Guidance on Lease Standard for Independent Schools
What Lessees Need To Know In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. Because of the significant changes contained in this ASU, though issued in 2016, the effective date for implementing the new accounting guidance was pushed to fiscal year 2023 for […]
The Most Pressing Data Use Challenges for CFOs
AAFCPAs’ 2021 CFO Survey disclosed results on the most pressing challenges CFOs face in connection to data use. We asked CFOs: What is your primary business or opportunity cost for not leveraging data? Respondents reported the lack of visibility / less informed decision-making due to not leveraging data as being the most challenging for their […]
Growth in AAFCPAs’ Managed Accounting Solutions Practice
Boston, MA (8/30/2022) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced the addition of Anne Mola, CPA, Alvin Rasmus, MBA, and Kimberly Rice. These professionals join the firm’s growing Managed Accounting Solutions Practice, which provides high-quality cloud-based accounting and advisory […]
What data should Cannabis Operators use to drive decisions?
Data and finance are increasingly linked, and cannabis dispensaries that are growing fast – or facing headwinds – should be on the lookout for information that helps them adapt. Gathering the right analytics has become top of mind for financial executives in recent years, especially as the pandemic introduced new levels of unpredictability. That rudderless […]
AAFCPAs’ Cyber Security Pros on Agenda at Strength Matters Conference
AAFCPAs’ IT Security Professionals Alex Santiago and Vassilis Kontoglis will share advice on overcoming cyber security challenges of a remote workforce at the Strength Matters Financial Management Conference, September 6-9 in New Orleans. The COVID Pandemic challenged businesses to think about operations in a new way, and in many cases, IT teams were required to […]
The Inflation Reduction Act of 2022
On August 16, 2022, President Biden signed into law Public Law Number 117-169, the Inflation Reduction Act of 2022 (the Act). AAFCPAs has highlighted below some of the most impactful tax provisions in the Act, including, but not limited to, provisions and credits affecting clean energy, a significant monetary reinvestment into the IRS, and a […]
Inflation Reduction Act Tax Credit Incentives for Contractors
On August 16, 2022, President Biden signed the Inflation Reduction Act. Both existing and expired energy efficiency tax incentives including 179D Deductions and 45L Credits have been expanded significantly. AAFCPAs would like to make Real Estate and Construction clients aware of the following provisions: Section 179D Tax Deduction The Inflation Reduction Act aims to invest […]
Clients Having Success Reassessing Employee Retention Credit
Many of AAFCPAs’ clients are having success reassessing their eligibility for the Employee Retention Tax Credit. “IRS anticipates that approximately 70%-80% of small and medium businesses (as well as tens of thousands of charities) were good candidates for taking the ERC,” according to Forbes.com. “The reality is, to date the actual numbers of businesses and […]
MA Cannabis Reform Bill Signed by Governor
On August 11, 2022, Governor Charlie Baker signed into law the largest cannabis reform bill Massachusetts has seen since 2017: An Act Relative to Equity in the Cannabis Industry. The bill focused on welcomed provisions for operators: MA Decouples from Federal 280E, Offering Significant Tax Savings Social Equity Trust Fund Established, for the benefit of […]