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IRS Releases Guidance on Accounting Method Changes for Small Businesses

On August 3, 2018, the IRS released Revenue Procedure 2018-40, which provides advance guidance for eligible small business taxpayers to apply for certain automatic accounting method changes introduced through the tax reform signed into law by President Trump on December 22, 2017. Rev. Proc. 2018-40 presents an amendment to Rev. Proc. 2018-31 to modify existing automatic changes in methods of accounting in order to implement the legislative changes of the... continue reading

Tax Cuts and Jobs Act: Opportunity Funds Target a New Pool of Investors to Affordable Housing Projects

Tax Cuts and Jobs Act: Opportunity Funds Target a New Pool of Investors to Affordable Housing Projects

AAFCPAs would like to make clients aware that The Tax Cuts and Job Act (TCJA) created a new investment vehicle known as “Opportunity Funds,” which could potentially target a new pool of investors to affordable housing projects.  To benefit from this newly developed program, the project must be in a Qualified Opportunity Zone approved by the U.S. Department of Treasury, which reside primarily in economically distressed areas. Opportunity Funds will... continue reading

Educational Podcast: The Tax Cuts and Jobs Act, and What Nonprofits Need to Know

Educational Podcast: The Tax Cuts and Jobs Act, and What Nonprofits Need to Know

Listen to Podcast Click here to listen to podcast or use the above media player. The Tax Cuts and Jobs Act, known officially as H.R. 1, (The Act) represents a dramatic overhaul of the U.S. tax code, and includes widespread changes to the tax rules affecting charitable nonprofits. AAFCPAs Joshua England, JD, LLP, Trust, Estate, Tax and Nonprofit Strategist provides an overview of how The Act impacts nonprofits, including guidance on operational... continue reading

Charitable Planning After the TCJA Tax Law Changes

Charitable Planning After the TCJA Tax Law Changes

It can be argued that the most sweeping changes to the tax code in the past 30 years occurred last December, with the passing of the Tax Cuts & Jobs Act (TCJA). AAFCPAs Wealth Management urges clients to carefully consider charitable planning now. Charitable giving, in some instances, may not provide the same tax benefit as it once did. We would like to highlight planning techniques to consider in response... continue reading

IRS’s Position on Taxability of Qualified Transportation Benefits is Broad Reaching, Adversely Affecting Many Nonprofits

As expected, the IRS has clarified the interpretation of its unrelated business income (UBI) regulations and confirmed the taxation of qualified transportation benefits, whether provided directly by you, through a bona fide reimbursement arrangement, or through a compensation reduction agreement. For-profit entities are no longer able to deduct these qualified fringe benefits programs for their employees and non-profit entities are now required to report them as UBI. Under the new... continue reading

AAFCPAs Presents: How the Tax Act Will Impact Business Owners, an Educational Workshop for XPX New England

AAFCPAs Presents: How the Tax Act Will Impact Business Owners, an Educational Workshop for XPX New England

AAFCPAs’ Partner Richard Weiner, CPA, MST will present an educational workshop on February 27th for Exit Planning Exchange (XPX New England) members on how the Tax Cuts and Jobs Act (H.R. 1) will impact business owners. The biggest tax overhaul in more than two decades has officially been signed into law, and businesses are scrambling to figure out what this means for their bottom line, workforce, and more. Rich will... 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

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

Tax Act Eliminates or Curtails Business Expense Deductions for Entertainment, Commuting Benefits, and Meals

AAFCPAs would like to make clients aware that the Tax Cuts and Jobs Act (“the Act”) has either eliminated or curtailed business expense deductions for most entertainment, meals, and commuting benefits starting in 2018. Entertainment expenses Deductions for entertainment expenses that were directly related to, or associated with the active conduct of the trade or business were eliminated by the Act starting in 2018. As directly-related and associated entertainment expenses... continue reading

Sweeping Changes Come to Tax Exempt Organizations Under the New Tax Bill

AAFCPAs would like to make Tax Exempt Organizations aware that the Tax Cuts and Jobs Act, known officially as H.R. 1, (the “Act”) has enacted widespread changes to the tax rules affecting charitable nonprofits.  AAFCPAs has outlined four changes that are especially noteworthy: There is now a 21% excise tax on executive compensation exceeding $1 million: This excise tax rate is equal to the new corporate tax rate under the... continue reading