Form 990 Updates: Treasury Transparency Initiative Signals Expanded IRS Oversight
In an April 23, 2026 press release, the U.S. Department of the Treasury announced that the Internal Revenue Service plans to revise Form 990. The proposed updates are intended to improve transparency, enhance oversight, and require clearer reporting of organizational activities. The broader goal is to help identify misconduct and support accountability. Areas of Focus […]
Trump Accounts: Long-Term Savings Planning Considerations for Families
For families focused on long‑term wealth planning, Trump Accounts, a newly introduced federal children’s savings program, now offer tax-advantaged long-term savings opportunities for children under the age of 18 including certain initial funding allocations that may provide a starting balance without out-of-pocket contributions. While the federal program is now active and accepting applications, additional administrative […]
AAFCPAs Expands Audit, Risk Advisory, and Valuation Leadership
AAFCPAs continues to build on its long-standing strengths in commercial audit and risk advisory along with business valuations and forensics with the addition of several leaders across these practices. Together, they bring backgrounds spanning highly technical, regulated, and mission‑driven work. “The people we bring into AAFCPAs matter—to our clients and to our firm culture,” said […]
GASB Issues Statement 103: What Government Entities Need to Know
The Government Accounting Standards Board (GASB) has issued Statement 103, Financial Reporting Model Improvements, introducing meaningful changes to how government entities present their financial information. With an effective date for fiscal years beginning after June 15, 2025 (for June 30, 2026 year-ends), organizations should begin preparing now. Why These Changes Matter GASB 103 represents a […]
Washington Millionaires Tax: What High-Income Taxpayers Need to Know
Washington state has taken a notable step in reshaping its tax structure. A new law establishes a 9.9 percent tax on Washington adjusted gross income above $1 million, with an effective date set for January 1, 2028. For high-income households and business owners, the immediate takeaway is not urgency, but time. The multiyear lead-up to […]
FY 2025 CHC Cost Reports Released for Massachusetts Providers
The Massachusetts Center for Health Information and Analysis (CHIA) issued the FY 2025 Community Health Center (CHC) Cost Report on May 8, 2026. AAFCPAs would like to make clients aware that providers required to file must submit no later than July 7, 2026. CHIA collects these reports pursuant to regulation 957 CMR 6.00. Who is […]
AAFCPAs Takes the Stage at AICPA® ENGAGE 2026
AAFCPAs will lead two sessions at ENGAGE 2026, one of the profession’s largest and premier annual events. The Great Debate: Return to Office AAFCPAs Managing Partner Carla McCall, CPA, CGMA will participate in a debate style session, exploring the pros and cons of a remote, hybrid, and in person workforce. The panel includes Jose Antunes […]
Chris Bango Honored with 2025 Joel Aronson Character Award
AAFCPAs is proud to announce that Chris Bango, Audit Manager, has been honored with the esteemed, partner-nominated Joel Aronson Character Award. This annual award recognizes team members who exemplify the integrity, dedication, and generosity of Joel Aronson, Founder of AAF Wealth Management. The award celebrates individuals who demonstrate compassion, selflessness, and a steadfast commitment to […]
IRS ERC Review Delays: New Extension Process for Disallowed Claims
Over the past year, many taxpayers with disallowed Employee Retention Credit (ERC) claims have found themselves waiting, often longer than expected, for the IRS to review their responses. Meanwhile, statutory deadlines continue to run while these claims sit under review. In late April, the IRS introduced a new, limited procedure that allows certain taxpayers to […]