Caras & Shulman

Paycheck Protection Program (PPP) Loan Forgiveness Application

As of Friday, May 15, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire [...]
By |May 20th, 2020|COVID-19, Paycheck Protection Program (PPP)|Comments Off on Paycheck Protection Program (PPP) Loan Forgiveness Application|

COVID-19 Updates: Things You Should Know

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Tax Returns & Estimated Taxes Now Due July 15

Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. In addition, the payment and return-filing requirements for gift and generation-skipping transfer taxes due April 15 are now due July 15, matching postponements granted to federal income taxes and returns.

NOTE: Many states have also extended their tax deadlines and payments for a number of taxes in response to COVID-19. Please call for additional information.

Who is Affected?

This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.

No Need to File an Extension

Taxpayers do not need to file any [...]

By |April 13th, 2020|COVID-19, What's New|Comments Off on COVID-19 Updates: Things You Should Know|


We are celebrating several promotions here at Caras & Shulman. We know that our greatest assets are the people who serve our clients everyday. Today we recognize (from left to right) Lindsey Murphy, Lead Associate, Operations, Melissa Astone, Supervisor, Accounting & Audit, Alexandra Binek, Senior Associate, Accounting & Audit, Nancy Cuneo, Lead Associate, Accounting Services, and Raffi Donabedian, Manager, Accounting & Audit. Also, missing from the photo – Danielle Shnaper, Lead Associate, Accounting & Audit, and Carollee Fallon, Lead Associate, Accounting Services.

Thanks to each of you for your commitment to both your clients and careers.

Message us to find out how you can become part of our winning team.

By |September 4th, 2019|What's New|Comments Off on Promotions|

2019 MSCPA Day of Service

Members of the Caras & Shulman team donated their time to the 2019 MSCPA Day of Service. Giving back to our local communities is important to us, and it also provides the opportunity to spend some quality time with colleagues outside the office.

This year, the effort was to beautify the grounds of the Town Common in Burlington, MA. It turned out to be a beautiful day! Thank you to those who were able to participate in such a great event.

From left to right – Julia Basile, Jaclyn Edwards, Haley Fritz, Melissa Astone, Nadia Antonellis, and Sharon Aftandilian.

2019 MSCPA Day of Service

By |June 19th, 2019|What's New|Comments Off on 2019 MSCPA Day of Service|

Promotion Announcement: Danielle Shnaper

At Caras & Shulman we know that the success of our firm is a result of the success of every one of the members of our team. Today we celebrate Danielle Shnaper who was recently promoted to Lead Associate, Accounting & Audit.

Danielle has been with the firm for over five years. She consistently demonstrates the core values that make our firm and our clients successful.  Prior to joining our audit team, Danielle worked in firm operations.

Congratulations to Danielle!

By |June 19th, 2019|What's New|Comments Off on Promotion Announcement: Danielle Shnaper|

Managing Partner, Mark Fiato appointed Vice President of the AAANZ Regional Chapter for Integra International

Integra International announced the appointment of Mark Fiato as Vice President for the AAANZ Regional Chapter (North and South America, Asia, Australia and New Zealand). The election took place in May at Integra’s Regional Conference in Guadalajara, Mexico. Mark Fiato, CPA, CVA is Managing Partner at Caras Shulman, PC in Burlington, MA and will serve a two year term as Board Vice President. Mark has provided audit, accounting, tax and advisory services to privately held businesses and their owners since joining Caras & Shulman, PC in 1990. Caras & Shulman has been a proud member of Integra for 25 years.

By |June 13th, 2019|What's New|Comments Off on Managing Partner, Mark Fiato appointed Vice President of the AAANZ Regional Chapter for Integra International|

Integra International 2019 Conference

Integra International is an interactive association of CPAs, CAs and Business Advisors that share knowledge openly and regularly. Member firms offer expanded professional services to their clients, including meeting their national and international needs.

Founded in 1994, Integra International now has offices in almost every major business center of the world.

Th Integra International 2019 Conference, held May 16th – 18th was a great success, with attendees representing the industry from 11 countries. Caras & Shulman’s Mark Fiato and Charlie Miraglia were in attendance. The conference was held in Guadalajara, Mexico.

Learn more about Integra International.

By |May 24th, 2019|What's New|Comments Off on Integra International 2019 Conference|

Giving Back to Our Community

For over 10 years, Caras & Shulman has been an active sponsor of Austin Preparatory School. Yesterday was a beautiful day for The 32nd Annual Austin Open Golf Tournament – a fundraising event for the benefit of current and future graduating classes of Austin Prep. With continued growth in the performing arts, athletic, and other departments, net proceeds from the tournament will be used to expand campus parking.

It was a fantastic event and we are so happy to have participated. Caras & Shulman’s Raffi Donabedian, Mark Fiato, Charlie Miraglia, and Graham Ranks attended.

By |May 21st, 2019|What's New|Comments Off on Giving Back to Our Community|

CPA Announcement: Melissa Astone

At Caras & Shulman we celebrate the career growth of our team members. We are proud to announce that Melissa Astone has recently been admitted as a Massachusetts Certified Public Accountant. Melissa is a Senior Associate in our Accounting & Audit Department and serves as our Firm Ambassador for the MSCPA. Please join us in congratulating her on this accomplishment.

By |May 10th, 2019|What's New|Comments Off on CPA Announcement: Melissa Astone|

Caras & Shulman Mourns Death of Managing Partner, Kenneth P. Fluet, CPA

It is with great sadness we announce the passing of Ken Fluet, our colleague, partner, and friend.

Ken was instrumental in the growth and success of Caras & Shulman and gave his heart and soul to the firm. Those who were fortunate to work with him will remember his unwavering commitment to the firm, our staff and his clients.

After spending time in the culinary industry, Ken changed directions and pursued a Bachelor of Science (with honors) from Fitchburg State College. He began his accounting career at Caras & Shulman in 1986 and became a partner in 1996. In his 33 years with the firm, Ken built a reputation as a devoted mentor for our staff, trusted advisor for our clients, and respected member of our partner team.

His dedication and humorous, friendly, and lively nature will be deeply missed.

By |February 18th, 2019|What's New|Comments Off on Caras & Shulman Mourns Death of Managing Partner, Kenneth P. Fluet, CPA|