Nonprofit
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 […]
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 […]
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 […]
Updates for Nonprofits under the New Tax Act
This blog was revised on 10/10/19. AAFCPAs would like to make Tax Exempt Organizations aware of recent legislative and regulatory updates related to the Tax Cuts and Jobs Act, (“TCJA”) and how these may affect charitable nonprofits. What is Considered a Nondeductible Parking Expense that will now Trigger Unrelated Business Income Tax (UBIT)? On December […]
Year in review: The Top 10 Insights from 2018
2018 was a big year for finance professionals, with monumental changes in tax code & accounting rules, and other significant challenges & opportunities affecting commercial businesses, nonprofits, and individuals & their families. Below are AAFCPAs’ most widely-read news alerts & insights in the past year: AAFCPAs’ 2018-2019 Tax Planning Guide for Businesses & Individuals Financial […]
What Nonprofits Need to Know about the TCJA: AAFCPAs to Present a Members-Only Webinar for the Providers’ Council
AAFCPAs Tax Consulting Strategists Joshua England, JD, LLM, and Chris Consoletti, JD will present a Tax Cuts and Jobs Act educational workshop on December 10th at 12pm, for the benefit of the Massachusetts Council of Human Service Providers, Inc. (The Providers’ Council). The Tax Cuts and Jobs Act (TCJA) represents a dramatic overhaul of the U.S. […]
AAFCPAs Cultivates Lush Giving Tree Again for #GivingTuesday
We are happy to announce that AAFCPAs will again participate in #GivingTuesday, November 27th, 2018, a global day dedicated to giving! Celebrated on the Tuesday following Thanksgiving, #GivingTuesday provides a shift in focus from the widely promoted shopping events of Black Friday and Cyber Monday to the charitable giving season that comes with the holidays, […]
AAFCPAs & MENTOR’s Partnership in Charting a Sustainable Future
How Did One Nonprofit Explore Creative Approaches to a Sustainable Model? For nonprofits, charting the future is complex. The search for creative, strategic approaches to sustainability is continuous, and many organizations have struggled to achieve long term, mission-aligned profitability. In its work with MENTOR: The National Mentoring Partnership, AAFCPAs evaluated the organization’s financial and operational […]
AAFCPAs Outlines State Applicability, IRS Guidance Related to TCJA that Nonprofits Need to Know
AAFCPAs would like to make Tax Exempt Organizations aware of state by state applicability and recent IRS guidance on the Tax Cuts and Jobs Act, known officially as H.R. 1, (the “TCJA”) and how it pertains to charitable nonprofits. AAFCPAs has outlined the following applicability and guidance that are especially noteworthy: State by state applicability […]