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President Signs Law: Repeals Nonprofit Tax, Extends Key Tax Provisions, and Overhauls Retirement Plan Rules
The federal government spending package, titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. The Act, signed into law by the President last Friday, December 20, 2019, officially repeals the tax on nonprofit transportation fringe benefits and provides a new flat private foundation excise tax. It also extends certain income […]
House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits
AAFCPAs is excited to share with our nonprofit clients and their dedicated employees, on December 17, 2019, the House of Representatives passed an agreement (cited as the Taxpayer Certainty and Disaster Tax Relief Act of 2019, originally introduced in June 2019), which includes much welcomed provisions to repeal the tax on nonprofit transportation fringe benefits […]
What Happens If I Live a Long Life and Need Long Term Care?
As we enjoy time with our loved ones this holiday season, AAFCPAs Wealth Management encourages readers to proactively explore an important family question: if I live a long life and need long term care, who will provide that care and how will it impact them? Unfortunately, many only consider this financial and emotional burden after […]
AAFCPAs Announces Joel Aronson Character Award and 1st Recipient
In recognition of the tremendously positive impact Joel has had over his 45 years of employment as Partner of AAFCPAs and Founder of AAFCPAs Wealth Management, we are honored to announce the Joel Aronson Character Award. This Award and accompanying $1000 gift will be given annually to the AAFCPAs team member who best epitomizes Joel’s […]
Accounting Considerations for Nonprofits with Donor Advised Funds (DAF)
It has been reported recently that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax law changes as one reason for the decline. In a blog published in August 2019, AAFCPAs Wealth Management outlined charitable giving strategies donors should consider in order to maintain charitable goals while […]
Membership Organization Revenue Management and Predictive Analytics
With the onset of the Financial Accounting Standards Board’s (FASB) Accounting Standard Update (ASU) 2014-09, Revenue from Contracts with Customers, (ASC Topic 606) membership organizations face a complex accounting exercise when answering: What value are members receiving? The value question proves extremely complex when applying the five-step approach outlined in the new revenue standard—specifically, step […]
Happy Holidays from AAFCPAs!
All of us at AAFCPAs wish you and your family a joyful holiday season and a wonderful new year filled with prosperity and peace! About the Video: AAFCPAs participated again this year in #GivingTuesday, December 3rd, 2019, a global generosity movement! We constructed our Giving Tree wall display in our Westborough office which features individual leaves […]
AAFCPAs’ #GivingTuesday Match Donates Over $22K to Charities
AAFCPAs participated again this year in #GivingTuesday, December 3rd, 2019, a global generosity movement! Collectively, the firm and its 220+ team members donated $22,500 to mission driven nonprofits! What’s our giving story? For #GivingTuesday, AAFCPAs and our company-sponsored Charitable Foundation match employee gifts 1:1 (100%) to any charitable nonprofit 501(c)(3) from November 3 – December […]
How Secure Is Your Physical Office Space?
Data and IT Security goes well beyond cyberspace. The security of your physical office space may also be at risk. A successful physical breach by an outsider could produce unauthorized access to packages, equipment, documents, as well as threats of theft and employee safety. AAFCPAs has outlined for your considerations some best practice recommendations to […]