Unrelated Business Income Tax

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Tax Season Brings Rise in Cyber Crime

Tax Season Brings Rise in Cyber Crime

Cybercriminals are looking for ways to capitalize on tax season, with scams on the rise as businesses and individuals prepare to file returns. This means the simple act of opening an email or answering a call could put you at risk of identity theft or return preparer fraud. Making matters worse is a rise in […]

Nonprofit Challenges in Navigating Tax Issues

Nonprofit Challenges in Navigating Tax Issues

Nonprofit organizations are often thought to be tax exempt. But this is a misnomer, as there are many situations where a nonprofit may have to either pay or collect and remit tax. Private foundations, also under the umbrella of 501(c)(3) nonprofit organizations, are subject to a 1.39 percent net investment tax on their investment income […]

Cancelled Fundraising Events, Written Notice Requirements

Cancelled Fundraising Events, Written Notice Requirements

On March 10, 2020 MA Governor Charlie Baker declared a state of emergency for the Commonwealth of Massachusetts in response to the spread of the Coronavirus. The Governor’s administration offered guidance to the public to limit or eliminate attendance at large gatherings. As a result, several of AAFCPAs’ nonprofit clients have made the difficult decision […]

President Signs Law: Repeals Nonprofit Tax, Extends Key Tax Provisions, and Overhauls Retirement Plan Rules

President Signs Law: Repeals Nonprofit Tax, Extends Key Tax Provisions, and Overhauls Retirement Plan Rules

The federal government spending package, titled the Further Consolidated Appropriations Act, 2020, does more than just fund the government. The Act, signed into law by the President last Friday, December 20, 2019, officially repeals the tax on nonprofit transportation fringe benefits and provides a new flat private foundation excise tax. It also extends certain income […]

House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits
Nonprofit Transportation Tax - Bill to Repeal

House Passes Agreement to Repeal Tax on Nonprofit Parking, Transportation Fringe Benefits

AAFCPAs is excited to share with our nonprofit clients and their dedicated employees, on December 17, 2019, the House of Representatives passed an agreement (cited as the Taxpayer Certainty and Disaster Tax Relief Act of 2019, originally introduced in June 2019), which includes much welcomed provisions to repeal the tax on nonprofit transportation fringe benefits […]

AAFCPAs Shares Tax Expertise at MNN Annual Conference

AAFCPAs Shares Tax Expertise at MNN Annual Conference

AAFCPAs will happily present an educational workshop on How New Federal Tax Laws Impact Nonprofits at The Massachusetts Nonprofit Network’s (MNN) 2019 Annual Conference in Framingham, MA on October 16th. Tax Update: How New Federal Tax Laws Impact Nonprofits The IRS issued new guidance related to the Federal Tax Cuts & Jobs Act’s (TCJA) widespread […]

Viewpoint: Nonprofits should stay vocal about transportation 'tax'
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Viewpoint: Nonprofits should stay vocal about transportation 'tax'

Boston Business Journal | “Organizations are tax-exempt for a reason: to optimize their abilities to benefit society,” says Carla McCall, CPA, CGMA, AAFCPAs’ Co-Managing Partner. In this op-ed, Carla urges nonprofits to participate in the survey to show Congress how detrimental the original provision in the TCJA was to their mission.

AAFCPAs Urges Repeal of Nonprofit Transportation Tax
AAFCPAs Urges Repeal of Counterproductive Nonprofit Transportation Tax

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’ Joyce Ripianzi to Present Accounting & Tax Update for Nonprofit EDs and Board Members

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 […]