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Featured Articles July 2020

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Paying off Debt the Smart Way

With a potential economic downturn in the wings due to COVID-19, being debt-free is a worthwhile goal. Unfortunately, between mortgages, car loans, credit cards, and student loans, this is unrealistic for most people – especially those of pre-retirement age. Instead, it’s better to start by focusing on managing debt. When you handle debt wisely, you won’t have to shell out every cent of your hard-earned money to your lender or feel like you’re always on the verge of bankruptcy.

These tips will help you get started paying off debt the smart way and help you save extra money to pay down those debts even faster:

Assess the Situation

First, assess how much and what type of debt you have by writing it down using pencil and paper or entering the data into a spreadsheet like Microsoft Excel. You can also use a bookkeeping program such as Quicken or a debt [...]

By |July 8th, 2020|Featured Articles, What's New|Comments Off on Featured Articles July 2020|

PPP Loan Update: 8 Weeks Extended to 24 Weeks!

Late Wednesday night, the Senate unanimously passed the Paycheck Protection Program Flexibility Act which makes significant modifications to the provisions of the original Paycheck Projection Program (PPP). These modifications are expected to be signed into law by the President. Among the key provisions is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount.

The following is a summary of the legislation’s main points compiled by the AICPA:
  1. PPP borrowers can choose to extend the eight-week period to 24 weeks, or they can keep the original eight-week period. This flexibility is designed to make it easier for more borrowers to reach full, or almost full, forgiveness.
  2. The payroll expenditure requirement drops to 60% from 75% but is now a cliff, meaning that borrowers must spend at least 60% of the loan on payroll costs or none of the loan will be forgiven. Currently, a borrower is required to reduce the amount eligible for forgiveness if less than 75% of eligible funds are used for payroll costs, but forgiveness isn’t eliminated if the 75% threshold isn’t met.
  3. Borrowers can use the 24-week period to restore their workforce levels [...]
By |June 4th, 2020|What's New|Comments Off on PPP Loan Update: 8 Weeks Extended to 24 Weeks!|

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|

Promotions


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|