Nonprofit Tax
Understanding the One Big Beautiful Bill’s Effects on Nonprofits
On July 4, 2025, President Trump signed into law H.R.1, commonly known as the One Big Beautiful Bill (OBBB) Act. The legislation includes several provisions that may affect charitable organizations. Corporate Giving Floor. Under the OBBB, corporations can claim a charitable deduction only if contributions exceed one percent of taxable income. Corporations may carry forward […]
Maximizing Meal Expense Deductions: IRS Rules and Exceptions Every Organization Should Know
Meal Expenses: An Overlooked Tax Opportunity Meal expenses are often an overlooked area in tax planning, with significant potential to affect an organization’s bottom line. While the IRS generally allows only a 50 percent deduction under IRC §274, certain circumstances may permit full deductibility. Understanding these exceptions enables businesses, including tax-exempt organizations that may incur […]
Seminar Recap: Navigating EOs: What Nonprofits Need to Know
Navigating Executive Orders: What Nonprofits Need to Know | Webinar On-Demand During AAFCPAs’ recent Nonprofit Seminar (April 2025), AAFCPAs’ consulting attorneys Joshua England and Chris Consoletti presented practical guidance on how executive orders may affect nonprofit operations to more than 550 attendees. A reality for many nonprofits is that they are already attempting to navigate […]
CHIA Sets June 24 Filing Deadline for CHC Cost Report
AAFCPAs advises that Massachusetts-based Community Health Centers (CHCs) begin preparing now for the fiscal year 2024 Community Health Center Cost Report. The Center for Health Information and Analysis (CHIA) has announced a due date of June 24, 2025 for all CHCs, regardless of fiscal year-end. AAFCPAs advises that you not delay. Our Cost Report Team […]
Wait to the last minute on your tax return? Here are some tips.
NBC Boston (April 2,2025)- Tax day is almost here. This year, all federal and state returns must be filed by the April 15 deadline. If you’re dreading doing your taxes, you’re not alone. Nearly a third of Americans admit to procrastinating and waiting until the last minute to file their paperwork. Tomas Pueyo, a tax manager […]
Tax Planning For Life Sciences Amid Shifting Policies
Life Science Leader (February 11,2025) – In the life sciences sector, maintaining a strategic approach to tax planning has become increasingly complex, especially with ongoing regulatory changes affecting mergers, acquisitions, and how we treat research and development (R&D) expenses. Such tax policy shifts can directly affect corporate structure decisions, overall business strategy, and the ability […]
H.R. 9495: What Nonprofits Need to Know About the New Legislation
H.R. 9495, a bill granting the Treasury Secretary authority to revoke a nonprofit’s tax-exempt status over alleged ties to terrorism, passed the House along party lines but stalled in the Senate. While it has not yet been refiled, many anticipate it will be, with a potentially different outcome under the new congressional majority. While H.R. […]
1099 Reporting: Key Deadlines and Requirements for 2024
In this article: 1099 Reporting Requirements AAFCPAs reminds clients that payments exceeding $600 made to non-employees, including contractors and other service providers, must be reported to the IRS using Forms 1099. If your business hired consultants in 2024, paid dividends, or managed a complex debt structure involving independent contractors, you may face penalties if 1099 […]
Tax Season Brings Rise in Cyber Crime
Cybercriminals are looking for ways to capitalize on tax season, with scams on the rise as businesses and individuals prepare to file returns. This means the simple act of opening an email or answering a call could put you at risk of identity theft or return preparer fraud. Making matters worse is a rise in […]