Legislative & Regulatory Updates
FBAR Filing Due June 30th
AAFCPAs would like to remind all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. Time is of the essence! What is the FBAR? The “FBAR” is the Report of Foreign Bank and Financial Accounts Form 114 that must be filed with the Financial Crimes Enforcement Network (FinCEN), […]
Transitioning to New Medicare PPS for Community Health Centers
Medicare PPS Implementation: What FQHCs Need to Know Part 1: Medicare PPS Implementation: Understanding Your Implementation Date and Rates On May 2, 2014, the Centers for Medicare and Medicaid Services (CMS) published a final rule establishing a new methodology and prospective payment system (PPS) for Federally Qualified Health Centers (FQHC) under Medicare Part B. Currently, […]
2014 Federal Forms 990 Changes Affecting Supporting Organizations
Nonprofit organizations with a December 31, 2014 year-end are now in the process of reviewing their Forms 990 for the upcoming May 15th due date. In advance of the filing deadline, AAFCPAs would like to advise nonprofits and their Board members of the significant revisions that specifically affect supporting organizations. In 2014, the IRS revised […]
Community Investment Tax Credits: Donors Investing Over $1K in CDCs Realize Significant Tax Benefits
The Community Investment Tax Credit (CITC) was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs). The CITC program allows taxpayers to realize considerable tax savings when they make a qualified investment (cash contribution) in a CDC’s community development plan.1 Donor Benefits The CITC is an outstanding tax incentive […]
FASB Votes to Propose a Deferral to the Effective Date for Revenue Recognition Standard by One Year
AAFCPAs would like to inform you of an update from today’s FASB Board Meeting (April 1, 2015), in which they voted to propose a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“the new revenue standard”). Following a member comment period (30-days), we anticipate […]
CHC Cost Reports Due April 1st and iNet is Now Fully Functional
As a reminder, the Center for Health Information and Analysis (CHIA) has recently taken charge of the iNet data reporting system. This system is used to file Community Health Center (CHC) Medicaid cost reports, and review payment and expenditure data on transactions with the Commonwealth of Massachusetts. The June 30, 2014 CHC cost reports were […]
Security Alert: NCCS Data Breach of Form 990 Online and e-Postcard Filing Systems
Urban Institute’s National Center for Charitable Statistics (NCCS) Alerts Users of Data Breach Users of the Form 990 Online and e-Postcard Filing Systems received an email today from the Urban Institute’s National Center for Charitable Statistics (NCCS) informing its constituents of a data breach. AAFCPAs has confirmed that this email is legitimate; NCCS’ 990 websites […]
Must-Know Federal and State Fundraising Rules and Regulations for Non Profits
Are you registered in each state where you fundraise? The majority of states and the District of Columbia require charitable nonprofits and/or professional fundraising consultants (sometimes referred to as “solicitors”) to register with the state before engaging in fundraising activities in that state. Charities that solicit contributions in more than one state, on the internet, […]
Health Center Compliance with the Federal 340B Program
The Federal 340B Program has detailed compliance requirements and participants are struggling to understand, comply with, and monitor these requirements. Scrutiny by the Health Resources Services Administration (HRSA) had been mainly focused on for profit hospital environments; however, the focus is now shifting towards Health Centers and contracted pharmacies. HRSA along with the Office of […]