Regulatory Alerts (All)
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 […]
AAFCPAs’ Joyce Ripianzi to Present Accounting & Tax Update for Nonprofit EDs and Board Members
AAFCPAs Partner Joyce Ripianzi, CPA has been selected to present an educational Accounting & Tax Update on March 9th as part of the Essex County Community Foundation’s 10th Annual Institute for Trustees. This annual event is designed to provide education, training and best practices for first year board members as well as the most seasoned […]
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 […]
FQHCs: 2019 New Medicare Services and G Code Payment Updates
AAFCPAs would like to make Rural Health Clinic (RHC) and Federally Qualified Health Center (FQHC) clients aware that the Centers for Medicare & Medicaid Services (CMS) has issued important reimbursement updates related to virtual communication services, and Medicare G Code rates for 2019. Virtual Communication Services Effective January 1, 2019, RHCs and FQHCs may now […]
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 […]
Year in review: The Top 10 Insights from 2018
2018 was a big year for finance professionals, with monumental changes in tax code & accounting rules, and other significant challenges & opportunities affecting commercial businesses, nonprofits, and individuals & their families. Below are AAFCPAs’ most widely-read news alerts & insights in the past year: AAFCPAs’ 2018-2019 Tax Planning Guide for Businesses & Individuals Financial […]
FASB Issues ASU 2018-17: Targeted Improvements to Related Party Guidance for Variable Interest Entities
AAFCPAs would like to make clients aware that the Financial Accounting Standards Board (FASB) on October 31, 2018, issued an Accounting Standards Update (ASU) that reduces the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs). A VIE is an organization in which consolidation is not based on a majority […]
AAFCPAs Outlines State Applicability, IRS Guidance Related to TCJA that Nonprofits Need to Know
AAFCPAs would like to make Tax Exempt Organizations aware of state by state applicability and recent IRS guidance on the Tax Cuts and Jobs Act, known officially as H.R. 1, (the “TCJA”) and how it pertains to charitable nonprofits. AAFCPAs has outlined the following applicability and guidance that are especially noteworthy: State by state applicability […]
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 […]