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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 is a secure application that will allow you to easily collect, store, and retrieve your... continue reading

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 fringe benefits, how changes influence the way donors approach their giving, and more. These audio... continue reading

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 this repeal will be retroactive, as if the original provision was never included in the... continue reading

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 benefits provided to employees. AAFCPAs has followed this legislation closely and witnessed first-hand the monumental... continue reading

AAFCPAs’ Joyce Ripianzi to Present Accounting & Tax Update for Nonprofit EDs and Board Members

AAFCPAs Partner Joyce Ripianzi, CPA has been selected to present an educational Accounting & Tax Update on March 9th as part of the Essex County Community Foundation’s 10th Annual Institute for Trustees. This annual event is designed to provide education, training and best practices for first year board members as well as the most seasoned trustees. In this extended workshop session, Joyce will provide key considerations and best practice recommendations... continue reading

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 10, 2018, the IRS issued Notice 2018-99 which provides guidance on nondeductible parking fringe benefit... continue reading

What Nonprofits Need to Know about the TCJA: AAFCPAs to Present a Members-Only Webinar for the Providers’ Council

What Nonprofits Need to Know about the TCJA: AAFCPAs to Present a Members-Only Webinar for the Providers’ Council

AAFCPAs Tax Consulting Strategists Joshua England, JD, LLM, and Chris Consoletti, JD will present a Tax Cuts and Jobs Act educational workshop on December 10th at 12pm, for the benefit of the Massachusetts Council of Human Service Providers, Inc. (The Providers’ Council). The Tax Cuts and Jobs Act (TCJA) represents a dramatic overhaul of the U.S. tax code, and includes widespread changes to the tax rules affecting charitable nonprofits. Several TCJA... continue reading

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 provisions of the massive Tax Cuts and Jobs Act (TCJA) go into effect this year,... continue reading

AAFCPAs Outlines State Applicability, IRS Guidance Related to TCJA that Nonprofits Need to Know

AAFCPAs would like to make Tax Exempt Organizations aware of state by state applicability and recent IRS guidance on the Tax Cuts and Jobs Act, known officially as H.R. 1, (the “TCJA”) and how it pertains to charitable nonprofits. AAFCPAs has outlined the following applicability and guidance that are especially noteworthy: State by state applicability of TCJA changes to nonprofits As outlined in an earlier post, the TCJA enacted widespread... continue reading