Blog
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IRS Proposes LIHTC Average Income Test Regulations
On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]
IRS Clarifies the Deductibility of Payments by Partnerships and S Corporations for Certain State and Local Income Taxes
On November 9, 2020, the Internal Revenue Service issued Notice 2020-75 addressing the deductibility of payments by partnerships and S corporations for certain state and local income taxes. Prior to 2018, Section 164(a) allowed individual taxpayers an itemized deduction for state and local income taxes. Although the Tax Cuts & Jobs Act (TCJA) created section […]
AICPA Names AAFCPAs’ Carla McCall One of the Most Powerful Women in Accounting
Boston, MA (November 11, 2020) – AAFCPAs today announced that Carla McCall, CPA, CGMA, Managing Partner, was named one of 2020’s Most Powerful Women in the Accounting Profession by the American Institute of CPAs (AICPA) and CPA Practice Advisor magazine. The annual award recognizes 25 women leaders helping to define and advance the accounting profession. […]
Watch Now: 2020 Tax Planning Webinar: Guidance for Individuals
In 2020, tax planning is more complicated than usual. It may be daunting to understand brackets and rates, where and when to retire, capital gains, and what to do with retirement plans. In this 1 hour webinar, AAFCPAs Tax & Wealth Advisors cover what taxpayers need to know for 2020 year-end, as well as year-round […]
AAFCPAs to Discuss How Companies are Leveraging Technology Through the Pandemic
Joyce Ripianzi, CPA, partner and leader in AAFCPAs’ Managed Accounting Solutions (MAS) practice, will share her expertise as a panelist in an educational webinar on Tuesday, November 10th to discuss how companies are leveraging technology to survive, thrive, and grow through the pandemic. Sign up for this Webinar to hear insights on how companies are: […]
Social Security Benefits to Increase by 1.3 Percent in 2021
AAFCPAs Wealth Management would like to make clients aware that the Social Security Administration announced that Social Security and Supplemental Security Income (SSI) benefits for nearly 70 million Americans will increase 1.3 percent in 2021. Cost-of-living adjustments (COLA) have averaged 1.4 percent in the past decade. The 1.3 percent cost-of-living adjustment will begin in January […]
SBA Releases PPP Loan Necessity Questionnaires
AAFCPAs reminds clients, part of qualifying for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP) loan meant certifying that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” This certification was required by an applicant to be made in good faith when pursuing this loan […]
AAFCPAs’ Mr. Anderson Earns Amazon Web Services Certified Solutions Architect Professional Credential
AAFCPAs’ “white hat” Certified Ethical Hacker and business continuity advisor, Mr. Anderson has been awarded the Amazon Web Services Certified Solutions Architect Professional (AWS CSAP) certification. Mr. Anderson was awarded the AWS CSAP certification in recognition of his demonstrated knowledge selecting, managing, and configuring services on Amazon Web Services. Amazon Web Services is a subsidiary […]
MA Launches Stimulus Program to Boost Small Businesses
AAFCPAs would like to make clients aware that Massachusetts Governor, Charlie Baker has announced a new $50.8 million grant program for Massachusetts small businesses experiencing adverse impact from the pandemic. AAFCPAs’ client Massachusetts Growth Capital Corporation (MGCC) will be administering these funds to businesses experiencing economic hardship and a loss of income due to COVID-19. […]