Industry
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 […]
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 […]
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 […]
How the Anticipated Rescheduling of Cannabis and its Effects on 280E Reshapes Cannabis Tax Strategy
Cannabis businesses may gain access to tax deductions and strategies long restricted under federal law. This shift requires careful reassessment of cash flow, accounting positions, and long-term planning to leverage new flexibility. Key Takeaways: For years, Section 280E has shaped nearly every financial decision cannabis operators make. It dictates how taxes are calculated, how cash […]
How to Evaluate Whether a Firm Can Perform a SOC 1 Examination
SOC reports are often discussed as if they are interchangeable. In practice, that assumption breaks down quickly. A SOC 1 report is not a general compliance exercise, nor is it a standardized assessment that can be produced from a predefined set of controls. It is an attestation over internal controls that directly affect financial reporting—controls […]
AAFCPAs Celebrates 2026 National Charter Schools Week
AAFCPAs invites you to join the nationwide celebration of National Charter Schools Week, held May 10–16, 2026. The week recognizes public charter schools nationwide and their employees along with the role they play in advancing academic achievement. This year’s focus brings added attention to Career and Technical Education (CTE) programs and their contribution to workforce […]
Cannabis Rescheduling to Schedule III: What It Means for Cannabis Businesses
The U.S. Department of Justice has begun the long-anticipated shift of cannabis from Schedule I to Schedule III under the Controlled Substances Act. The action follows a presidential directive issued late last year and marks a notable change in how federal regulators approach cannabis, particularly in the context of medical use, research, and taxation. The […]
AAFCPAs Shares Nonprofit Audit Proofing Strategies at 2026 Institute for Trustees Conference
AAFCPAs has been invited to present a workshop as part of the 2026 Institute for Trustees Conference for nonprofit board members and executive directors presented by Essex County Community Foundation, Greater Worcester Community Foundation, Community Foundation for MetroWest, and South Coast Community Foundation. The conference brings together nearly 1,000 leaders from across the sector to […]
How Nonprofits Can Build Stronger Partnerships Between Boards and Management
Nonprofits change in step with the communities they serve. Programs grow, ambitions expand and, with them, the questions multiply: Are governance and strategy moving together—or drifting apart? Boards and leadership teams who pause to reflect on their roles, priorities, and long-term objectives often find new ways to contribute to the organization’s vision and strengthen the […]