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US Treasury Announces 90-Day Delay in Tax Payment Deadline

AAFCPAs would like to make clients aware that the U.S. government announced on Tuesday, March 17, 2020 that certain individuals and corporations may delay their tax payments for 90 days from the April 15 deadline —or until July 15th—due to the coronavirus (COVID-19) pandemic. Individuals may defer up to $1 million in payments for 90 […]

Employment Tax Liability Not Shifted to Professional Employer Organizations

AAFCPAs would like to remind cannabis clients using or considering use of a Professional Employer Organization (PEO) that the employment tax liability is most often not shifted from your company, its management and owners, to the PEO. This is a common misconception, so much so, that the Internal Revenue Service issued regulations to help address […]

Form 1099-DIV Compliance Reminder & How to Determine Taxable Dividends

Form 1099-DIV Compliance Reminder & How to Determine Taxable Dividends

As the cannabis industry matures in Massachusetts, and investors begin to reap what they sowed, AAFCPAs reminds clients classified as Subchapter C corporations who paid distributions to shareholders in 2019 of their potential Form 1099-DIV compliance filing due to the Internal Revenue Service (IRS) by February 28, 2020 (or March 31, 2020 if e-filing). In […]

Form 8300 Jan 31 Compliance Reminder, Steps to Take when Missing a TIN

AAFCPAs would like to remind cannabis business clients of their potential January 31, 2020 Form 8300 reporting obligation. If you filed a Form 8300 in 2019, you must furnish a written statement to each person whose name was required to be included in the Form 8300 by January 31 (i.e. the year following the transaction). […]

House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits

House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits

AAFCPAs is excited to share with our nonprofit clients and their dedicated employees, on December 17, 2019, the House of Representatives passed an agreement (cited as the Taxpayer Certainty and Disaster Tax Relief Act of 2019, originally introduced in June 2019), which includes much welcomed provisions to repeal the tax on nonprofit transportation fringe benefits […]

IRS Provides Tax Inflation Adjustments for Tax Year 2020

AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax year 2020 adjustments generally are used on tax returns […]

Viewpoint: Nonprofits should stay vocal about transportation 'tax'

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.

IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers

AAFCPAs would like to make clients aware that the IRS is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Again, this is an automatic waiver, so there is no need to contact the IRS to apply for or request […]

Regulatory Update: Accounting Standards 2019

Listen to Podcasts: AAFCPAs’ Nonprofit Audit Leaders Matt Hutt, Katie Belanger, and Olga Yasinnik provide key considerations and best practice recommendations related to the implementation of new accounting standards, including: Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14, Topic 958):    Revenue from Contracts with Customers (ASU 2014-09, Topic 606), and Clarifying the Scope […]

How the Wayfair Decision Impacts Nonprofits

How the Wayfair Decision Impacts Nonprofits

On June 21, 2018, in a 5 to 4 vote, the United States Supreme Court, in South Dakota v. Wayfair, ruled that states were no longer bound by the physical presence test and could require out of state sellers to collect and remit sales tax based on economic nexus as long as certain criteria were met. AAFCPAs would […]