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Happy Holidays from AAFCPAs!
All of us at AAFCPAs wish you and your family a joyful holiday season and a wonderful new year filled with prosperity and peace! About the Video: AAFCPAs participated again this year in #GivingTuesday, December 3rd, 2019, a global generosity movement! We constructed our Giving Tree wall display in our Westborough office which features individual leaves […]
AAFCPAs’ #GivingTuesday Match Donates Over $22K to Charities
AAFCPAs participated again this year in #GivingTuesday, December 3rd, 2019, a global generosity movement! Collectively, the firm and its 220+ team members donated $22,500 to mission driven nonprofits! What’s our giving story? For #GivingTuesday, AAFCPAs and our company-sponsored Charitable Foundation match employee gifts 1:1 (100%) to any charitable nonprofit 501(c)(3) from November 3 – December […]
How Secure Is Your Physical Office Space?
Data and IT Security goes well beyond cyberspace. The security of your physical office space may also be at risk. A successful physical breach by an outsider could produce unauthorized access to packages, equipment, documents, as well as threats of theft and employee safety. AAFCPAs has outlined for your considerations some best practice recommendations to […]
IRS Provides Tax Inflation Adjustments for Tax Year 2020
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax year 2020 adjustments generally are used on tax returns […]
Upstream Trusts May Be Solution to Eliminate Capital Gains
In light of recent increases in limits for federal estate tax exemptions under the Tax Cuts and Job Acts (TCJA), AAFCPAs advises clients to consider the suitability of an Upstream Trust as a strategy for taxpayers who have highly appreciated assets to save money on capital gains tax. Upstream Trusts are a new option that […]
Charter Schools Not Exempt from MA Paid Family and Medical Leave Law
AAFCPAs would like to make charter school clients aware that the Massachusetts Department of Family and Medical Leave recently issued a policy clarification related to certain excluded employers of the new Paid Family and Medical Leave (PFML) law. Municipalities, districts, political subdivisions, and other agencies are excluded from PFML law unless they choose to opt-in. […]
Hosting Service and Auditor Independence
AAFCPAs would like to make clients aware that the AICPA’s Professional Ethics Executive Committee (PEEC) has issued a new interpretation of AICPA’s independence rule, Hosting Service. The new interpretation, effective July 1, 2019, applies specifically to CPA firm attest clients and prohibits CPA firms from providing Hosting Services to these clients. As you may know, […]
New Revenue Recognition Accounting for Nonprofits: Contribution or Exchange Transaction?
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This ASU clarifies and reduces the current diversity in practice in accounting for grants and contributions, particularly for grants and […]
Carla McCall Shares How AAFCPAs Put Innovation to Work
AAFCPAs’ Co-Managing Partner Carla McCall, CPA, CGMA presented a best practices session titled: Putting Innovation to Work: Moving from Ideas to Action at Upstream Academy’s Best Practices 2019 annual conference for CPA firm leadership teams. The desire to improve is one of the hallmarks of a high-performance firm. It is difficult to move from desire […]