Regulatory Alerts (All)
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 […]
AAFCPAs Reminds Those With Foreign Assets of Annual April 15 FBAR Deadline
AAFCPAs reminds our clients who have an annual FBAR filing requirement to be sure to report their foreign assets by the IRS’ April 15, 2019 deadline. Similar to prior years, automatic relief is available. The IRS and US Treasury recently announced that the Financial Crimes Enforcement Network (FinCEN) will now grant filers missing the April […]
CHIA Announces Deadline Extension for Community Health Center FY 2018 Cost Reports
The Center for Health Information and Analysis (CHIA) announced Friday that they are extending the deadline for all Community Health Centers (CHCs) to file their fiscal year 2018 cost report to Monday, July 8, 2019. All Massachusetts CHCs, regardless of Fiscal Year End (FYE) date, are required to file their fiscal year 2018 cost report […]
Notice of IRS Changes to Group Exemptions and Group Returns
AAFCPAs would like to make our nonprofit clients aware that as of January 1, 2019, the IRS stopped mailing lists of parent and subsidiary accounts to central organizations (group ruling holders) for verification and return. If your organization is the Central Organization of a group exemption, historically you would have received an annual mailing from […]
IRS Expands Underpayment and Under-withholding Relief
The Internal Revenue Service announced on Friday, March 22, that they are expanding penalty relief to taxpayers whose 2018 federal income tax withholding and estimated tax payments fell short of their total tax liability for the year. The IRS is lowering to 80 percent the threshold required to qualify for this relief. Under the relief […]
The Time is Now to Understand the Implications of the New Lease Standard, Effective 2020 for Private Companies and Most Nonprofits
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. There are elements of the new standard which will likely impact almost all entities to some extent, although lessees will likely see the most significant changes with their accounting for and reporting of lease […]
New Partnership Level IRS Audit Rules in Effect
AAFCPAs would like remind clients that, effective for tax years beginning after December 31, 2017, the IRS has instituted new centralized partnership audit rules under the Bipartisan Budget Act (BBA) of 2015. As mentioned in a prior blog, these rules introduced the role of a Partnership Representative and provide for the assessment and collection of […]
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 […]
IRS to Waive Tax Penalties for Underwithholding and Underpayment
The Internal Revenue Service (IRS) announced on Wednesday, January 16, 2019 that it is waiving a penalty for some Americans who may have unintentionally underpaid their 2018 tax liabilities. The IRS is generally waiving the penalty for any taxpayer who paid at least 85 percent of their total tax liability during the year through federal […]