Regulatory Alerts (All)

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U.S. Department of Labor Issues Final Rule on Employee vs. Independent Contractor Classification

U.S. Department of Labor Issues Final Rule on Employee vs. Independent Contractor Classification

AAFCPAs would like to make clients aware that the U.S. Department of Labor issued its final rule on employee versus independent contractor classification under the Fair Labor Standards Act. Effective March 11, 2024, this final rule provides guidance on how employers determine employee versus independent contractor status. Relying on a multifactor economic reality test, the […]

OMB Releases Uniform Guidance Revisions

OMB Releases Uniform Guidance Revisions

AAFCPAs would like to make clients aware that the Office of Management and Budget (OMB) released updates to its Uniform Guidance in April 2024. Updates affect non-federal entities that receive Federal awards. The OMB is responsible for the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance), which oversees government-wide policies […]

FASB Approves New Guidance on Certain Crypto Assets

FASB Approves New Guidance on Certain Crypto Assets

AAFCPAs would like to make clients aware that in December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. Note: the amendments in ASU 2023-08 require that an entity measure “in-scope” crypto assets (as […]

New Tax Relief Bill Could Affect 2023 Filing Season

New Tax Relief Bill Could Affect 2023 Filing Season

A bipartisan deal known as the Tax Relief for American Families and Workers Act of 2024 could offer a last-minute extension for previously expired tax credits and breaks. If passed, provisions could affect the current 2023 filing season. Update 2.1.24: Last night, the U.S. House of Representatives passed a bipartisan $70 billion tax relief package. […]

New Bill Could Amend ERTC Due Date

New Bill Could Amend ERTC Due Date

AAFCPAs would like to make clients aware of a new bill that has reached congress titled The Tax Relief for American Families and Workers Act of 2024, a vote for which is anticipated by January 31, 2024. If passed, this bill could amend the due date of Employee Retention Tax Credit (ERTC) filings to January […]

IRS Launches New ERC Withdrawal Process to Combat Fraud

IRS Launches New ERC Withdrawal Process to Combat Fraud

AAFCPAs would like to make clients aware that the IRS has released details of its special Employee Retention Credit (ERC) withdrawal process. This initiative is designed to assist employers who filed an ERC claim but have concerns about its accuracy due to pressure or misleading advice from ERC marketers or promoters. The new withdrawal option […]

How MA Tax Reforms Might Affect High-Net-Worth Individuals Tax Webinars to be Hosted Next Week

How MA Tax Reforms Might Affect High-Net-Worth Individuals Tax Webinars to be Hosted Next Week

Massachusetts lowered taxes for the first time in 20 years, but changes may not be compelling enough to anchor high-net-worth individuals who are looking to leave the state for a more favorable tax environment. While new legislation increases the estate tax exemption to $2,000,000, Massachusetts remains less competitive alongside the 13 other states that offer […]

Massachusetts Passes Significant Tax Reforms

Massachusetts Passes Significant Tax Reforms

AAFCPAs and AAF Wealth Management would like to make clients aware that Governor Maura Healey recently signed into law significant tax legislation. The package will modify a number of tax laws in the Commonwealth including those related to short-term capital gains, the estate tax exemption, and the joint filing requirement. While legislation was signed into […]

CECL Standard’s Significant Impact on Financing and Trade Accounts Receivable

CECL Standard’s Significant Impact on Financing and Trade Accounts Receivable

AAFCPAs Provides Business Guidance on FASB’S New CECL Model Guidance May Have a Significant Financial Reporting Impact on Financing and Trade Accounts Receivable 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 […]