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IRS Issues Guidance on Presidential Payroll Tax Deferral Memorandum

AAFCPAs would like to make clients aware that the Treasury issued IRS Notice 2020-65 which provides guidance on the August 8, 2020 Presidential Memorandum directing the Treasury to allow employee deferral of withholding, deposit and payment of certain payroll tax obligations. Which Employees are Eligible to Defer? The deferral is restricted to any employee whose […]

Nonprofit Organizations Now Eligible for the Main Street Lending Program

AAFCPAs would like to make nonprofit clients aware that the Federal Reserve announced changes to its Main Street Lending Program to “provide greater access to credit for nonprofit organizations such as educational institutions, hospitals, and social service organizations.” Which Nonprofits Are Eligible? The Main Street Lending Program is now open to tax-exempt organizations established under […]

Main Street Lending Program Update

AAFCPAs would like to make clients aware that on June 8th, 2020, the Federal Reserve announced changes to its Main Street Lending Program to “allow more small and medium-sized businesses to be able to receive support.” The changes include: Lowering the minimum loan size for certain loans to $250,000 from $500,000; Increasing the maximum loan […]

Accounting Considerations When Establishing an Emergency Relief Fund

Charter Schools across the country have stepped up to assist families during this unprecedented time.  In addition to successfully adapting to entirely remote learning and providing tools such as laptops and other technology, many Charter Schools provide curbside pickup meals to their students.  As this worldwide pandemic continues, many Charter Schools have established Emergency Relief […]

AAFCPAs Announces Peer Nominated Team Spirit and Excellence in Client Service Awards

AAFCPAs Announces Peer Nominated Team Spirit and Excellence in Client Service Awards

AAFCPAs is pleased to announce the winners of the firm’s annual, peer-nominated Team Spirit and Excellence in Client Service awards, which recognize and reward team members who continuously make an exceptional effort and exemplify AAFCPAs’ core values. Team Spirit At AAFCPAs, we deliver outstanding results for our clients by hiring good people with great talent […]

House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits

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 […]

Proposed Bill Eliminating the Effects of 280E at the State Level

On June 11, 2019 the Massachusetts Joint Committee on Revenue heard House Bill 2510, An Act rescinding the effect of IRC 280E on businesses legally selling marijuana.  While this bill has not been placed into effect yet, the hearing is a step forward towards state wide repeal of IRC 280E. What Does House Bill 2510 […]

Bill to Retroactively Repeal Nonprofit Transportation Fringe Benefit Tax Passed by House Ways and Means Committee

On Thursday, June 20, 2019, the House Ways and Means Committee passed H.R. 3300, officially called the “Economic Mobility Act of 2019” (the “Bill”).  The Bill, among other things, repeals the unrelated business income tax (UBIT) on nonprofits providing employees with qualified transportation fringe benefits. AAFCPAs is also pleased to report that the Bill states […]

How the Wayfair Decision Impacts Nonprofits

How the Wayfair Decision Impacts Nonprofits

On June 21, 2018, in a 5 to 4 vote, the United States Supreme Court, in South Dakota v. Wayfair, ruled that states were no longer bound by the physical presence test and could require out of state sellers to collect and remit sales tax based on economic nexus as long as certain criteria were met. AAFCPAs would […]