Nonprofit Tax
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 […]
Josh England, Esq. to Present Nonprofit Legal Seminar on Online Fundraising
AAFCPAs Nonprofit Tax Strategist 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 […]
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 […]
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 […]
FASB Decisions Regarding NFP Financial Statements Project from March 2 Meeting
The Financial Accounting Standards Board (FASB) continued its Phase 1 deliberations at its March 2nd, 2016 Board Meeting on the proposed FASB Accounting Standards Update (ASU), Not-for-Profit Entities (Topic 958) and Health Care Entities (Topic 954): Presentation of Financial Statements of Not-for-Profit Entities. Significant Decisions Made at the Board’s March 2016 Meeting: The proposed ASU would […]
The MA Attorney General Launches Online Payment System (ePay) to Accept Fees from Charities
The Massachusetts Office of the Attorney General (AGO), Division of Public Charities office has announced the launch of its statewide, online payment system to accept annual filing fees from registered charities. Any public charity that is registered with the AGO and has an Attorney General Number may now use the ePay site to remit their […]
ALERT: Non-profits are the latest target of Phishing Schemes
AAFCPAs has been alerted by a number of nonprofit clients that they are receiving emails from scammers who are disguising themselves as an internal, senior member of the organization’s management team. These emails look legitimate and are from an email address very similar to the organization’s email, with a slight variation. In the email there […]
New IRS Employer Reporting Requirements Under ACA
AAFCPAs reminds clients that, pursuant to the Affordable Care Act (ACA), the employer information reporting provision for offers of minimum essential coverage, which applies only to applicable large employers, is now in effect. Do you qualify as an ALE? An applicable large employer (ALE) is, for a particular calendar year, any single employer, or group […]
AAFCPAs Warns of Recent IRS-Impersonation Identity Theft Scam
We have been alerted that a number of taxpayers are receiving emails from scammers who are disguising themselves as IRS agents. Generally, the IRS does not send unsolicited e-mails to taxpayers. Further, the IRS does not communicate tax account information with taxpayers via e-mail or use e-mail to solicit sensitive financial and personal information from […]