AAFCPAs to Present CITC Information Session for the benefit of taxpayers and CDCs

AAFCPAs Partner Matt Hutt, CPA, CGMA, and AAFCPAs Manager Matt Troiano, CPA, in collaboration with AAFCPAs’ client Somerville Community Corporation, will present a Community Investment Tax Credit (CITC) information session on October 20 in Medford, MA.
The CITC was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs), especially in low and moderate income neighborhoods.  The CITC program allows taxpayers to realize considerable tax savings when they make a qualified investment (cash contribution) in a CDC’s community development plan.  This Massachusetts refundable CITC is significant as Massachusetts does not traditionally allow deductions for general charitable contributions.
In this information session, AAFCPAs will clarify the details of the program, and encourage advisors to bring this advantageous tax credit program to the attention of their clients.  AAFCPAs will be joined by Joe Kriesberg, the President of the Massachusetts Association of Community Development Corporations (MACDC), which is a community support organization designated by the Commonwealth to provide training and technical assistance to CDCs.
AAFCPAs is please to share our expertise on this topic for the benefit of our client, taxpayers, and all CDCs.
October 20, 2015
8:00 am – 9:00 am
Century Bank Community Room
400 Mystic Avenue, Medford, MA

About the Authors

Matthew Hutt CPA
Matt leads AAFCPAs’ Healthcare Division, providing assurance, tax and advisory solutions for Federally Qualified Health Centers (FQHCs), behavioral health providers, home care agencies and hospices, nursing homes, and senior care living centers. Matt advises healthcare providers on consolidation and coordination of care, including the integration of behavioral health into the primary care delivery system. He also provides consulting solutions for providers transitioning to new value-based reimbursement models, and data driven patient care, including: developing business process and controls for collecting and advantaging data to provide analysis on: provider activity, delivery of care, and analysis of efficiency & cost effectiveness. Matt is also highly-sought after for his knowledge on issues related to affordable housing developers with requirements related to the US Department of Housing and Urban Development, MassHousing, Low Income Housing Tax Credits, Historical Tax Credits and New Markets Tax Credits. 
Matt co-leads the firm’s community and economic development practice, serving community development corporations (CDCs), community development finance institutions (CDFIs), affordable housing and mixed-use real estate projects. He also has extensive experience serving multiservice human & social service providers. Matt advises clients on the accounting and reporting issues specific to the real estate industry. This includes guidance on existing and emerging accounting standards (revenue recognition, leases, and CECL), internal controls and fraud risk management, as well as guidance on investing, financing, and business combinations.

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