Print Friendly, PDF & Email


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 […]

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 […]

AAFCPAs Releases 2019-2020 Tax Planning Guide for Businesses & Individuals

As we approach the second tax filing season under the monumental Tax Cuts & Jobs Act (TCJA), we now have a clearer and broader view of what the future holds for businesses, individuals, tax exempt and government entities. This view includes insight into opportunities and pitfalls to consider for 2019-2020. Download AAFCPAs’ 2019-2020 Tax Planning Guide for […]

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.

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 […]

AAFCPAs Presents Tax Strategies Post-TCJA at Vistage CEO Group

AAFCPAs’ tax strategists Dave McManus, CPA, CGMA and Joshua England, JD, LLM presented a tax strategizing session on June 17th, for the benefit of the regional Vistage group of CEOs. Dave and Josh shared the firm’s strategic tax insights with a distinguished group of executives, business leaders and CEOs on opportunities and challenges presented by […]

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 […]

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 […]