Regulatory Alerts (All)
3.75% Payment Contract for Human & Social Services Providers Affected by Chapter 257
For human & social services providers who do not yet have a regulation establishing a rate of payment for certain social services programs, AAFCPAs reminds you that you will begin receiving quarterly payments on or around August 15, 2015 provided that you have timely executed a 3.75% Payment Contract with the Executive Office of Health […]
Massachusetts Earned Sick Time Law Effective July 1, 2015
This is a reminder that, effective July 1, 2015, Massachusetts’ Earned Sick Time law (M.G. L. c. 149, §§148C and 148D) requires employers who employ eleven or more employees to provide their Massachusetts employees with up to 40 hours of job-protected sick time annually. AAFCPAs thought you may benefit from this summary. Full time, part-time, […]
FBAR Filing Due June 30th
AAFCPAs would like to remind all taxpayers with an FBAR filing requirement to report their foreign assets by the June 30 deadline. Time is of the essence! What is the FBAR? The “FBAR” is the Report of Foreign Bank and Financial Accounts Form 114 that must be filed with the Financial Crimes Enforcement Network (FinCEN), […]
Transitioning to New Medicare PPS for Community Health Centers
Medicare PPS Implementation: What FQHCs Need to Know Part 1: Medicare PPS Implementation: Understanding Your Implementation Date and Rates On May 2, 2014, the Centers for Medicare and Medicaid Services (CMS) published a final rule establishing a new methodology and prospective payment system (PPS) for Federally Qualified Health Centers (FQHC) under Medicare Part B. Currently, […]
2014 Federal Forms 990 Changes Affecting Supporting Organizations
Nonprofit organizations with a December 31, 2014 year-end are now in the process of reviewing their Forms 990 for the upcoming May 15th due date. In advance of the filing deadline, AAFCPAs would like to advise nonprofits and their Board members of the significant revisions that specifically affect supporting organizations. In 2014, the IRS revised […]
Community Investment Tax Credits: Donors Investing Over $1K in CDCs Realize Significant Tax Benefits
The Community Investment Tax Credit (CITC) was established as a way to incentivize Commonwealth residents to invest in community development corporations (CDCs). The CITC program allows taxpayers to realize considerable tax savings when they make a qualified investment (cash contribution) in a CDC’s community development plan.1 Donor Benefits The CITC is an outstanding tax incentive […]
FASB Votes to Propose a Deferral to the Effective Date for Revenue Recognition Standard by One Year
AAFCPAs would like to inform you of an update from today’s FASB Board Meeting (April 1, 2015), in which they voted to propose a one-year deferral of the effective date of Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606) (“the new revenue standard”). Following a member comment period (30-days), we anticipate […]
CHC Cost Reports Due April 1st and iNet is Now Fully Functional
As a reminder, the Center for Health Information and Analysis (CHIA) has recently taken charge of the iNet data reporting system. This system is used to file Community Health Center (CHC) Medicaid cost reports, and review payment and expenditure data on transactions with the Commonwealth of Massachusetts. The June 30, 2014 CHC cost reports were […]
Security Alert: NCCS Data Breach of Form 990 Online and e-Postcard Filing Systems
Urban Institute’s National Center for Charitable Statistics (NCCS) Alerts Users of Data Breach Users of the Form 990 Online and e-Postcard Filing Systems received an email today from the Urban Institute’s National Center for Charitable Statistics (NCCS) informing its constituents of a data breach. AAFCPAs has confirmed that this email is legitimate; NCCS’ 990 websites […]