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Payroll Tax Credits and Other COVID-19 Payroll-Related Benefits

Payroll Tax Credits and Other COVID-19 Payroll-Related Benefits

AAFCPAs would like to make clients aware of sections of the laws enacted over the past several weeks by the Federal government to ease the economic impact on employees and employers as they relate to payroll-related benefits. Employers are presented with two types of new tax credits, and a tax deferral option available as part […]

MA DOR Makes Official & Clarifies Tax Filing Delay

MA DOR Makes Official & Clarifies Tax Filing Delay

AAFCPAs would like to make clients aware that the Massachusetts Department of Revenue (DOR) today released guidance officially extending the April 15, 2020 deadline to July 15, 2020 for personal income tax, estate and trust income tax, partnership composite returns and personal income with respect to deemed repatriated income. The guidance also extends the due […]

Economic Impact Payments: Beware of Schemes

Economic Impact Payments: Beware of Schemes

AAFCPAs reminds clients to be on the lookout for a surge of calls and email phishing attempts related to the Coronavirus (COVID-19). These contacts can lead to tax-related fraud and identity theft. The Internal Revenue Services issued a reminder to taxpayers that they are NOT going to call you asking to verify or provide your […]

How to Move Critical Business Processes to the Cloud

How to Move Critical Business Processes to the Cloud

How effectively does your organization support remote work?  The current Coronavirus pandemic is testing many businesses’ ability to remain productive and effective while remote. Beyond the social impact, many are experiencing difficulty, slowness, or inability to execute critical business processes in this time of social distancing. What can you do? AAFCPAs advises clients to take […]

Individual Tax Provisions of the Federal CARES Act

Individual Tax Provisions of the Federal CARES Act

AAFCPAs would like to make our clients aware of the impact to individual taxpayers through the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. The CARES Act was signed into law by the President on Friday March 27, 2020. There has been significant discussion on the impact of the COVID-19 pandemic on the economy […]

Business Tax Provisions of Federal Legislation

Business Tax Provisions of Federal Legislation

The CARES Act makes significant changes to the calculation of taxes for both C corporations and flow through entities. AAFCPAs has provided a summary of these provisions below. Where appropriate, information from the Families First Coronavirus Response Act (FFCRA) and other IRS announcements has been included. Net Operating Losses (NOLs) Under existing law, in effect […]

Understanding Unemployment and the CARES Act

Understanding Unemployment and the CARES Act

Employers who are faced with workplace shutdowns due to the impact of COVID-19 will need to assess the best approach for their business situations: a temporary layoff or a formal end of employment. Prior to layoff, employers must ensure that messaging to employees and wage payments reflect the difference. The definition and terminology vary from […]

What Businesses Need to Know about Families First Coronavirus Response Act and Unemployment under CARES

What Businesses Need to Know about Families First Coronavirus Response Act and Unemployment under CARES

AAFCPAs has received many e-mails and phone calls in response to the CARES Act, and other legislative developments related to the coronavirus crisis. This pandemic is impacting our lives and businesses in a way that none of us have experienced before. Business leaders are forced to make difficult decisions related to employees. AAFCPAs has provided […]

AAFCPAs’ CARES Act Task Force

AAFCPAs’ CARES Act Task Force

AAFCPAs has formed a Task Force dedicated to studying and advising clients on the business implications of the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, signed by President Trump on Friday, March 27th, 2020. Our CARES Task Force includes senior leadership and advisors from diverse segments of our organization, bringing the necessary talent […]