Legislative & Regulatory Updates
AAFCPAs Advises Clients to Prepare for the Return of the Medical Device Tax
AAFCPAs would like to make clients aware that, effective January 1, 2018 the “moratorium” on medical device excise taxation expired, which affects many companies in the life-sciences, including those focused on bio-medical, pharmaceutical, or manufacturing & distribution. As you may recall, the Obama administration enacted the “Protecting Americans From Tax Hikes Act of 2015” (“PATH […]
AAFCPAs Advises Clients on Year End Tax Savings Strategies in Response to Tax Bill Conference Report
On Friday, December 15, Congress released the contents of the Conference Report to the Tax Cuts and Jobs Act. The bill requires a final vote this week in both the House and Senate, at which point it will be sent to the White House for the President’s signature. The stated goal is to have the […]
AAFCPAs Highlights Provisions in Proposed Tax Legislation and Planning Opportunities for Businesses & Individuals
The US House of Representatives’ tax writing committee has released its first draft of proposed tax legislation. Many of its provisions have been the subject of news articles and debate. Highlights include the following: Limitation of the mortgage interest deduction to $500,000 of new debt Capping the deduction for property taxes to $10,000 Eliminating the […]
AAFCPAs Shares Valuable Tax Insights in 2017 Year-End Corporate and Individual Tax Planning Webinar
AAFCPAs presented this webinar on Tuesday, November 14th from 12-1pm in a live, 1-hour corporate and individual tax planning session. As you are aware, there is potential for dramatic changes in Federal and State tax law on the horizon which, more than ever, requires a multi-year approach to tax planning. AAFCPAs’ Richard Weiner, CPA, MST, Bella Amigud, […]
GASB Issues New Lease Accounting Standard
In June 2017, the Governmental Accounting Standards Board (GASB) issued Statement No. 87, Leases, which applies to entities following government accounting rules, including AAFCPAs’ clients in the Charter School industry, as well as other quasi-governmental organizations. This guidance applies to most leases with a term of over 12 months. These leases will now be recognized […]
Massachusetts Clarification of Due Date Change for Extended C Corporation Tax Returns
AAFCPAs would like to make clients aware that, effective for years ending on December 31, 2016, the IRS changed the due date for filing calendar year C corporation returns from 3/15 to 4/15 (or the 15th day of the fourth month following the close of the corporation’s fiscal year). Although states have subsequently adjusted their rules and […]
AAFCPAs Guidance in Response to Equifax Data Breach
As you may be aware, Equifax, one of the United States’ three major consumer credit reporting agencies has been breached, and personal information of approximately 143 million Americans has been compromised. Information, including: names, social security numbers, birth dates, addresses and driver’s licenses, stored in Equifax’s databases have been stolen. Additionally, credit card numbers for […]
Significant Changes Resulting from Cannabis Bill H.3818
Massachusetts Governor Charlie Baker recently signed an overhaul of the state’s voter-passed recreational marijuana law: Massachusetts Bill H.3818 (AN ACT TO ENSURE SAFE ACCESS TO MARIJUANA). AAFCPAs highlights a number of significant changes that will affect the Massachusetts cannabis industry—some of which take effect immediately. The immediate changes include: The repealing of the requirement that […]
Proposed Update to Auditing Standards for Employee Benefit Plans
In an effort to improve the communicative value and relevance of the auditor’s report, the AICPA Auditing Standards Board (ASB) recently released an exposure draft of a proposed Statement on Auditing Standards (SAS), Forming an Opinion and Reporting on Financial Statements of Employee Benefit Plans Subject to ERISA. The proposed SAS would apply to audits […]