Internal Revenue Service Alerts (IRS)
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 […]
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 […]
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 […]
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 […]
IRS Issues Tax Guidance on TCJA Changes on Business Expense Deductions for Meals, Entertainment
AAFCPAs would like to make clients aware that on October 3rd, 2018, the Internal Revenue Service (IRS) issued guidance on the business expense deduction for meals and entertainment following law changes in the Tax Cuts and Jobs Act (TCJA). The 2017 TCJA eliminated the deduction for any expenses related to activities generally considered entertainment, amusement […]
IRS Issues Proposed Regulations on Charitable Contributions and State and Local Tax Credits
The IRS recently released proposed regulations addressing the state and local itemized tax deduction, available to individual taxpayers on their Federal tax returns. The regulations also apply to trusts and decendents’ estates. Under the Tax Cuts and Jobs Act, the state and local tax deduction (consisting primarily of income, real estate and other property, and […]
IRS Releases Guidance on Accounting Method Changes for Small Businesses
On August 3, 2018, the IRS released Revenue Procedure 2018-40, which provides advance guidance for eligible small business taxpayers to apply for certain automatic accounting method changes introduced through the tax reform signed into law by President Trump on December 22, 2017. Rev. Proc. 2018-40 presents an amendment to Rev. Proc. 2018-31 to modify existing […]