CDCs & Affordable Housing

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MA Nonprofit Annual Report Due by Nov 1

MA Nonprofit Annual Report Due by Nov 1

AAFCPAs reminds clients that every nonprofit corporation organized under the laws of the Commonwealth of Massachusetts must file a nonprofit Annual Report with the Corporations Division on or before November 1st of each year. Failure to file can lead to a loss of “good standing” as a corporation in Massachusetts. Learn more here: https://www.sec.state.ma.us/cor/corpweb/cornp/npfrm.htm

IRS Guidance Issued on Change in Useful Life for 2020 Tax Returns

IRS Guidance Issued on Change in Useful Life for 2020 Tax Returns

AAFCPAs would like to make clients aware that the IRS recently released long awaited guidance detailing how a taxpayer must change the method of computing depreciation to provide a 30-year recovery period under the alternative depreciation system (ADS) for some properties controlled by a business that started renting before 2018. Rev. Proc. 2021-28 explains how […]

Year-End Bill Impacts Community & Economic Development Industry

Year-End Bill Impacts Community & Economic Development Industry

AAFCPAs would like to make clients aware that the Consolidated Appropriations Act, 2021 (The Act), signed by the President on December 27th, contains several provisions impacting the Community & Economic Development Industry. We have outlined the key provisions below, for your convenience. Low-Income Housing Tax Credit 4% Permanent The Act makes permanent the floor rate […]

IRS Proposes LIHTC Average Income Test Regulations

IRS Proposes LIHTC Average Income Test Regulations

On October 30, 2020 the IRS published a proposed rule for the low-income housing tax credit (LIHTC) average income (AI) test regulations. The proposed rule provides that if a project has multiple over-income units, it would not need to meet the next-available-unit rule in any particular order. This proposed rule also provides some flexibility in […]

Chapter 257 Salary Report Due by January 15, 2021

Chapter 257 Salary Report Due by January 15, 2021

Updated 10.21.20: The Executive Office of Health and Human Services (EOHHS) has extended the deadline for the Chapter 257 Salary Report for FY 2019 – FY 2021. Please note that the Salary Report submission date is now January 15, 2021 to coincide with the submission of the FY2020 UFRs. This report is required by Chapter […]

HUD Announces COVID-19 Supplemental Payments for Properties

HUD Announces COVID-19 Supplemental Payments for Properties

AAFCPAs would like to make clients aware that the U.S. Department of Housing and Urban Development (HUD) recently announced (in Notice H 20-8) the availability of funds for COVID-19 Supplemental Payments (CSPs) for properties receiving project-based rental assistance under the Section 8, Section 202, or Section 811 Programs. Who is eligible? Property owners who currently […]

Cancelled Fundraising Events, Written Notice Requirements

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 […]

Viewpoint: Nonprofits should stay vocal about transportation 'tax'
Boston Business Journal BBJ

Viewpoint: Nonprofits should stay vocal about transportation 'tax'

Boston Business Journal | “Organizations are tax-exempt for a reason: to optimize their abilities to benefit society,” says Carla McCall, CPA, CGMA, AAFCPAs’ Co-Managing Partner. In this op-ed, Carla urges nonprofits to participate in the survey to show Congress how detrimental the original provision in the TCJA was to their mission.

Educational Podcast: CFO Survey Report: Behind Every Thriving Organization is a High-Functioning CFO
Matthew Boyle, CFO Survey Report: Behind Every Thriving Organization is a High-Functioning CFO

Educational Podcast: CFO Survey Report: Behind Every Thriving Organization is a High-Functioning CFO

Listen to Podcast Click here to listen to podcast or use the above media player. AAFCPAs, in collaboration with The Boston Chapter of Financial Executives International (FEI-Boston), conducted a survey of over 250 Chief Financial Officers in an effort to capture what issues are currently ‘top of mind’ for senior financial executives in the Northeast […]