Legislative & Regulatory Updates
Form 990 Updates: Treasury Transparency Initiative Signals Expanded IRS Oversight
In an April 23, 2026 press release, the U.S. Department of the Treasury announced that the Internal Revenue Service plans to revise Form 990. The proposed updates are intended to improve transparency, enhance oversight, and require clearer reporting of organizational activities. The broader goal is to help identify misconduct and support accountability. Areas of Focus […]
Trump Accounts: Long-Term Savings Planning Considerations for Families
For families focused on long‑term wealth planning, Trump Accounts, a newly introduced federal children’s savings program, now offer tax-advantaged long-term savings opportunities for children under the age of 18 including certain initial funding allocations that may provide a starting balance without out-of-pocket contributions. While the federal program is now active and accepting applications, additional administrative […]
GASB Issues Statement 103: What Government Entities Need to Know
The Government Accounting Standards Board (GASB) has issued Statement 103, Financial Reporting Model Improvements, introducing meaningful changes to how government entities present their financial information. With an effective date for fiscal years beginning after June 15, 2025 (for June 30, 2026 year-ends), organizations should begin preparing now. Why These Changes Matter GASB 103 represents a […]
Washington Millionaires Tax: What High-Income Taxpayers Need to Know
Washington state has taken a notable step in reshaping its tax structure. A new law establishes a 9.9 percent tax on Washington adjusted gross income above $1 million, with an effective date set for January 1, 2028. For high-income households and business owners, the immediate takeaway is not urgency, but time. The multiyear lead-up to […]
FY 2025 CHC Cost Reports Released for Massachusetts Providers
The Massachusetts Center for Health Information and Analysis (CHIA) issued the FY 2025 Community Health Center (CHC) Cost Report on May 8, 2026. AAFCPAs would like to make clients aware that providers required to file must submit no later than July 7, 2026. CHIA collects these reports pursuant to regulation 957 CMR 6.00. Who is […]
IRS ERC Review Delays: New Extension Process for Disallowed Claims
Over the past year, many taxpayers with disallowed Employee Retention Credit (ERC) claims have found themselves waiting, often longer than expected, for the IRS to review their responses. Meanwhile, statutory deadlines continue to run while these claims sit under review. In late April, the IRS introduced a new, limited procedure that allows certain taxpayers to […]
How the Anticipated Rescheduling of Cannabis and its Effects on 280E Reshapes Cannabis Tax Strategy
Cannabis businesses may gain access to tax deductions and strategies long restricted under federal law. This shift requires careful reassessment of cash flow, accounting positions, and long-term planning to leverage new flexibility. Key Takeaways: For years, Section 280E has shaped nearly every financial decision cannabis operators make. It dictates how taxes are calculated, how cash […]
Cannabis Rescheduling to Schedule III: What It Means for Cannabis Businesses
The U.S. Department of Justice has begun the long-anticipated shift of cannabis from Schedule I to Schedule III under the Controlled Substances Act. The action follows a presidential directive issued late last year and marks a notable change in how federal regulators approach cannabis, particularly in the context of medical use, research, and taxation. The […]
What Businesses Should Know About the New Overtime Deduction
The Department of the Treasury and the Internal Revenue Service issued new guidance on a deduction tied to overtime pay under the One Big Beautiful Bill Act. The newly released IRS FAQs clarify how the deduction works, confirm transitional relief for 2025, and identify where employees should look for authoritative information. Understanding those boundaries may […]