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Guidance on SBA Disaster Loans, AAFCPAs’ CARES Act Task Force Mobilized to Assist
UPDATE 4/16/20: Initial Round of SBA Disaster Loan Funds Exhausted; Now what? AAFCPAs would like to make clients aware that the Coronavirus Aid, Relief and Economic Stimulus (CARES) Act legislation, signed by President Trump on Friday, March 27th, 2020, creates two Small Business Administration (SBA) loan programs available to businesses to prevent devastation caused by […]
Tax Relief and Incentives for Affected Cannabis Businesses
The quickly spreading coronavirus, and the subsequent response from states to close all “non-essential” businesses, is causing much confusion for the Cannabis industry. The decision about whether cannabis operators can keep doing business has occurred state by state, and in some cases, city by city. The majority of US states that have closed non-essential businesses […]
Massachusetts COVID-19 Unemployment Information
Stay informed on the latest related to Department of Unemployment Assistance (DUA) and COVID-19. You will be redirected to Mass.gov
COVID-19 Guidance from the U.S. Department of Labor
The Wage and Hour Division provides information on common issues employers and employees face when responding to COVID-19, and its effects on wages and hours worked under the Fair Labor Standards Act (FLSA), job-protected leave under the Family and Medical Leave Act (FMLA), and paid sick leave and expanded family and medical leave under the […]
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 […]
IRS Issues Guidance for Nonprofits Claiming a Refund or Credit for the Parking Tax
AAFCPAs is excited to share that the IRS has released much anticipated guidance to help nonprofits understand how to claim a refund or a credit of unrelated business income tax (UBIT) or adjust their form 990-T for qualified transportation fringe amounts. As a reminder, the Further Consolidated Appropriations Act, 2020 retroactively repealed Internal Revenue Code […]
How the SECURE Act May Change Your Retirement Savings
AAFCPAs Wealth Management would like to make clients aware that the recent federal government spending package, signed by the president in mid-December, included the SECURE Act, or the Setting Every Community Up for Retirement Enhancement legislation. The legislation contains significant changes to Individual Retirement Account (IRA) rules, company sponsored retirement plans, and several other changes […]
AAFCPAs Announces Peer Nominated Team Spirit and Excellence in Client Service Awards
AAFCPAs is pleased to announce the winners of the firm’s annual, peer-nominated Team Spirit and Excellence in Client Service awards, which recognize and reward team members who continuously make an exceptional effort and exemplify AAFCPAs’ core values. Team Spirit At AAFCPAs, we deliver outstanding results for our clients by hiring good people with great talent […]
Charter Schools Not Exempt from MA Paid Family and Medical Leave Law
AAFCPAs would like to make charter school clients aware that the Massachusetts Department of Family and Medical Leave recently issued a policy clarification related to certain excluded employers of the new Paid Family and Medical Leave (PFML) law. Municipalities, districts, political subdivisions, and other agencies are excluded from PFML law unless they choose to opt-in. […]