Tax Misinformation Poses Real Risk
With tax season upon us, misinformation about tax strategies becomes widespread, often circulating through social media, casual conversations, and well-meaning but inaccurate advice from friends or colleagues. In fact, the IRS recently issued a consumer alert warning of increased misinformation on social media, such as promises of inflated refunds or non-existent tax loopholes. Relying on […]
Pop-Up BOI Mills Raise Concerns About Data Security
AAFCPAs would like to make clients aware of pop-up Business Owner Information (BOI) mills promising to assist with compliance filings. These filings aim to boost transparency by identifying individuals who own or control a business. The injunction against the Corporate Transparency Act remains in effect, and reporting companies are not required to file beneficial ownership […]
New IRS Rule Deems Catch-Up Contributions After-Tax for Select Participants
The Department of the Treasury and the IRS recently issued proposed regulations addressing key changes under the SECURE 2.0 Act focused on catch-up contributions for 401(k) and similar retirement plans. Catch-up contributions are additional contributions allowed by employees who are age 50 or older. These updates are significant for plan administrators and participants alike. The […]
Strengthening Cybersecurity: Key Actions to Mitigate Evolving Threats
Boost Your Cybersecurity with These Essential Tips In today’s interconnected world, cybersecurity threats are escalating at an alarming pace. From sophisticated ransomware campaigns to targeted phishing schemes, these attacks underscore the evolving strategies of cybercriminals and the vulnerabilities in current security infrastructures. Several factors contribute to the recent increase in cyber threats. The widespread adoption […]
Updates: Beneficial Ownership Information (BOI) Reporting Requirements
The Corporate Transparency Act (CTA) introduced significant changes to reporting requirements for millions of small businesses, with the aim of combating money laundering and enhancing transparency. However, ongoing legal challenges have created uncertainty regarding compliance deadlines and enforcement. AAFCPAs is following developments closely and will share updates as appropriate. The following aims to provide the […]
Helping Clients Get Audit-Ready: How Advisory Team Supports Auditors
AAFCPAs’ Outsourced Accounting & Fractional CFO Practice Helps Make Audits Smoother and More Efficient As year-end approaches, many finance teams and their external auditors navigate the season’s challenges with a shared goal: ensuring financials are audit ready. Disorganized records, such as missing invoices and agreements, or unreconciled general ledgers can add unnecessary complexity to this […]
AAFCPAs Launches Nonprofit Consulting Suite to Streamline Support
Boston, MA (February 12, 2025)—AAFCPAs, a preeminent 350+ employee CPA and consulting firm specializing in tax, assurance, accounting, wealth management, and business process and IT advisory solutions, today announced the launch of its Nonprofit Consulting Suite, a dynamic resource designed to meet the complex demands of mission-driven organizations. Accessible now at aafcpa.com/nonprofit-consulting-suite, this web-based platform […]
The Hidden Costs of Selling a Business Without a Plan
In this article: Selling a business is one of the most significant financial decisions owners face, with implications that reach far beyond the transaction itself. A lack of strategic planning could mean leaving value on the table or overlooking critical opportunities. To ensure the sale supports your financial and personal goals, careful preparation and guidance […]
Reminder: UDS+ Reporting Requirements Begin February 18
As a reminder, the new Uniform Data System (UDS+) reporting requirements go into effect on February 18, 2025. These changes require health centers to submit some de-identified 2024 UDS patient-level data using Health Level Seven International (HL7)-developed Fast Healthcare Interoperability Resources (FHIR) R4 standards. To help you navigate these updates, we previously published a detailed […]