Topic
Clients Having Success Reassessing Employee Retention Credit
Many of AAFCPAs’ clients are having success reassessing their eligibility for the Employee Retention Tax Credit. “IRS anticipates that approximately 70%-80% of small and medium businesses (as well as tens of thousands of charities) were good candidates for taking the ERC,” according to Forbes.com. “The reality is, to date the actual numbers of businesses and […]
MA Cannabis Reform Bill Signed by Governor
On August 11, 2022, Governor Charlie Baker signed into law the largest cannabis reform bill Massachusetts has seen since 2017: An Act Relative to Equity in the Cannabis Industry. The bill focused on welcomed provisions for operators: MA Decouples from Federal 280E, Offering Significant Tax Savings Social Equity Trust Fund Established, for the benefit of […]
Pantano Earns Sage Intacct Implementation Specialist Certification
AAFCPAs is pleased to announce that Dawn M. Pantano, CPA, CITP, Manager, Business Process & IT Advisory, has earned the Sage Intacct Implementation Specialist certification. The Implementation Specialist certification is a demonstration of Dawn’s expertise implementing and configuring Intacct, reporting, and dashboards. Dawn helps clients get the most out of all the features available in […]
AAFCPAs Provides Inventory Costing and 471 Guidance at AICPA & CIMA Cannabis Conference
AAFCPAs’ Cannabis Practice Leader David McManus, CPA, CGMA will present Inventory Costing and 471 Guidance to cannabis industry experts, CPAs, Attorneys, Tax Advisors, and peers experienced and inexperienced with the sector at the Association of International Certified Professional Accountants (AICPA) & Chartered Institute of Management Accountants (CIMA) Cannabis Industry Conference on August 8th in Denver, CO and Live […]
ECF Funds May be Subject to Uniform Guidance Audit
AAFCPAs would like to make Charter School clients aware that funds received under the ECF (Emergency Connectivity Fund) Program are federal funds and must be included in the calculation for determining your need for a Uniform Guidance audit. In May 2021, the ECF program was established by the FCC (Federal Communications Commission) to distribute ARPA […]
Pennsylvania Corporate Income Tax Changes
AAFCPAs would like to make clients aware, if you are subject to Pennsylvania’s corporate income tax, there are two significant changes instituted pursuant to H.B. 1342, signed by the governor on July 8th, 2022, effective starting in 2023. CORPORATE TAX RATE The current Corporate Net Income Tax (CNIT) rate is 8.99%. There will be an […]
AAF Wealth Management Q2 2022 Market Update
“You may not control all the events that happen to you, but you can decide not to be reduced by them.” – Maya Angelou And just like that, we turn the page on another quarter in the markets. Let’s be honest: we can’t turn the page quick enough given the Q1-2 market performance. While stock […]
Easing the burden of cannabis state tax compliance
Keeping pace with state sales and excise tax requirements can be a significant burden for cannabis operators. The indirect nature of the tax – that it is collected at point of sale as part of a transaction and then must be remitted to the state(s) on their specific timeline – makes it an area of […]
Watch Now: Reassess Eligibility for the Employee Retention Credit
AAFCPAs’ Webinar: Reassess Eligibility for the Employee Retention Credit is now available OnDemand. This webinar was recorded live on June 28th, 2022 to provide clients with guidance on this widely misunderstood tax benefit. Businesses & Charities across the Country are Failing to Take Advantage of the ERC! “IRS anticipates that approximately 70%-80% of small and […]