Regulatory Alerts (All)
How the Wayfair Decision Impacts Nonprofits
On June 21, 2018, in a 5 to 4 vote, the United States Supreme Court, in South Dakota v. Wayfair, ruled that states were no longer bound by the physical presence test and could require out of state sellers to collect and remit sales tax based on economic nexus as long as certain criteria were met. AAFCPAs would […]
AICPA Issues SAS No. 134 to Enhance Communicative Value of Auditors’ Reports
AAFCPAs would like to make our privately-held commercial clients and nonprofits aware that on May 08, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 134, designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing […]
OSD Provides Guidance for MA UFR Filers on Reimbursement of Nonprofit Transportation Tax
AAFCPAs would like to make clients who file a Massachusetts UFR aware that we sought and received guidance from the Massachusetts Operational Services Division (OSD) regarding how unrelated business income tax (UBIT) associated with the provision of transportation benefits to employees would need to be treated for UFR reporting purposes. In response, OSD clarified that […]
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 […]