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New Revenue Recognition Accounting for Nonprofits: Contribution or Exchange Transaction?

On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This ASU clarifies and reduces the current diversity in practice in accounting for grants and contributions, particularly for grants and contracts from governmental entities.  We outlined the main provisions of ASU 2018-08 in a blog... continue reading

AAFCPAs Shares Tax Expertise at MNN Annual Conference

AAFCPAs will happily present an educational workshop on How New Federal Tax Laws Impact Nonprofits at The Massachusetts Nonprofit Network’s (MNN) 2019 Annual Conference in Framingham, MA on October 16th. Tax Update: How New Federal Tax Laws Impact Nonprofits The IRS issued new guidance related to the Federal Tax Cuts & Jobs Act’s (TCJA) widespread changes affecting charitable nonprofits. AAFCPAs’ Partner Joyce Ripianzi, CPA and Tax Strategist Brittany Besler, CPA,... continue reading

AAFCPAs 2019 Nonprofit Seminar Keynote: Jo Ann Simons, CEO, Northeast Arc

Listen to Podcasts: Jo Ann is the Executive Director of AAFCPAs’ client Northeast Arc, a large multi-service nonprofit with an operating budget of $280 million serving over 10,000 people annually in Massachusetts. The goal of the Northeast Arc is to ensure that children and adults with disabilities are able to live, work, engage in civic life and play in the community. Jo Ann shares her inspiring experiences successfully harnessing the... 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

Eye on Cyber: A Day in the Life of an Ethical Hacker

Listen to Podcasts:   “Innovation, organization, and sophistication—these are the tools of cyber attackers as they work harder and more efficiently to uncover new vulnerabilities,” reports Symantec in their 2018 Internet Security Threat Report. Ethical hacking services are a great way for organizations to unearth security weaknesses before they can be exploited by online criminals. In this instructive session, AAFCPAs’ IT Security professionals James Jumes and Vassilis Kontoglis go behind the disguise with our... 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

Donor Advised Funds: Compelling Talking Points for Fundraisers

Listen to Podcasts:   The giving vehicle used more and more often by major gift donors is the donor-advised fund (DAF). AAFCPAs Wealth Management advises our nonprofit clients to become familiar and able to articulate the various types and uses of DAFs. AAFCPAs’ Wealth Advisor Jonathan Bloom outlines the key points pertinent to DAFs becoming more mainstream since the Tax Cuts & Jobs Act as a preferred method by which donors will manage their... continue reading

Employee Benefit Plan Health Check

Listen to Podcasts:   Performing a regular and independent assessment or “health check” of your retirement plan can ensure your organization’s plan remains properly designed for your employee population and delivering the best possible benefit with the least amount of risk & cost. Davide Villani, leader of AAFCPAs’ specialized Employee Benefit Plan Audit & Consulting Practice, outlines typical improvements recommended by AAFCPAs following a plan assessment, and shares some common plan... continue reading

AAFCPAs’ Tax Strategist Provides Pro Bono Legal Workshop for Lenny Zakim Fund Grantees

AAFCPAs’ Tax Strategist Provides Pro Bono Legal Workshop for Lenny Zakim Fund Grantees

AAFCPAs Tax Strategist Brittany Besler, CPA, JD, MBA volunteered her expertise and led a legal workshop: How to Maintain Nonprofit, Tax-Exempt, and Public Charity Status on May 14th in Boston, MA. This pro bono legal assistance workshop was developed at the request of the Lenny Zakim Fund for the benefit of their grantees: small, non-profit organizations with limited ability to raise other funds. Brittany answered general questions and provided grantees with an overview... continue reading