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The MA Attorney General Launches Online Payment System (ePay) to Accept Fees from Charities

The Massachusetts Office of the Attorney General (AGO), Division of Public Charities office has announced the launch of its statewide, online payment system to accept annual filing fees from registered charities.  Any public charity that is registered with the AGO and has an Attorney General Number may now use the ePay site to remit their filing fee for Annual Filings. The online system will accept payment via electronic fund transfer... continue reading

AAFCPAs’ Update on Decisions Reached in FASB NFP Financial Statements Project

The Financial Accounting Standards Board (FASB) is evaluating 263 comment letters, including feedback from AAFCPAs, as part of their invitation to stakeholders for review and input on the proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities.   As part of its current Technical Plan, the FASB is deliberating these comments, and has separated the project into... continue reading

FASB Issues Standards for Recognition and Measurement of Financial Assets and Liabilities

AAFCPAs wants to alert you to this change from the Financial Accounting Standards Board (FASB).  In their effort to provide users of financial statements with more useful information on the recognition, measurement, presentation, and disclosure of financial instruments, on January 5, 2016 the FASB issued a new Accounting Standards Update (ASU) No. 2016-01, Financial Instruments, Overall (Subtopic 825-10): Recognition And Measurement Of Financial Assets And Financial Liabilities. The standard affects... continue reading

2016 Standard Mileage Rates

The IRS has issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 54 cents per mile for business miles driven, down from 57.5 cents for 2015 19 cents per mile driven for... continue reading

New IRS Employer Reporting Requirements Under ACA

AAFCPAs reminds clients that, pursuant to the Affordable Care Act (ACA), the employer information reporting provision for offers of minimum essential coverage, which applies only to applicable large employers, is now in effect. Do you qualify as an ALE? An applicable large employer (ALE) is, for a particular calendar year, any single employer, or group of employers treated as an Aggregated ALE Group, that employed an average of at least... continue reading

CFOs Embrace the Cloud for Scalability, Reliability, and Independence

CFOs are more commonly migrating services to the Cloud in order to unlock benefits that can help them free up resources and achieve a new level of scalability. They and their management teams are capturing greater reliability, cost-effectiveness, and security through the right Cloud services. The Cloud used to fall mainly under the jurisdiction of IT departments. However, as CFOs participate more and more in the technology shift across the... continue reading

HUD Extending the Due Date for Certain Financial Statements

Recent Security Breach Leads to Global Extension for Owners with 6/30/15 Fiscal Year Ends The U.S. Department of Housing and Urban Development (HUD) has issued a blanket extension for all 6/30/15 fiscal year end Real Estate Assessment Center (REAC) submissions (both owner and CPA certified) from the original due date (9/30/15) to 10/31/15.  The reason behind the extension as noted by HUD is but noted below: A recent security breach... continue reading

Navigating Charity Evaluators

How nonprofits can positively impact their rating Communication and transparency are paramount for companies looking to win over advocates in the information age, and the nonprofit sector is no exception. Just as Yelp transformed business reviews and TripAdvisor changed the way the world chooses vacation destinations, evaluation tools are impacting donor perception of charities. The space is led by Charity Navigator, but competing tools such as Charity Watch and GiveWell... continue reading

Proposed Nonprofit Financial Statement Format Changes

On April 22, 2015, the FASB issued a proposed Accounting Standards Update (ASU) entitled Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities.  The proposed ASU is intended to improve the financial reporting of not-for-profit entities (NFPs) and to provide more useful information to the donors, creditors, grantors and others that use these financial statements. The proposed ASU is applicable to all... continue reading