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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 AAFCPAs utilizes since the passing of TCJA, which involves taking advantage of the largely unused... continue reading

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 the trust are then donated to a charity pre-chosen by the donor. This strategy is... continue reading

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 much you give, the timing of your gifts, and the vehicle you use. We have... continue reading

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 fringe benefits, how changes influence the way donors approach their giving, and more. These audio... continue reading

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 this repeal will be retroactive, as if the original provision was never included in the... continue reading

AAFCPAs Presents Tax Strategies Post-TCJA at Vistage CEO Group

AAFCPAs’ tax strategists Dave McManus, CPA, CGMA and Joshua England, JD, LLM presented a tax strategizing session on June 17th, for the benefit of the regional Vistage group of CEOs. Dave and Josh shared the firm’s strategic tax insights with a distinguished group of executives, business leaders and CEOs on opportunities and challenges presented by the 2018 Tax Cuts and Jobs Act.  Attendees gained insight into creative strategies to keep... continue reading

Tax Consulting Specialist Josh England Appears on Radio Entrepreneurs’ Cannabis Broadcast

AAFCPAs Tax Specialist Josh England was invited to appear on the May 5th episode of Radio Entrepreneurs’ Cannabis show “In the Weeds” alongside host Jeffrey Davis and Attorney Walter Sullivan. Radio Entrepreneurs is a business talk show that brings to light the inspiring and astounding stories behind successful entrepreneurs. In this broadcast, Josh shares strategies for navigating some of the unique challenges cannabis businesses face, including: tax planning and preparation; options for corporate... continue reading

AAFCPAs to Present Workshop on Right-Sizing Your Finance Function at Cannabis Convention, Boston

AAFCPAs to Present Workshop on Right-Sizing Your Finance Function at Cannabis Convention, Boston

AAFCPAs has been selected to present an educational workshop: Right-Size Your Finance Function at the 5th Annual New England Cannabis Convention, March 22-24th, 2019, at the Hynes Convention Center, Boston MA. The New England Cannabis Convention in Boston is considered the can’t-miss event of the year by cannabis growers and business cultivators across the region. This will be the largest, most important cannabis industry event on the East Coast. Right-Size... continue reading

Updates for Nonprofits under the New Tax Act

This blog was revised on 10/10/19. 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. What is Considered a Nondeductible Parking Expense that will now Trigger Unrelated Business Income Tax (UBIT)? On December 10, 2018, the IRS issued Notice 2018-99 which provides guidance on nondeductible parking fringe benefit... 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 Strategists 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 TCJA... continue reading