Regulatory Alerts (All)
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 […]
IRS Provides Tax Inflation Adjustments for Tax Year 2020
AAFCPAs would like to make clients aware that the Internal Revenue Service (IRS) announced tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2019-44 provides details about these annual adjustments. The tax year 2020 adjustments generally are used on tax returns […]
Charter Schools Not Exempt from MA Paid Family and Medical Leave Law
AAFCPAs would like to make charter school clients aware that the Massachusetts Department of Family and Medical Leave recently issued a policy clarification related to certain excluded employers of the new Paid Family and Medical Leave (PFML) law. Municipalities, districts, political subdivisions, and other agencies are excluded from PFML law unless they choose to opt-in. […]
New Revenue Recognition Accounting for Nonprofits: Contribution or Exchange Transaction?
On June 21, 2018, the Financial Accounting Standards Board (FASB) issued a final Accounting Standards Update (ASU) 2018-08, Not-For-Profit Entities (Topic 958): Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made. This ASU clarifies and reduces the current diversity in practice in accounting for grants and contributions, particularly for grants and […]
Social Security Benefits to Increase by 1.6% in 2020
AAFCPAs Wealth Management would like to make clients aware that the Social Security Administration announced today that Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020. Cost-of-living adjustments (COLA) have averaged 1.4 percent in the past decade. The 1.6 percent adjustment will begin in January […]
AAFCPAs Releases 2019-2020 Tax Planning Guide for Businesses & Individuals
As we approach the second tax filing season under the monumental Tax Cuts & Jobs Act (TCJA), we now have a clearer and broader view of what the future holds for businesses, individuals, tax exempt and government entities. This view includes insight into opportunities and pitfalls to consider for 2019-2020. Download AAFCPAs’ 2019-2020 Tax Planning Guide for […]
IRS Automatically Waives Estimated Tax Penalty for Eligible 2018 Tax Filers
AAFCPAs would like to make clients aware that the IRS is automatically waiving the estimated tax penalty for eligible taxpayers who already filed their 2018 federal income tax returns but did not claim the waiver. Again, this is an automatic waiver, so there is no need to contact the IRS to apply for or request […]
Proposed Bill Eliminating the Effects of 280E at the State Level
On June 11, 2019 the Massachusetts Joint Committee on Revenue heard House Bill 2510, An Act rescinding the effect of IRC 280E on businesses legally selling marijuana. While this bill has not been placed into effect yet, the hearing is a step forward towards state wide repeal of IRC 280E. What Does House Bill 2510 […]
2019 UFR Update: AAFCPAs Outlines Significant Changes
The Operational Services Division (OSD) of the Executive Office for Administration and Finance just released its FY 2019 UFR Audit and Preparation Manual, FY 2019 UFR Auditor’s Compliance Supplement, and FY 2019 Excel UFR Templates. The FY 2019 Manual is effective July 1, 2018 for the UFRs to be filed for FY 2019. Visit Mass.gov […]