Topic
How to Transfer Tax Documents to AAFCPAs
Due to the current status of the Coronavirus and the potential for mail service delays & travel restrictions, AAFCPAs encourages clients to transfer tax documents electronically. We offer the following 3 options for secure, electronic transfer: TaxCaddy: TaxCaddy is a secure application that will allow you to easily collect, store, and transfer your tax documents. […]
Federal Tax Filing Deadline Extended to July 15th
As the Coronavirus (COVID-19) pandemic continues to unfold, AAFCPAs has received many e-mails and phone calls. Treasury Secretary Steven Mnuchin announced today, March 20th, 2020 that the IRS will move the national income tax filing day ahead to July 15th, three months after the normal deadline for Americans to send in their returns. The filing […]
Coronavirus: Business Impacts and Planning
The Coronavirus pandemic (COVID-19) is impacting our lives and businesses in a way that none of us have experienced before. The global economy is certainly impacted, and businesses and individuals are reacting to an uncharted situation that continues to evolve rapidly. Certainly, health and safety are our primary concerns. Business leaders have been forced to […]
Disaster Assistance Loans for Small Businesses & Nonprofits Impacted by Coronavirus
AAFCPAs would like to make clients aware that the U.S. Small Business Administration (SBA) will offer low-interest federal disaster loans for working capital to Massachusetts small businesses suffering substantial economic injury as a result of the Coronavirus (COVID-19). SBA Economic Injury Disaster Loan Small businesses, private nonprofit organizations of any size, small agricultural cooperatives and […]
US Treasury Announces 90-Day Delay in Tax Payment Deadline
AAFCPAs would like to make clients aware that the U.S. government announced on Tuesday, March 17, 2020 that certain individuals and corporations may delay their tax payments for 90 days from the April 15 deadline —or until July 15th—due to the coronavirus (COVID-19) pandemic. Individuals may defer up to $1 million in payments for 90 […]
Cancelled Fundraising Events, Written Notice Requirements
On March 10, 2020 MA Governor Charlie Baker declared a state of emergency for the Commonwealth of Massachusetts in response to the spread of the Coronavirus. The Governor’s administration offered guidance to the public to limit or eliminate attendance at large gatherings. As a result, several of AAFCPAs’ nonprofit clients have made the difficult decision […]
Market Update: Coronavirus Impact
On Monday, March 9th, the New York Stock Exchange (NYSE) halted trading via a procedural tool called a circuit breaker. Circuit breakers were implemented to allow for the market to halt the trading of stocks during periods of extreme uncertainty. There are 3 circuit breaker levels that can be triggered: down 7%, down 13%, and […]
CHIA Announces Cost Report Due Date for 2019 as May 4, 2020, Regardless of Fiscal Year End
AAFCPAs would like to make our Massachusetts-based Community Health Center (CHC) clients aware that the Center for Health Information and Analysis (CHIA) has just announced it is now collecting cost reports for the fiscal year ending in 2019. All CHCs, regardless of Fiscal Year End date, are required to file their fiscal year 2019 cost […]
Employment Tax Liability Not Shifted to Professional Employer Organizations
AAFCPAs would like to remind cannabis clients using or considering use of a Professional Employer Organization (PEO) that the employment tax liability is most often not shifted from your company, its management and owners, to the PEO. This is a common misconception, so much so, that the Internal Revenue Service issued regulations to help address […]