Regulatory Alerts (All)
FASB Delays Effective Dates for Four Major Accounting Standards
AAFCPAs is excited to inform you that the Financial Accounting Standards Board (FASB) voted to extend the effective dates of four key accounting standards at their latest July 17, 2019 meeting. The proposed delay to the effective dates for certain companies affects accounting for leases, credit losses, hedging, and long-duration insurance contracts. This is FASB’s […]
Bill to Retroactively Repeal Nonprofit Transportation Fringe Benefit Tax Passed by House Ways and Means Committee
On Thursday, June 20, 2019, the House Ways and Means Committee passed H.R. 3300, officially called the “Economic Mobility Act of 2019” (the “Bill”). The Bill, among other things, repeals the unrelated business income tax (UBIT) on nonprofits providing employees with qualified transportation fringe benefits. AAFCPAs is also pleased to report that the Bill states […]
Update Debt Disclosures in Compliance with GASB-88
AAFCPAs would like to remind clients and friends that, in April 2018 the Government Accounting Standards Board (GASB) issued Statement No. 88, Certain Disclosures Related to Debt, including Direct Borrowings and Direct Placements. This standard is applicable for entities following governmental accounting standards, including AAFCPAs’ Charter School clients in Massachusetts and New Jersey, as well […]
Regulatory Update: Accounting Standards 2019
Listen to Podcasts: AAFCPAs’ Nonprofit Audit Leaders Matt Hutt, Katie Belanger, and Olga Yasinnik provide key considerations and best practice recommendations related to the implementation of new accounting standards, including: Presentation of Financial Statements of Not-for-Profit Entities (ASU 2016-14, Topic 958): Revenue from Contracts with Customers (ASU 2014-09, Topic 606), and Clarifying the Scope […]
How the Wayfair Decision Impacts Nonprofits
On June 21, 2018, in a 5 to 4 vote, the United States Supreme Court, in South Dakota v. Wayfair, ruled that states were no longer bound by the physical presence test and could require out of state sellers to collect and remit sales tax based on economic nexus as long as certain criteria were met. AAFCPAs would […]
AICPA Issues SAS No. 134 to Enhance Communicative Value of Auditors’ Reports
AAFCPAs would like to make our privately-held commercial clients and nonprofits aware that on May 08, the AICPA Auditing Standards Board (ASB) issued Statement on Auditing Standards (SAS) No. 134, designed to enhance the communicative value of the auditor’s report and align generally accepted auditing standards (GAAS) with the standards issued by the International Auditing […]
OSD Provides Guidance for MA UFR Filers on Reimbursement of Nonprofit Transportation Tax
AAFCPAs would like to make clients who file a Massachusetts UFR aware that we sought and received guidance from the Massachusetts Operational Services Division (OSD) regarding how unrelated business income tax (UBIT) associated with the provision of transportation benefits to employees would need to be treated for UFR reporting purposes. In response, OSD clarified that […]
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 […]