Regulatory Alerts

2023

09.21

IRS Halts ERC Claims and Urges Vigilance to Combat Fraud

AAFCPAs would like to make clients aware that, as of September 14, 2023, the IRS has ordered an immediate halt to new Employee Retention Credit (ERC) claims in an effort to curtail a surge in scams. This move is set to affect all businesses taking or thinking about taking credits. The moratorium extends through the […]

2023

09.14

IRS Sends Erroneous Late Filing Notices

AAFCPAs would like to make clients aware that 2022 Form 8955-SSA late filing notices were sent erroneously due to an IRS programming error. Specifically, IRS notices were sent stating Form 8955-SSA were either incomplete or not received on time when in fact they were filed prior to the due date of July 31, 2023. The […]

2023

09.05

IRS Postpones RMD Penalties for Inherited Retirement Accounts

AAFCPAs and AAF Wealth Management would like to make clients aware that the IRS has issued penalty relief in 2023 for individuals who have not carried forward required minimum distributions (RMDs) on inherited retirement accounts. This guidance applies only to accounts inherited by non-spouse heirs where the decedent had been taking RMDs. Confusion arose in […]

2023

08.31

IRS Warns of Surge in Scams

AAFCPAs and AAF Wealth Management would like to make clients aware of the IRS’ recent warning that a surge of scam reports has hit its phishing@nullirs.gov account. The bureau has also noted a significant increase since the July 4th holiday. The most common scams reported include: The Economic Impact Payment. An economic impact scam is […]

2023

08.25

Recent Ruling Elevates Privacy of Holdings in Massachusetts Trusts

AAFCPAs and AAF Wealth Management would like to make clients aware of a recent ruling that makes Massachusetts an attractive jurisdiction for clients looking to create a trust for future generations while still keeping its holdings private. This could be especially beneficial for older generations looking to create a trust for younger generations without disclosing […]

2023

08.16

Nonprofits Can Transfer, Claim Direct Payments for Inflation Reduction Act Credits

The Inflation Reduction Act (the “Act”), originally signed into law on August 16, 2022, outlined a proposal that allowed certain non-taxable entities to receive specific credits under the Act as direct payments. On June 14, 2023, the IRS issued proposed regulations that outline how these non-taxable organizations can file and make an election to either […]

2023

08.11

What Plan Sponsors Need to Know About SECURE 2.0

During AAFCPAs’ recent Nonprofit Seminar (April 2023), Employee Benefit Plan Practice leaders Davide Villani, CPA, CGMA and Shawn P. Huxley, CPA, MSA updated more than 400 attendees on SECURE 2.0 and how it affects plan sponsors. Building on the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019, SECURE 2.0 is designed to […]

2023

08.03

MA Sales Tax Holiday Aug. 12-13, 2023

This year’s Massachusetts sales tax holiday will be held on Saturday, August 12th and Sunday, August 13th, according to the Massachusetts Department of Revenue (DOR). The event provides a two-day reprieve from sales tax on most retail purchases valued at up to $2,500 when made for personal use by individuals. Purchases by businesses or by […]

2023

07.31

Meals & Entertainment Deduction Reverts to Pre-TCJA Law

As of January 1, 2023, the meals and entertainment deduction has reverted to previous guidelines under the Tax Cuts and Jobs Act (TCJA). Put differently, the 100 percent deduction for food or beverages provided by a restaurant has officially expired. The IRS advises that a 50 percent limit on meal expenses applies if that expense […]