Solution
2023
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03.23
A Startup’s First Steps to SOC Readiness
Early-stage companies have a lot to contend with, including funding, staffing, infrastructure, product development, and marketing, which can create a chaotic environment. Those that collect personal identifiable information or health information as part of their business model also must add earning their SOC (System and Organization Control) certification to the list. The SOC Report has […]
2023
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03.22
Bill Introduced to Repeal R&D Expense Capitalization
AAFCPAs provides the following update to clients with expenditures incurred in connection with your trade or business which represent research and development costs in the experimental or laboratory sense. On Thursday, March 16th, Senators Maggie Hassan (D) of New Hampshire and Todd Young (R) of Indiana reintroduced a bill to repeal the required capitalization of […]
2023
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03.16
Historic Tax Credit: Changes Proposed to Make it More Accessible, Attractive
On March 2, 2023, Senators Cardin (Maryland), Cassidy (Louisiana), Cantwell (Washington), and Collins (Maine) reintroduced the Historic Tax Credit Growth and Opportunity Act (HTC-GO). This legislation was originally proposed back in 2021. HTC-GO has many beneficial proposed changes to the current historic tax credit program. The four proposed permanent provisions are: 30% tax credit increased […]
2023
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03.15
How to Identify Areas of Improvement within Processes and Systems?
Whether caused by external forces like the pandemic or internal shifts at a specific company, there is a renewed focus on operational efficiencies. Your employee resources may be consistently frustrated by challenges such as: Extensive manual data manipulation in Excel Lack of reporting functionality in your system Information maintained in multiple systems Difficulty gaining cooperation, […]
2023
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03.14
SV Bank Crisis Has Businesses Hyper Focused on Cash Management
Regulators shut down Silicon Valley Bank (SVB) on March 10th (Friday), in the largest U.S. bank failure since the 2008 financial crisis. The failure was attributed to a run on the bank and liquidity issues. On March 12th (Sunday), the Department of the Treasury, Federal Reserve, and FDIC issued a statement announcing actions enabling the FDIC to complete its resolution of SVB in […]
2023
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02.24
Delaware Franchise Tax Reminder
AAFCPAs would like to make clients aware that all companies incorporated in the state of Delaware are required to file an annual report and pay an annual franchise tax to Delaware each year by March 1st. We have outlined for your convenience two methods of calculating the franchise tax you owe: the authorized shares method, […]
2023
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01.31
2022 HSN Supplemental Payments
AAFCPAs would like to make FQHC clients aware, as part of the Massachusetts Economic Growth and Relief Act of 2022, $20,000,000 was allocated to the Health Safety Net (HSN) Trust Fund for community health centers or hospital-licensed health centers (health centers) participating in the MassHealth program. Payments were to be made to the health centers […]
2023
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01.26
SOC Report: Why are our Sales & Marketing Teams Insisting we have one?
Prospects may ask for a SOC report as a way to assess the controls and processes in place at an organization before doing business with them. Many organizations, particularly in regulated industries or those that handle sensitive information, are required to demonstrate compliance with relevant regulations and industry standards. A SOC report can be an […]
2023
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01.25
Alex Santiago Earns Certified Ethical Hacker Credential
Boston (1/25/2023) – AAFCPAs, a leading CPA and Consulting firm based in New England, is pleased to announce Alex Santiago, Senior Associate, Business Process & IT Consulting, has earned the Certified Ethical Hacker (CEH) credential, a preeminent designation for information security professionals awarded by the EC-Council. (The International Council of Electronic Commerce Consultants). Alex is […]
2023
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01.19
Investment Performance – 2022 Recap.
As we look back on 2022, there are things for which we can be grateful, but market performance is certainly not one of them. Investment Performance – 2022 Recap. Around the world, few markets provided positive performance in what turned out to be the worst year for US investors since the Great Financial Crisis of […]