 9th, 2020 led by AAFCPAs Partner & Chief Marketing Officer Matthew Boyle, MBA. Matthew will incorporate his keen knowledge of CFO behavior and understanding of the Boston marketplace while sharing best practices for LinkedIn. He […]