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Educational Podcast: The Tax Cuts and Jobs Act, and What Nonprofits Need to Know

Educational Podcast: The Tax Cuts and Jobs Act, and What Nonprofits Need to Know

Listen to Podcast Click here to listen to podcast or use the above media player. The Tax Cuts and Jobs Act, known officially as H.R. 1, (The Act) represents a dramatic overhaul of the U.S. tax code, and includes widespread changes to the tax rules affecting charitable nonprofits. AAFCPAs Joshua England, JD, LLP, Trust, Estate, Tax and Nonprofit Strategist provides an overview of how The Act impacts nonprofits, including guidance on operational... continue reading

IRS’s Position on Taxability of Qualified Transportation Benefits is Broad Reaching, Adversely Affecting Many Nonprofits

As expected, the IRS has clarified the interpretation of its unrelated business income (UBI) regulations and confirmed the taxation of qualified transportation benefits, whether provided directly by you, through a bona fide reimbursement arrangement, or through a compensation reduction agreement. For-profit entities are no longer able to deduct these qualified fringe benefits programs for their employees and non-profit entities are now required to report them as UBI. Under the new... continue reading

IRS Proposes Substantial Changes to the Use of Donor Advised Funds

On December 4, 2017 the IRS issued Notice 2017-73 providing proposed regulations under Internal Revenue Code § 4967 and requesting comments on issues involving sponsoring organizations’ Donor Advised Funds (“DAFs”). While these regulations are only being proposed at this time, Taxpayers may rely on the rules regarding fulfillment of donor pledges immediately. Public Support Test Treatment of DAF Grants Currently, donors could establish a DAF and use it to fund... continue reading

Sweeping Changes Come to Tax Exempt Organizations Under the New Tax Bill

AAFCPAs would like to make Tax Exempt Organizations aware that the Tax Cuts and Jobs Act, known officially as H.R. 1, (the “Act”) has enacted widespread changes to the tax rules affecting charitable nonprofits.  AAFCPAs has outlined four changes that are especially noteworthy: There is now a 21% excise tax on executive compensation exceeding $1 million: This excise tax rate is equal to the new corporate tax rate under the... continue reading

AAFCPAs’ Tax Practice Recommends Individual Tax Planning Considerations with Respect to the Tax Cuts and Jobs Act

On Friday, December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (H.R. 1) (the “TCJA”). The final legislation is lengthy and complex, and the AAFCPAs tax practice recommends the following individual tax planning considerations. As mentioned in a previous blog, the law specifically disallows the strategy of prepaying 2018 state income taxes before December 31, 2017. Prepayment of some property taxes may be advisable for taxpayers not... continue reading

AAFCPAs Shares Valuable Tax Insights in 2017 Year-End Corporate and Individual Tax Planning Webinar

AAFCPAs presented this webinar on Tuesday, November 14th from 12-1pm in a live, 1-hour corporate and individual tax planning session. As you are aware, there is potential for dramatic changes in Federal and State tax law on the horizon which, more than ever, requires a multi-year approach to tax planning. AAFCPAs’ Richard Weiner, CPA, MST, Bella Amigud, CPA, and Josh England, JD, LLM provide business owners, finance executives, and their business advisors with valuable information so... continue reading

How Tax Law Changes May Impact Charitable Giving

Listen to Podcast Click here to listen to podcast or use the above media player. You may have noticed an influx of donors paying off their pledges at the end of December 2016. AAFCPAs looks at the blueprint for tax reform put forth by Republican House Ways and Means Committee members, the deliberations of the Senate Finance Committee’s bipartisan tax reform working groups, and the tax proposals of President Trump... continue reading

AAFCPAs releases 8-part educational podcast series, designed to help nonprofits thrive

AAFCPAs releases 8-part educational podcast series, designed to help nonprofits thrive

AAFCPAs is excited to announce the release of our 8-part educational podcast series offering actionable takeaways for organizations to improve efficiency, effectiveness and performance controls. This collection of podcasts is the 2nd series of recordings from AAFCPAs’ Annual Nonprofit Educational Seminar. These podcasts, and accompanying introductory videos, feature full audio of thought-provoking sessions recorded on May 3rd, 2017 in front of a live audience of 300+ nonprofit executives and board members.  Several... continue reading

IRS Section 2704 Proposed Regulations Could Eliminate Significant Estate Planning Technique for Family-Controlled Entities

The IRS has issued Proposed Regulations under Internal Revenue Code § 2704 that may dramatically reduce the ability to apply discounts in valuing the interests of many family-controlled entities for estate gift and generation skipping tax purposes.  Specifically, the proposed regulations may significantly restrict the application of lack of control or marketability discounts in determining the fair market value of transferred interests. AAFCPAs urges individuals with substantial net worth to... continue reading

Josh England, Esq. to Present Nonprofit Legal Seminar on Online Fundraising

AAFCPAs Nonprofit Tax Strategist Josh England will volunteer his efforts and lead Lawyers Clearinghouse’s Legal Workshop for Nonprofits: Online Fundraising:  Is Your Nonprofit in Compliance? Online fundraising is a commonplace feature for many charities; however, many do not realize they are not in compliance with the myriad federal and state fundraising rules and regulations.  Is your nonprofit in compliance with pertinent law, such as Massachusetts data security and fundraising regulations?... continue reading