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Cancelled Fundraising Events, Written Notice Requirements

On March 10, 2020 MA Governor Charlie Baker declared a state of emergency for the Commonwealth of Massachusetts in response to the spread of the Coronavirus. The Governor’s administration offered guidance to the public to limit or eliminate attendance at large gatherings. As a result, several of AAFCPAs’ nonprofit clients have made the difficult decision […]

How the SECURE Act May Change Your Retirement Savings

How the SECURE Act May Change Your Retirement Savings

AAFCPAs Wealth Management would like to make clients aware that the recent federal government spending package, signed by the president in mid-December, included the SECURE Act, or the Setting Every Community Up for Retirement Enhancement legislation. The legislation contains significant changes to Individual Retirement Account (IRA) rules, company sponsored retirement plans, and several other changes […]

AAFCPAs Promotes Four to Partner to Support Continued Growth

AAFCPAs Promotes Four to Partner to Support Continued Growth

Westborough, MA 1/8/2020 – AAFCPAs is excited to announce the promotion of four additional Partners to our leadership team.  Katie Belanger, CPA, Joshua England, LLM, Esq., Courtney McFarland, CPA, MSA, and Michael Pruell, CPA provide best value assurance, tax & advisory solutions, with outstanding service to AAFCPAs’ growing client base of nonprofit organizations, privately-held commercial […]

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 […]

Upstream Trusts May Be Solution to Eliminate Capital Gains

In light of recent increases in limits for federal estate tax exemptions under the Tax Cuts and Job Acts (TCJA), AAFCPAs advises clients to consider the suitability of an Upstream Trust as a strategy for taxpayers who have highly appreciated assets to save money on capital gains tax. Upstream Trusts are a new option that […]

Tax Incentives Abound for Charitable Remainder Annuity Trusts

A Charitable Remainder Annuity Trust (CRAT) is a type of charitable tax planning strategy in which a donor contributes assets to a charitable trust which subsequently pays a fixed income to a designated beneficiary, in the form of an annuity. A CRAT lasts until the donor passes away, at which time any funds remaining in […]

Don’t Let the New Tax Act Affect Your Giving Goals

The Wall Street Journal recently reported that charitable giving had its largest decline since the 2008-2009 financial crisis, citing circumstances such as 2018 tax-law changes and a late-year stock-market dip as the reasons for the decline. At AAFCPAs Wealth Management, we know that taxes are not the reason you give; however, they may affect how […]

Podcast: AAFCPAs’ 2019 Nonprofit Tax Update

Listen to Podcasts:   The IRS issued new guidance related to the Tax Cuts & Jobs Act (TCJA) and the widespread changes affecting charitable nonprofits. In this podcast, AAFCPAs’ in-house Tax Consulting Strategist Josh England provides guidance on the TCJA’s impact on nonprofit operations and filing requirements, including: UBIT changes, “siloing” requirements, taxability of qualified transportation […]

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 […]