The Consolidated Appropriations Act, 2021, signed on December 27th, 2020, expanded eligibility for the Employee Retention Credit (ERC) by allowing those—including tax-exempt organizations—who received Paycheck Protection Program (PPP) loans to qualify. Prior to December 27, 2020, PPP loan recipients could not also file for eligible tax credits. The expanded eligibility is retroactive, and as a […]
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 […]
Tax Cuts and Jobs Act: Opportunity Funds Target a New Pool of Investors to Affordable Housing Projects
AAFCPAs would like to make clients aware that The Tax Cuts and Job Act (TCJA) created a new investment vehicle known as “Opportunity Funds,” which could potentially target a new pool of investors to affordable housing projects. To benefit from this newly developed program, the project must be in a Qualified Opportunity Zone approved by […]
AAFCPAs to Present Educational Workshop for Aspiring Board Members on Fiduciary Responsibility & How to Read Nonprofit Financial Statements
AAFCPAs’ Partners Thomas Muldoon, CPA, CGMA and Matthew Troiano, CPA will present an educational workshop on Fiduciary Responsibility of the Board & How to Read Nonprofit Financial Statements to current and aspiring board members and nonprofit leaders serving the MetroWest Boston community. This workshop, scheduled for Friday, March 9th, is organized by the Foundation for […]
Listen to Podcast Click here to listen to podcast or use the above media player. Matt Troiano, Partner, provides guidance for nonprofits on 8 “must-have” written policies and procedures required under the new Uniform Guidance. Watch this video clip (1 min 32 sec) for a summary; and then download the full audio of the session […]
AAFCPAs Partner Matthew Troiano to Serve on Board of Directors of Tailored for Success, Inc.
AAFCPAs is excited to announce that Matthew Troiano, CPA has been appointed and agrees to serve on the Board of Directors and finance committee for Tailored for Success, Inc. (TFS). Matt will donate his time, talent and expertise to further the strategic goals of the organization, and to help foster economically disadvantaged individuals in their pursuit […]
AAFCPAs Promotes Five to Partner to Support Firm Growth
Westborough, MA 1/13/2016 – AAFCPAs is excited to announce the promotion of five additional Partners to our team. Julie Chevalier, Dan Stanhope, Matt Troiano, Charlie Webb, and Matthew Boyle provide best value assurance, tax & advisory solutions, with outstanding client service to AAFCPAs’ growing client list of nonprofit organizations, privately-held commercial companies, and high-net-worth individuals […]
AAFCPAs to Present CITC Information Session for the benefit of taxpayers and CDCs
AAFCPAs Partner Matt Hutt, CPA, CGMA, and AAFCPAs Manager Matt Troiano, CPA, in collaboration with AAFCPAs’ client Somerville Community Corporation, will present a Community Investment Tax Credit (CITC) information session on October 20 in Medford, MA. The CITC was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs), especially […]
Community Investment Tax Credits: Donors Investing Over $1K in CDCs Realize Significant Tax Benefits
The Community Investment Tax Credit (CITC) was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs). The CITC program allows taxpayers to realize considerable tax savings when they make a qualified investment (cash contribution) in a CDC’s community development plan.1 Donor Benefits The CITC is an outstanding tax incentive […]
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