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AAFCPAs Tax Practice Announces New IT Solutions and Process Improvements

The Tax Practice of AAFCPAs is excited to introduce new IT solutions and process improvements that will add efficiency and ease to your client experience for the 2019 tax return filing season. Please review the information below as you may need to take action in order to avail yourself of these new tools. TaxCaddy TaxCaddy […]

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.

Podcast: AAFCPAs’ 2019 Nonprofit Tax Update

Listen to Podcasts:   The IRS issued new guidance related to the Tax Cuts & Jobs Act (TCJA) and the widespread changes affecting charitable nonprofits. In this podcast, AAFCPAs’ in-house Tax Consulting Strategist Josh England provides guidance on the TCJA’s impact on nonprofit operations and filing requirements, including: UBIT changes, “siloing” requirements, taxability of qualified transportation […]

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 Urges Repeal of Nonprofit Transportation Tax

AAFCPAs Urges Repeal of Nonprofit Transportation Tax

AAFCPAs has sent a letter to Congressman Richard Neal (D-Mass.), Chair of the tax-writing Ways and Means Committee, asking him to lend his support to nonprofits by helping to repeal Internal Revenue Code Section 512(a)(7). Section 512(a)(7) of the new tax code requires nonprofits to now pay a burdensome tax on parking and transportation fringe […]

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 […]

AAFCPAs Releases 2018-2019 Tax Planning Guide for Businesses & Individuals

AAFCPAs Releases 2018-2019 Tax Planning Guide for Businesses & Individuals

Looking for our latest tax guide? Click here for AAFCPAs’ 2019-2020 Tax Guide. Although you cannot avoid taxes, you can take steps to minimize them. This requires proactive tax planning, including estimating your tax liability, looking for ways to reduce it, and taking timely action. In 2018, tax planning is more complicated than usual. Most […]