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Retirement Plan Provisions of the CARES Act
AAFCPAs would like to make clients aware of retirement plans provisions included in the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation. These provisions include expanded and penalty-free withdrawal rights, expanded loan rights, extended rights to repay loans and withdrawals, and a deferral of mandatory distributions. Coronavirus-Related Hardship Distributions The 10% early distribution penalty […]
CMS Announces Extension for Specific 2019 Fiscal Year End Cost Reports
AAFCPAs would like to make healthcare clients aware that, due to recent events surrounding COVID-19, the Centers for Medicare and Medicaid Services (CMS) has granted an automatic extension for Medicare Cost Report filing for all providers with specific 2019 fiscal year ends. The following is a summary of the fiscal year ends and their extended […]
Health Center Cost Reports Extended by CHIA and CMS
AAFCPAs would like to make Community Health Center (CHC) clients aware that due to recent events surrounding COVID-19, the Centers for Medicare and Medicaid Services (CMS) and the Center for Health Information and Analysis (CHIA) have both announced deadline extensions for 2019 cost reports. CMS Announces Extension for Specific 2019 Fiscal Year End Cost Reports […]
Will Paycheck Protection Program Loans Be Subject to Uniform Guidance for Nonprofit Organizations?
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) includes many provisions that are applicable to nonprofit organizations. One of the provisions is the Paycheck Protection Program (PPP) Loans which provides 100% Federally guaranteed loans to covered entities who meet certain criteria. A consideration for nonprofit organizations is whether the loans will be subject […]
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
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
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 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
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 […]