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AAFCPAs Reminds Those With Foreign Assets of Annual April 15 FBAR Deadline

AAFCPAs reminds our clients who have an annual FBAR filing requirement to be sure to report their foreign assets by the IRS’ April 15, 2019 deadline. Similar to prior years, automatic relief is available. The IRS and US Treasury recently announced that the Financial Crimes Enforcement Network (FinCEN) will now grant filers missing the April […]

Notice of IRS Changes to Group Exemptions and Group Returns

AAFCPAs would like to make our nonprofit clients aware that as of January 1, 2019, the IRS stopped mailing lists of parent and subsidiary accounts to central organizations (group ruling holders) for verification and return. If your organization is the Central Organization of a group exemption, historically you would have received an annual mailing from […]

IRS Expands Underpayment and Under-withholding Relief

The Internal Revenue Service announced on Friday, March 22, that they are expanding penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief […]

New Partnership Level IRS Audit Rules in Effect

New Partnership Level IRS Audit Rules in Effect

AAFCPAs would like remind clients that, effective for tax years beginning after December 31, 2017, the IRS has instituted new centralized partnership audit rules under the Bipartisan Budget Act (BBA) of 2015.  As mentioned in a prior blog, these rules introduced the role of a Partnership Representative and provide for the assessment and collection of […]

IRS to Waive Tax Penalties for Underwithholding and Underpayment

The Internal Revenue Service (IRS) announced on Wednesday, January 16, 2019 that it is waiving a penalty for some Americans who may have unintentionally underpaid their 2018 tax liabilities. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal […]

Updates for Nonprofits under the New Tax Act

This blog was revised on 10/10/19. AAFCPAs would like to make Tax Exempt Organizations aware of recent legislative and regulatory updates related to the Tax Cuts and Jobs Act, (“TCJA”) and how these may affect charitable nonprofits. What is Considered a Nondeductible Parking Expense that will now Trigger Unrelated Business Income Tax (UBIT)? On December […]

IRS Issues Tax Guidance on TCJA Changes on Business Expense Deductions for Meals, Entertainment

AAFCPAs would like to make clients aware that on October 3rd, 2018, the Internal Revenue Service (IRS) issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement […]

IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits

The IRS recently released proposed regulations addressing the state and local itemized tax deduction, available to individual taxpayers on their Federal tax returns.  The regulations also apply to trusts and decendents’ estates. Under the Tax Cuts and Jobs Act, the state and local tax deduction (consisting primarily of income, real estate and other property, and […]