—By Author
Massachusetts Offers Charitable Contribution Deduction
As of January 1, 2023, all Massachusetts taxpayers may now deduct charitable contributions on their state return. If you cannot itemize and receive a deduction for charitable contributions on your federal return, you will still be eligible to receive a deduction on your state return. The new deduction is available for contributions made to qualifying […]
SOC Report 2022 Revised Points of Focus
In late 2022, the AICPA updated its guidance on performing System and Organization Controls (SOC) attestations with revised points of focus that offer enhanced context for meeting the criteria in your report. Organizations and their auditors should be aware of the updates and go through an exercise to actively incorporate these revised points of focus […]
Understanding the Risks: How Tech Sprawl Compromises Nonprofit Grants Management
Many nonprofits flourish or flounder by their ability to successfully manage grants, and there are lots of components to success, which vary based on the nonprofit, the nature of each grant, and the requirements set forth by the grantor. Technology has come a long way in helping teams keep everything organized. But, as your organization […]
AAF Wealth Management Q2 2023 Market Update
This has been an eventful year for U.S. and global economies. As we close the first half of 2023, U.S. consumers have largely witnessed a slowdown on inflation, while the rest of the world continues to wrestle with it. Domestically, though, we are beginning to see the cumulative effects of the past few years’ economic […]
Employee Retention Credit: Amend the Proper Return
The Employee Retention Credit (ERC) is a refundable pandemic-related tax credit for eligible employers who were fully or partially suspended due to a governmental order or who had a qualifying decline in gross receipts between March 2020 and September 2021 for comparable quarters. The credit may be claimed by filing an amended 941 for the […]
Effective Strategies for Streamlining Employee Time Off: A Guide to Process Improvements
As employees use the summer to take time off, managers are charged with juggling coverage. Meanwhile colleagues struggle to assume new roles and responsibilities if only on a temporary basis. Even the most adept can find this challenging. What if, as opposed to business as usual, we took a step back and approached coverage as […]
Kontoglis & Puricelli Promoted to Partner at AAFCPAs
Boston, MA (July 10, 2023) — AAFCPAs, a preeminent 300+ employee CPA and consulting firm specializing in tax, assurance, accounting, wealth management, business process and IT advisory solutions, today announced the promotions of Vassilis Kontoglis and Andrew Puricelli to partner effective July 1, 2023. Vassilis Kontoglis, Partner, Analytics, Automation & IT Security Vassilis Kontoglis is […]
Accounting Standards Update: Leases, CECL
During AAFCPAs’ recent Nonprofit Seminar (April 2023), assurance leaders Olga Yasinnik, CPA, MBA, and Angelina Lu, MSA, CPA updated more than 400 attendees on new accounting standards applicable to nonprofits. The full session was recorded and may be viewed as a webcast at your convenience. >> The Lease Standard Olga and Angelina opened with an […]
Employee Spotlight: Employee Benefit Plan Audit Practice
People are our greatest asset. That’s why we are delighted to spotlight two exceptional AAFCPAs team members for their contributions over the years and advancement within our audit practice. Their integrity, client service, and dedication have helped to set AAFCPAs apart, foster our winning culture, and delight our clientele. Let’s take a look at their […]