Blog
Our Blog acts as a great resource of topical information for the finance community. Use the search function to find specific topics or browse our categories to benefit from our past shared learnings.
Nonprofit Organizations Now Eligible for the Main Street Lending Program
AAFCPAs would like to make nonprofit clients aware that the Federal Reserve announced changes to its Main Street Lending Program to “provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.” Which Nonprofits Are Eligible? The Main Street Lending Program is now open to tax-exempt organizations established under […]
AAFCPAs’ Davide Villani to Serve on Board of Roman Catholic Diocese of Worcester
AAFCPAs Partner Davide Villani, CPA, CGMA has been appointed and agrees to serve on the Roman Catholic Diocese of Worcester Finance Committee, Audit Committee, and Retirement Plan Committee. Davide will serve as a fiduciary of the Diocese, providing strategic direction and financial advice to help the organization achieve its vision for the future. “I am […]
AAFCPAs Shares Financial Strategies During COVID-19 with WBJ Finance Community
Janice O’Reilly, CPA, CGMA, Partner and Leader of AAFCPAs’ Managed Accounting Solutions practice will share business strategies for managing financial resources during a crisis as an expert panelist in the Worcester Business Journal’s (WBJ) Coping with COVID-19 Webcast Series, Wednesday, July 22. To stay resilient during today’s economic turbulence means your business must have full […]
Unemployment Fraud Persists
AAFCPAs reminds clients that fraudsters continue to capitalize on hardships created by the pandemic. State Departments of Unemployment Assistance (DUA), including Massachusetts, are reporting an onslaught of fake unemployment claims, which appear to use identities constructed from a huge cache of information taken in national data breaches in recent years. Employee Fraud Alert The DUA […]
Keys to a Successful Accounting Software Implementation
Implementing a new accounting software application requires significant investments in time, energy, and financial resources. A proper implementation plan is key to maximizing the long-term value of your new system. AAFCPAs Provides the Following Best Practice Recommendations to Ensure Clients Get the Most Out of Their New System: Change is Hard AAFCPAs advises clients to […]
Massachusetts DESE Issues New Guidance on Approval of Annual Financial Statement Audit
AAFCPAs would like to make our Massachusetts education clients aware that in July 2020, the Massachusetts Department of Elementary and Secondary Education (DESE) issued the final version of their audit guide to be used for fiscal year 2020 financial statement audits. The only change from the prior version related to Section 201: Administering the Audit, […]
Supreme Court to Hear Challenge to The Affordable Care Act
AAFCPAs would like to make our clients aware that we are closely monitoring the case of Texas v. U.S., which is challenging the constitutionality of the tax provisions of the Affordable Care Act (ACA). The lower court has found the ACA’s minimum essential coverage provision to be unconstitutional. In that finding, the court raises the question […]
Tax Relief for Low-Income Housing Tax Credit and Bond Participants
AAFCPAs would like to make clients aware that, in response to the COVID-19 pandemic, the Internal Revenue Service announced it is providing low-income housing tax credit (LIHTC) participants temporary relief from key program requirements. The relief is detailed in Notice 2020-53 released on July 1st, 2020. This guidance relaxes certain LIHTC requirements under Section 42 of […]
eBook: Best Practices for Reducing IT & Cyber Risks
Cyber threats are continuously evolving, with new structures and schemes emerging daily. This everchanging landscape of both cyber security and its infiltrators makes it difficult for individuals and corporations alike to know how to protect their Personally Identifiable Information (PII), client records, proprietary information, and other sensitive data.