Topic
Guidance: CECL Standard for CDFIs
The long-awaited Current Expected Credit Losses (CECL) Standard, Accounting Standards Update 2016-13 – Financial Instruments-Credit Losses (Topic 326) will be effective for nonpublic business entities and not-for-profit entities for fiscal years beginning after December 15, 2022. This means CECL will be effective for the calendar year 2023 reporting period and fiscal year 2024 for off-year […]
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 […]
Dan Seaman Named Tax Partner
Boston, MA (1/10/2023) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced that Daniel Seaman, CPA has been promoted to Tax Partner, effective January 1, 2023. Dan specializes in providing strategic tax planning & compliance solutions for individuals, families, and fiduciaries. […]
Secure Act 2.0 & the YE Spending Bill
On Friday, December 23, 2022, the U.S. House of Representatives followed the Senate’s lead and passed a $1.7T spending bill (Consolidated Appropriations Act of 2023) that included changes to retirement savings, otherwise known as the Secure Act 2.0. The bill was signed by President Biden on December 29, 2022. These provisions affect individuals with retirement […]
IRS Delays Implementation of $600 threshold for 1099-K
AAFCPAs would like to make clients aware, the IRS recently announced a delay of the new 1099-K reporting requirements for calendar year 2022. As a part of The American Rescue Plan Act of 2021 (ARPA), third-party settlement organizations (e.g., PayPal, Venmo, etc.) were required to issue a form 1099-K for those receiving more than $600. This requirement […]
AAFCPAs Expands Tax Practice with Addition of Vojnich & Bankston
Boston, MA (12/20/2022) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, business process, and IT advisory solutions, today announced the addition of Marc Vojnich, CPA, and Lance A. Bankston. These professionals join the firm’s growing tax practice. Marc Vojnich, CPA Marc Vojnich, CPA joins AAFCPAs as Director, Tax […]
SOC 2 Meets Death Master File Certification Requirements
The System and Organization Controls (SOC) framework may be mapped to achieve requirements of the National Technical Information Service’s (NTIS) Limited Access Death Master File (LADMF) certification. When choosing SOC 2 to achieve your LADMF certification, businesses may also benefit from the marketing value of their SOC 2 attestation, which demonstrates your commitment to access […]
AAFCPAs Invests in Solution to Streamline Indirect Tax Compliance
Boston (December 9, 2022) – AAFCPAs, a leading CPA and Consulting firm based in New England, today announced its recent strategic partnership with Synexus Tax Solutions, to help clients simplify and streamline state tax compliance. AAFCPAs now combines our years of tax expertise with new state-of-the art technology to deliver multistate indirect tax compliance so […]
Client Success Story: Robotic Process Automation
How MGCC Distributed ~$700 million to 15,000+ Small Businesses in ~4 Months Massachusetts Growth Capital Corporation (MGCC) was charged with standing up a new program to quickly deliver an unprecedented amount of relief to small businesses across Massachusetts impacted by the pandemic. Background Since 2020, MGCC has proudly been the administrator for multiple pandemic relief […]