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AAFCPAs Nonprofit Revenue Recognition Guidance Webinar Available OnDemand

AAFCPAs’ Nonprofit Revenue Recognition Guidance Webinar, presented live on Wednesday, May 23rd, 2018, is now available 24/7 via our website. Access the recording OnDemand Here: https://www.aafcpa.com/webinar/aafcpas-nonprofit-revenue-recognition-guidance-webinar/ For your convenience, you may download the slides from the May 23rd presentation here: http://info.aafcpa.com/webinar-2018-rev-rec-np AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly provide nonprofit finance executives with an understanding of how the new standard could impact revenue recognition and company policies, and what they should... continue reading

AAFCPAs Best Practice Recommendations for Complying with DESE, and Managing Board and Management Conflicts of Interests

The Massachusetts Department of Elementary and Secondary Education (DESE) Office of Charter Schools’ Charter School Audit Guide (the Guide) includes compliance requirements relating to the review and assessment of related party disclosures.  Now that DESE has moved to an online management system for the collection of conflict of interest forms from members of a School’s Boards of Trustees, the Guide no longer requires auditors to specifically review these conflict of... continue reading

Net Asset Classification Considerations for Nonprofits Implementing the Financial Statement Presentation Standards

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. ASU 2016-14 affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY 2019). Net Asset... continue reading

Liquidity Considerations for Nonprofits Implementing the New Financial Statement Presentation Framework

AAFCPAs advises nonprofits in assessing the impact of the new Accounting Standards Update (ASU) No. 2016-14, Not-for-Profit Entities (Topic 958): Presentation of Financial Statements of Not-for-Profit Entities, and we provide guidance throughout the transition process. ASU 2016-14 affects nonprofit organizations in all industries (i.e. healthcare, affordable housing, social services, foundations and education) and is effective for fiscal years beginning after December 15, 2017 (CY 2018 or FY 2019). Liquidity and... continue reading

Webinar: AAFCPAs Revenue Recognition Guidance for Nonprofits

Webinar: AAFCPAs Revenue Recognition Guidance for Nonprofits

Join AAFCPAs on Wednesday, May 23rd from 12-1pm for a live, 1-hour revenue recognition implementation webinar! AAFCPAs’ Matt Hutt, CPA, CGMA, Courtney McFarland, CPA, MSA and Emily Donnelly will provide nonprofit finance executives with an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. Reserve Your Seat >> and please share with anyone who may benefit from attending this webinar.... continue reading

SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Nonprofits

SAVE THE DATE: AAFCPAs to Share Valuable Revenue Recognition Guidance for Nonprofits

AAFCPAs will present two educational webinars, providing an overview of new Revenue Recognition standards for Commercial Businesses and Nonprofit Organizations. Attendees will gain an understanding of how the new standards could impact revenue recognition and company policies, and what they should be doing now to prepare for adoption. SAVE THE DATE! AAFCPAs Educational Webinar: Revenue Recognition for Nonprofits When: Wednesday, May 23rd, 2018 | 12:00pm – 1:00pm (1 CPE Credit)... continue reading

MA Form 3ABC due by 3/1 to avoid local property taxes

The Massachusetts “Return of Property Held for Charitable Purposes” (Form 3ABC) provides for an exemption from local taxation on personal and real property for eligible charitable organizations. As a reminder, in order to be exempt, you must file an annual Form 3ABC, due at the Assessor’s Office no later than March 1, in each city or town in which your organization owns real or personal property.  A copy of your most recently... continue reading

AAFCPAs Provides Guidance on Business Tax Provisions in 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 TCJA represents a dramatic overhaul of the U.S. tax code, and the final legislation is lengthy and complex. AAFCPAs’ Tax Practice provides an overview of the major provisions affecting commercial businesses. Change in Tax Rates Starting in 2018, the tax rate imposed on C corporations has been reduced from 34% to... continue reading

Congress Passes Another Two-Year Suspension of the Medical Device Excise Tax

AAFCPAs would like to make clients aware that the Medical Device Excise Tax (“MDET”) has once again been suspended for 2018 and 2019, retroactive to January 1, 2018. MDET is a 2.3% tax on medical devices, enacted effective January 1, 2013.  The tax applied to manufacturers and importers of certain medical devices, as defined by the US Food and Drug Administration under section 510(j) of the Federal Food, Drug and... continue reading

Financial and Estate Planning Opportunities Related to the New Tax Law

The Tax Cuts and Jobs Act (“The Act”) reflects a widespread change not seen in over 30 years. The architects of the legislation hoped this tax overhaul would allow a simplification of the US tax code. Unfortunately, what is clear since the bill’s signing is the additional complexity, and most provisions have taken effect immediately in 2018. AAFCPAs Wealth Management provides the following general outline for clients and friends of... continue reading