Nonprofit Tax
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 […]
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 […]
AAFCPAs to Present Educational Webinar on Identifying Form 990 Audit Triggers and Remedying Prior Year Filings
AAFCPAs’ Jeanie Gorlovsky-Schepp presented an educational workshop on Tuesday, January 30th titled: “Correcting Common Form 990 Errors: Penalty Abatements, Fixing Prohibited Transactions, and Reconciling Related Organization Transaction Errors.” This session is part of the Strafford Live Webinar series. Jeanie joins a panel providing nonprofit and exempt organizations with practical guidance to identify, avoid, and correct […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]