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IRS Issues Early Drafts of International Tax Reporting Forms, Form 5471 & FINCEN 14

AAFCPAs would like to make clients aware that the IRS has issued early drafts of revisions to international tax Forms 5471 and FINCEN14 (formerly known as FBAR). What’s New with Form 5471? Internal Revenue Service Form 5471, Information Return of U.S. Persons with Respect to Certain Foreign Corporations (CFC), has been in existence for many […]

Form 8300 Jan 31 Compliance Reminder, Steps to Take when Missing a TIN

AAFCPAs would like to remind cannabis business clients of their potential January 31, 2021 Form 8300 reporting obligation. If you filed a Form 8300 in 2020, you must furnish a written statement to each person whose name was required to be included in the Form 8300 by January 31 (i.e. the year following the transaction). […]

PPP Loan Forgiveness Application Forms Released

AAFCPAs would like to make clients aware that the US Small Business Administration and Treasury Department released their revised PPP Loan Forgiveness Application Forms. The Forms Are Available Here: SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (Updated 01-19-21) SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (Updated 01-19-21) SBA Form 3508S Paycheck Protection […]

Cyber Health Check: Assess the IT/Cyber Security of Your Remote Workforce

Cyber Health Check: Assess the IT/Cyber Security of Your Remote Workforce

COVID-19 has challenged businesses to think about operations in a new way, and in many cases, your IT services group may be supporting employees for the first time ever that were never intended nor conceived to be remote or fully remote. With an increased risk of employees falling prey to cyber-attacks, AAFCPAs advises clients to […]

Extensions for LIHTC Program

AAFCPAs would like to make clients aware on January 15, 2021, the IRS issued Notice 2021-12, which further extends the temporary relief from certain requirements for low-income housing tax credit (LIHTC) projects. Temporary relief from certain requirements was originally extended earlier in 2020 under Notice 2020-53 due to the COVID-19 pandemic. This notice also provides […]

How Will New COVID-19 Legislation Affect Your Taxes?

The Consolidated Appropriations Act, signed into law on Dec. 27, provides relief in response to the COVID-19 pandemic, including another round of “recovery rebate” payments to individuals and an expansion of the Paycheck Protection Program (PPP) loan program for businesses and other employers. The legislation also includes some tax relief for businesses and individuals. AAFCPAs […]

AAFCPAs’ David Consigli to Present on Financial Valuation of Business Assets in Divorce

David Consigli, Jr., CPA, ABV, CPVA, CDFA, AAFCPAs’ Director of Business Valuations, will lead a complimentary educational webinar on Thursday, January 21st, titled “Legal Strategy and Financial Valuation of Business Assets.” Dave, and a panel of vetted professionals, will share strategies when dealing with the financial valuation of business assets, family businesses, marital assets, and […]

Download Checklist: IT & Cybersecurity HealthCheck

AAFCPAs designed this comprehensive IT & Cybersecurity HealthCheck to assist clients in surfacing, understanding, and managing priority IT risks that may be mitigated to better secure your organization’s Personally Identifiable Information (PII), client records, proprietary information, and/or other sensitive data.

R&D Tax Credit Underutilized by Construction Contractors

AAFCPAs would like to make construction clients aware of potential tax savings that are available to contractors through the use of Research & Development (R&D) Tax Credits. The R&D Tax Credit is a government-sponsored tax incentive that rewards companies for conducting R&D in the United States. It is a common misconception that the R&D credit […]

AAFCPAs Welcomes Ciprian Barna, CPA, MST as Partner in Business Tax Practice

Boston, MA (January 13, 2021) – AAFCPAs, a best-in-class CPA and consulting firm known for tax, assurance, accounting, wealth management, valuation, business process, and IT advisory solutions, today announced that Ciprian Barna, CPA, MST, joined the firm as a Partner in their growing Commercial Tax practice. Ciprian is an experienced commercial business tax professional with […]