Topic
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 Reminds Those With Foreign Assets of Annual April 15 FBAR Deadline
AAFCPAs reminds our clients who have an annual FBAR filing requirement to be sure to report their foreign assets by the IRS’ April 15, 2019 deadline. Similar to prior years, automatic relief is available. The IRS and US Treasury recently announced that the Financial Crimes Enforcement Network (FinCEN) will now grant filers missing the April […]
CHIA Announces Deadline Extension for Community Health Center FY 2018 Cost Reports
The Center for Health Information and Analysis (CHIA) announced Friday that they are extending the deadline for all Community Health Centers (CHCs) to file their fiscal year 2018 cost report to Monday, July 8, 2019. All Massachusetts CHCs, regardless of Fiscal Year End (FYE) date, are required to file their fiscal year 2018 cost report […]
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 […]
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 […]
Guidance for CHCs on Critical, ACO-related Budgeting, Forecasting, and Risk/Settlement Planning
Recently, healthcare providers have seen an increasing prominence of alternative payment methodologies (APMs), primarily in the form of Accountable Care Organizations (ACOs), which include risk sharing and/or incentive payment components. In Massachusetts, community health centers (CHCs) are beginning to have their first exposure to ACOs through the Medicaid 1115 waiver and the recently implemented MassHealth […]
AAFCPAs to Present Workshop on Right-Sizing Your Finance Function at Cannabis Convention, Boston
AAFCPAs has been selected to present an educational workshop: Right-Size Your Finance Function at the 5th Annual New England Cannabis Convention, March 22-24th, 2019, at the Hynes Convention Center, Boston MA. The New England Cannabis Convention in Boston is considered the can’t-miss event of the year by cannabis growers and business cultivators across the region. […]
AAFCPAs Wealth Management Adds Depth to Wealth Advisory Expertise by Welcoming Kevin Hodson
AAFCPAs Wealth Management, an affiliate company of AAFCPAs, is pleased to announce the addition of Kevin Hodson, Wealth Advisor. Kevin joins our growing team of advisors after 18 years of experience in financial services, as well as 6 years active duty in the United States Marine Corps.Kevin is driven by strong ethical values, and high […]
The Time is Now to Understand the Implications of the New Lease Standard, Effective 2020 for Private Companies and Most Nonprofits
In February 2016, FASB issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) to increase transparency and comparability of lease transactions. There are elements of the new standard which will likely impact almost all entities to some extent, although lessees will likely see the most significant changes with their accounting for and reporting of lease […]