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AAFCPAs Highlights Provisions in Proposed Tax Legislation and Planning Opportunities for Businesses & Individuals

The US House of Representatives’ tax writing committee has released its first draft of proposed tax legislation. Many of its provisions have been the subject of news articles and debate. Highlights include the following: Limitation of the mortgage interest deduction to $500,000 of new debt Capping the deduction for property taxes to $10,000 Eliminating the deduction for state income taxes Doubling of the standard deduction to $24,000 for joint filers... continue reading

Cautionary Tales: When year-round communication is left out of tax planning

The pace of change in business is rapid, and as you know, executive leadership must be poised to quickly respond to challenges and seize opportunities as they arise. Often, decisions made throughout the year in response to challenges and opportunities have tax implications. In some cases, the tax benefits of these decisions have windows of opportunity that can close if held and only addressed at year-end. In other cases, tax... continue reading

How Your Form 990 May Trigger an Audit

AAFCPAs would like to make our clients aware that the IRS is now taking a data-driven approach to reviewing the Form 990, Return of Organization Exempt From Income Tax, to scrutinize governance, accountability and oversight of exempt organizations.   The IRS’s Exempt Organizations (EO) compliance specialists are now using data queries to better focus their examination plans on areas or issues where there may be greater risks of non-compliance. IRS Exempt... continue reading

Guidance on New Lease Accounting Standard

In 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions.   AAFCPAs has summarized some of the most significant changes resulting from the new ASU for your convenience: Operating leases will now be recorded in the balance sheet as assets and liabilities if the lease term is greater than 12 months. Prior to this new standard, U.S. GAAP required only capital... continue reading

How Will the Election Impact Your Taxes?

As the 2016 US Presidential Election approaches, AAFCPAs’ Richard Weiner shares his viewpoints on the short and long-term tax impact Clinton or Trump presidency may have, as well as an analysis of how Republican’s and Democrat’s respective tax plans may impact clients. How quickly will the new President impact you personally or professionally? The composition of Congress, especially the House of Representatives, has much more impact than does the incoming... continue reading

Biggest Improvement of Financial Reporting Guidance in Two Decades for Not-for-Profit Entities

On August 18, 2016, the FASB issued a final ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, to improve financial reporting guidance for not-for-profit entities (NFPs).  The existing financial reporting guidance was established in 1993 when the FASB issued the Statement of Financial Accounting Standards (AFAS) No. 117, Financial Statements of Not-for-Profit Organizations.   Although the FASB noted the current guidance is sound, it could be... continue reading

Form SF-SAC Submission for Single Audits Deadline Extended

The U.S. Office of Management and Budget (OMB) created, but has yet to issue its new data collection form (Form SF-SAC) applicable to single audits performed under Uniform Guidance (UG).  Nonprofits whose audits were performed under the Uniform Guidance are unable to submit the Form SF-SAC and their reporting package to the Federal Audit Clearinghouse (FAC) at this time.  In response to the delay, the OMB has determined that any... continue reading

Josh England, Esq. to Present Nonprofit Legal Seminar on Online Fundraising

AAFCPAs Nonprofit Tax Attorney Josh England will volunteer his efforts and lead Lawyers Clearinghouse’s Legal Workshop for Nonprofits: Online Fundraising:  Is Your Nonprofit in Compliance? Online fundraising is a commonplace feature for many charities; however, many do not realize they are not in compliance with the myriad federal and state fundraising rules and regulations.  Is your nonprofit in compliance with pertinent law, such as Massachusetts data security and fundraising regulations?... continue reading

Nonprofit Financial Statement Project/ASU Update – FASB Announces Transition Method and Effective Dates

The Financial Accounting Standards Board (FASB) reached much anticipated decisions regarding the transition and effective date for its Nonprofit Financial Statements Project, as of their most recent Board Meeting (3/30/16).  The proposed Accounting Standards Update (ASU) would affect substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements.  Details regarding the transition method and effective date are summarized below: Transition Method FASB decided that... continue reading

MA DOR Announces Tax Amnesty 2016

AAFCPAs would like to make you aware that the Massachusetts Department of Revenue (DOR) has recently announced a 2016 Tax Amnesty Program, open to all individuals and businesses who have not filed all Massachusetts tax returns, or have underreported taxes on previously filed returns. The tax amnesty program is a limited-time opportunity, and allows taxpayers to save on certain penalties, including criminal prosecution. AAFCPAs reminds readers that amnesty programs do... continue reading