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The SAFE Banking Act of 2019 Scores Victorious Step for Cannabis Businesses

On March 28, 2019, the House Financial Services Committee voted 45-15 to advance the Secure and Fair Enforcement Banking Act of 2019 (“SAFE Banking Act”) to the House of Representatives. While there is still a long road ahead, this is the most promising step forward for cannabis businesses who would like to move away from cash-only transactions and towards mainstream banking. What Does the SAFE Banking Act Provide? Currently, in Massachusetts, only... continue reading

Updates for Nonprofits under the New Tax Act

This blog was revised on 3/18/19 to address new guidance from the IRS. AAFCPAs would like to make Tax Exempt Organizations aware of recent legislative and regulatory updates related to the Tax Cuts and Jobs Act, (“TCJA”) and how these may affect charitable nonprofits. Legislation Attempts to Repeal the New Unrelated Business Tax on Tax Exempt Organizations Providing Qualified Fringe Benefits On December 20, 2018, the House passed the Retirement,... continue reading

What Nonprofits Need to Know about the TCJA: AAFCPAs to Present a Members-Only Webinar for the Providers’ Council

What Nonprofits Need to Know about the TCJA: AAFCPAs to Present a Members-Only Webinar for the Providers’ Council

AAFCPAs Tax Consulting Attorneys Joshua England, JD, LLM, and Chris Consoletti, JD will present a Tax Cuts and Jobs Act educational workshop on December 10th at 12pm, for the benefit of the Massachusetts Council of Human Service Providers, Inc. (The Providers’ Council). The Tax Cuts and Jobs Act (TCJA) represents a dramatic overhaul of the U.S. tax code, and includes widespread changes to the tax rules affecting charitable nonprofits. Several... continue reading

AAFCPAs Outlines State Applicability, IRS Guidance Related to TCJA that Nonprofits Need to Know

AAFCPAs would like to make Tax Exempt Organizations aware of state by state applicability and recent IRS guidance on the Tax Cuts and Jobs Act, known officially as H.R. 1, (the “TCJA”) and how it pertains to charitable nonprofits. AAFCPAs has outlined the following applicability and guidance that are especially noteworthy: State by state applicability of TCJA changes to nonprofits As outlined in an earlier post, the TCJA enacted widespread... continue reading