AAFCPAs Guidance for Contractors: Best Practices For Optimizing The Balance Sheet For Users Of Your Financials
AAFCPAs reminds readers of the critical importance of the balance sheet, and advises our construction clients to ensure their presentation of this statement of financial position is optimized in order to demonstrate a solid foundation. Your balance sheet provides a ‘snapshot’ of your company’s financial position at a single point in time, and provides critical […]
New Partnership Level IRS Audit Rules: Designate Your Partnership Representative and Modify Your Partnership Agreement
AAFCPAs would like to make clients aware that, effective for partnership tax years beginning after December 31, 2017, the IRS instituted new partnership level audit rules. Specifically, any adjustment to items of income, gain, loss, deduction, or credit of the partnership during a partnership’s tax year, upon audit, will be assessed and collected at the […]
AAFCPAs Recommends MA Charter Schools Revisit Their Credit Card Policies for Clarity in Light of New DESE Standards
The Massachusetts Department of Elementary and Secondary Education (DESE) Office of Charter Schools recently announced that, effective in fiscal year 2018, the Charter School Audit Guide will require auditors to determine if the school operates in accordance with its credit card policy. AAFCPAs recommends, accordingly, that at this time each charter school client review its […]
AAFCPAs Advises Clients to Prepare for the Return of the Medical Device Tax
AAFCPAs would like to make clients aware that, effective January 1, 2018 the “moratorium” on medical device excise taxation expired, which affects many companies in the life-sciences, including those focused on bio-medical, pharmaceutical, or manufacturing & distribution. As you may recall, the Obama administration enacted the “Protecting Americans From Tax Hikes Act of 2015” (“PATH […]
How To Build The Right Bridges With Your CFO
Chief Executive | Successful businesses are built on a mix of the leadership team’s vision, sound execution, and a profitable engine. The CEO carries a heavy burden, but it is the synergy with surrounding players like the CFO that opens doors to stability and steady growth.
AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act
On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes […]
AAFCPAs Advises Clients on Year End Tax Savings Strategies in Response to Tax Bill Conference Report
On Friday, December 15, Congress released the contents of the Conference Report to the Tax Cuts and Jobs Act. The bill requires a final vote this week in both the House and Senate, at which point it will be sent to the White House for the President’s signature. The stated goal is to have the […]
AAFCPAs is Recipient of Sustainable Business Award
AAFCPAs is excited to announce that the firm was recognized with a Sustainable Business Award at the Westborough Economic Development Committee’s (EDC) 2017 Annual Review and Celebratory Event.“We sincerely appreciate everything you do to help businesses throughout the region grow with your CPA Firm services, along with your commitment to the Town of Westborough,” said […]
Regulatory Concerns Ease For The World’s CFOs
PYMNTS | Chief Financial Officers (CFOs) have more on their plates than ever before. Financial management and strategy is now only part of the job description, which has come to include guiding their organizations’ tech adoption, cybersecurity efforts and growth strategy as well. 33 percent of CFOs surveyed by AAFCPAs said their biggest challenge was limitations on […]