Nonprofit Tax
Where Do We Go From Here?
COVID-19 has impacted our lives and businesses in ways that none of us have experienced before. Nonprofits are reacting to challenges & opportunities that continue to evolve rapidly. Nonprofit CEOs & CFOs Want to Know: What does our “new normal” look like? What aspects of remote work and programming will we keep when we “return” […]
Deduction Limit Increased for Corporate Cash Contributions for Disaster Relief; IRS Provides Recordkeeping Relief
AAFCPAs would like to make clients aware that the IRS recently announced how corporations may qualify for the new 100% limit for disaster relief contributions and offered a temporary waiver of the recordkeeping requirement for corporations otherwise qualifying for the increased limit. The Taxpayer Certainty and Disaster Tax Relief Act of 2020 (TCDTRA of 2020), […]
AAFCPAs Releases 2020-2021 Tax Planning Guide for Businesses & Individuals
In 2020, tax planning is more complicated than usual. We now have a full view of the impact of United States’ massive 2017 Tax Cuts and Jobs Act (TCJA) and the 2019 Further Consolidated Appropriations Act on clients’ short and longer-term tax planning strategies. We must now evaluate these Acts in tandem with the $2.2 […]
IRS Extends More Tax Deadlines for Individuals and Businesses
The Internal Revenue Service has released Notice 2020-23 expanding the list of filers eligible for deferred filing of returns and related payments. Equally important, it allows for a postponement of all time-sensitive actions listed in Revenue Procedure 2018-58. In addition to postponements previously granted to filers of Individual, Fiduciary, Corporation, and Gift tax returns, the […]
How to Transfer Tax Documents to AAFCPAs
Due to the current status of the Coronavirus and the potential for mail service delays & travel restrictions, AAFCPAs encourages clients to transfer tax documents electronically. We offer the following 3 options for secure, electronic transfer: TaxCaddy: TaxCaddy is a secure application that will allow you to easily collect, store, and transfer your tax documents. […]
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
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 […]
AAFCPAs Tax Practice Announces New IT Solutions and Process Improvements
The Tax Practice of AAFCPAs is excited to introduce new IT solutions and process improvements that will add efficiency and ease to your client experience for the 2019 tax return filing season. Please review the information below as you may need to take action in order to avail yourself of these new tools. TaxCaddy TaxCaddy […]
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.